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Predictive Analytics for Real Estate – A Deep Look
Author: Bizzman; Published on: April 18, 2020
Predictive analytics has invaded almost all businesses and industries across the world including real estate. From lead generation to property assessment to buyer-to-seller matching and closing deals, agents use predictive analytics to do more business in less time. This blog gives you in-depth details about how this technology is used effectively in the real estate industry.
Uses of Predictive Analytics in the Real Estate Industry
Predictive analytics is a reliable and data-driven strategy that implies using big data(both past and present) to predict future outcomes.
Here are some of the common uses of this technology on the real estate industry :
The key to the success of a real estate agency is buyer and seller leads generation. Due to the emergence of AI and big data-based technologies, agents have experienced an influx of solution platforms without any effort. The predictive analytics tools help in getting big data including social, geographical, financial and other kinds of information. The analytics software has the potential to predict the intent of target real estate clients for selling properties. The hassle-free lead generation helps agents in generating seller leads, shows agents how to earn more listings in the industry and deals with the property generation aspect.
Once real estate agents have leads, they need to decide on giving or not giving importance to which of the options. In such a situation, lead qualification is needed. With respect to seller leads, the leads generated via predictive analytics platforms are expected to have a tremendous high probability of actual selling. Thus, the software takes full care of the lead qualification aspect.
Real estate predictive analytics software developed direct and easy solutions to deal with buyers. With this software, agents can qualify leads fast and accurately. This reduces the need to guess that accelerates the entire process. Agents have stopped wasting their time on leads that are not to be bought. They focus on leads that are almost guaranteed to move ahead with property buying in the coming days.
Getting the most qualified leads will not prove to be profitable unless real estate agencies convert them into customers. The implementation of predictive analytics helps agents to nurture their qualified leads, build lifelong relations with them and find the perfect real estate property to sell and make huge profits. A goal-driven lead nurturing strategy including audience segmentation and enhanced customer experience helps agents to stand out among the crowd. In this industry, predictive analysis marketing is an essential activity to grow business. Several marketing platforms with a predictive analysis tool help agents draft and send emails/ messages/social media posts on the basis of customer behaviour, interests and expectations of every lead segment.
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The advanced predictive analysis tool allows agents to download extensive property analysis reports including everything buyers would prefer to have and send to buyer leads. It also tracks all communication across various clients. Before sending analysis reports to potential clients, the agents need to find out the best property for a specific lead.
Matching of Buyer and Seller
Buyer-and-seller matching in a local property market is one of the most vital elements of the lead nurturing process. You cannot sell a property(no matter the technology used) to someone unless it fulfills all customer requirements and expectations including location, budget, the total number of rooms and others. The predictive analytics software helps agents in presenting their leads with the right property based on these criteria. The algorithm uses advanced data for both clients and investors along with investment property analysis of listed properties for sale to figure out the best option for leads. This takes a couple of seconds but the results are approximately 90% correct. When real estate agents pull the best properties with the help of machine learning algorithms, they can reach out to clients with customized and comprehensive investment property analysis results.
Once a real estate agent has pulled the right property with the help of our machine learning algorithms, he/she can reach out to his/her clients with the comprehensive, customized investment property analysis reports which we mentioned before as part of a predictive marketing strategy.
The above-mentioned points reflect the utility of predictive analytics in the real estate industry. This advanced technology helps agents to carry out their work smoothly, make profitable investments and offer a marvellous user-experience that contributes to the growth of a business.
Are you involved in the real estate industry and want your agency to take to the peak of success? Implement the predictive analytics software with no second thoughts.
Reach out to our analytics experts to reduce your workload without compromising on productivity.