Real Estate

Questions to ask your listing broker

What is included?

Make sure you know what type of direct marketing list you are purchasing. Does the list include names and addresses? Are the phones included? What about emails? Don’t assume that because you’ve requested a mailing list, phone numbers or emails will be included. Some mailing lists will include telephone numbers, but many will not. Mailing lists generally do not come with email addresses, but many email lists will have email addresses. It is very, very important that you and your list broker are clear about what type of direct marketing list you want to use.

You also need to know what ‘selections’ are offered. A selection is an element that can be used to further target a direct marketing list, such as geographic areas, job titles, industries, age, marital status, etc. Depending on how the data is collected in the lists will determine which selections will be available. Some lists will have countless selections that you can apply to the list to narrow down the target, while other lists won’t be able to offer any.

How are they obtained?

It’s important to know where the information for your marketing lists comes from. Obviously, you want to know that the information is legitimate and compliant, but did you know that your response rate can vary depending on the source of the listing? There’s a big difference between direct marketing lists based on actual buying behavior and lists compiled from public records.

The source can be classified as responsive or compiled. Each type has its advantages and disadvantages.

  • Answer – These are natural persons who have freely provided their contact details. They are typically collected through sources such as magazine subscriptions, catalogs, and past direct marketing responses. These lists are often more expensive than compiled lists, as the information is self-reported and often highly specific. These lists can be sorted by interest, household income, marital status, and other factors.
  • compiled – are made up of people with similar interests, such as real estate agents or dog breeders. These lists are compiled using a variety of public sources, including government databases, vehicle registrations, credit card lists, and telephone records. These lists tend to be less expensive than responsive lists, since they are easier to keep up to date and the selections available are not as refined. Household or business contacts in these lists can be sorted by geographic location, gender, ethnicity, income, and age.

Your list broker should be able to guide you as to which list source would work best for your direct marketing campaign.

What is the actual cost?

Understanding the cost of your list is crucial. You don’t want to be in a position where you think you know what the cost of the list is going to be, only to find out that it’s not what you expected and is now over budget. Your ROI Depends on Your listing broker should provide you with a fact card or full proposal that explains the total cost of your listing. If you don’t understand what your list broker is providing, or if you have any questions, ask! You can’t afford not to know what you’re buying.

Direct marketing lists will generally have a base price, with additional picking and delivery costs.

The base cost of a list is cost per thousand, which means that you are charged a certain amount for every 1,000 contacts you would like to use. The cost per thousand is expressed as “/M”.

Depending on the listing, there may be additional charges for adding phones or emails. It is very important that you make sure you are aware of these charges.

The selected cost is also displayed as a cost per thousand. The more selections you apply to your list, the more specific your list will be and the better the results will be. However, it will also add to the total cost of your listing.

Processing and delivery charges are a flat fee charged by the list owner to format and deliver the data. Costs vary from owner to owner and can range from $25 to $100.

So if the base cost of a listing is $95/M and you are looking for 5000 records, your base cost would be $475. If you want to target homeowners within a certain area and want to include phones, there will be additional costs. Selecting only homeowners will cost you $10/M, geographic information will be included, and phones will cost an additional $30/M. This makes it $525. Add $50 for processing and delivery and your cost is $575. Your listing broker should be able to explain all the costs involved.

Please note that many lists have minimum volume requirements. If the number of records you need is below the list owner’s minimum, you may be charged an additional fee. Conversely, many list owners will offer volume discounts if the number of contacts on their list is large.

Lastly, make sure you know what currency the listing is quoted in. There are listing owners all over the world who work in different currencies, don’t assume you are trading in your country’s currency.

How current are they?

How old is the list and when was it last updated? Direct marketing lists break down over time. People or companies move, contacts leave or change departments, people pass away, etc. There is no shortage of circumstances that will affect the contact information on a listing. Most list owners will run a standard update every 30 days removing bad entries. This ensures that the data you are using is accurate and deliverable. There is no point in using a list if the information it contains is not accurate, so make sure your list is up to date.

They are compatible?

Email and telemarketing lists must comply with the CAN-SPAM Act and the National Do Not Call registry, respectively. If you are planning a direct marketing campaign outside of the United States, you must ensure that the list complies with the rules and regulations of that country. You, the end user, have the responsibility to ensure that you comply with the regulations. Being sold a bad listing is not a defense and the fines for violating the regulations can be severe. Ask your list broker to confirm that your list is complaining.

There are many list brokers who are only interested in getting your money. They have cheap direct marketing lists that are non-compliant and out of date. Protect yourself from these shady list brokers by asking the right questions. If they can’t or won’t answer your questions, walk away from them. A legitimate list broker will have no problem answering any questions he may have.

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