Real estate prospecting – the concept has been around for years, but it’s becoming easier and easier to do in our modern world, thanks to two little words: Big data.
Technology is amazing, isn’t it?
Think about how relatively “new” it is, yet it has creeped into almost every part of our lives. If you are of the age where tech was something only featured in sci-fi movies when you were a kid, the reality of it as a mind-blowing part of daily life is something to which you no doubt marvel over.
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The number crunchers at IBM estimate that 2.5 quintillion bytes of consumer data is scooped up every single day. That’s 2.5 with 18 zeroes after it.
Purchase something online or at the local market, stream a movie – your data, from behavioral to demographic — is being collected and forms what techies refer to as “big data.”
Suppose I start showing an online interest in bassinets or cribs, paint colors for nurseries and how to find the best obstetrician in town. The average marketer won’t know about this activity, but you can bet that it’s included in the scoop-up of big data.
I’ll start seeing ads on Facebook and my search engine results will be geared to the possibility that I am expecting a baby. All courtesy of predictive analytics, a subset of machine learning which, in turn is a subset of artificial intelligence.
Now, imagine, as a real estate agent, having access to this type of information. Imagine knowing who in a certain neighborhood is buying loads of home improvement materials, got a job out-of-town or is talking about buying a larger home on social media.
Advanced real estate prospecting – It’s already a reality
Coldwell Banker’s CBx app is taking advantage of the sea of big data when it comes to real estate prospecting and lead generation. The app supplies agents with buyer information, according to the company’s senior manager of public relations, Athena Snow.
Agents are “able to see who is buying, what they’d be interested in, and what the proper approach to them is.”
Think about this for a minute. Not only can you determine who is buying, but how to approach them as well – one of the keys to successful marketing.
But that’s only the beginning.
You’ll spend less money on marketing with Big Data
Think about how inefficient geographic real estate prospecting can be. Blanketing an entire subdivision, ZIP code or condo community and hoping somebody there wants to sell a home is not only a waste of effort but money as well.
Big data and predictive analytics allows agents to target only those homeowners who are most likely to sell in the near future. The data can also give you lots of information about who they are, when they purchased their homes and even some tidbits of personal information.
Not only does your marketing become more efficient, but the messages you send to these homeowners will be more targeted and, therefore, valuable.
Several companies are currently offering various AI products to the real estate industry, among them, Likely.ai.
Let’s take this marketing concept a step further. What if you had an AI email platform that generated content specific to each recipient? For example, if I’m a homebuying client I’d rather receive tips on what to expect during the process.
A recent buyer will appreciate homeowner information, such as how to save money on power bills, how to remove wallpaper and when to perform certain home maintenance tasks.
If it’s been seven years since I bought the home, however, information on the current market and anything else that may get me thinking about selling would be pertinent.
What if this “new” tech could automatically populate your newsletter with the content each recipient would find most valuable?
It already exists
Although it’s currently being beta tested, this real estate email-newsletter-of-the-future looks quite promising.
In fact, with the ever-growing amount of data out there, it’s hard to foresee a limit on the use of predictive analytics for agents.
Owner & Operator,
The Elite Group
Largest Home Inspection Company in North America
Best Selling Author “Secrets Of Top Producing Real Estate Agents: And How To Duplicate Their Success.”