- 1/8/2015 4:06:19 PM
The whole discussion thread seems to point out that the big data solutions for real estate either do not work very well or they are not properly implemented. All of the suggestions could be handled with good data analysis.
- 1/8/2015 11:27:39 AM
@kq4ym. You're right, real estate firms could use an application to help keep in touch with their past clients. One problem is that a lot of the agents have sort of a live for today approach to business. If you aren't active as a buyer or seller you won't get a lot of attention. What we're talking about with the use of big data is an opportunity to change that attitude, although it sounds like the people profiled in the earlier article don't need prodding to be proactive, they just needed the data.
The people who don't take that proactive approach might benefit from big data in their own way if an application alerted them when the homeowner's children are born or when the kids graduated high school, even when the owner has a birthday, for example. As we've heard sales is about relationships, and if the homeowner was happy with the real estate agent's initial dealings with them the agent would be foolish to not want to keep that relationship strong over the years. That house will be on the market again, and the agent wants to be first in line to get the listing.
- by kq4ym, Data Doctor
- 1/8/2015 10:59:29 AM
When I bought my home ten years ago, I was receiving regular communications from my real estate agent which seemed like they had a pretty good marketing plan. But after about two years I no longer heard from them. I would think that the time to contact home owners would be when they're likely to be reselling, say four to six years after purchase and so wondered why my agency didn't contact me. It would seem they need some sort of program to keep better track of their clients?
- by Ariella, Blogger
- 1/7/2015 10:51:34 AM
Last year, I interviewed Zavier Zang, president of Powered by Zip, which produces SaaS services for realtors for an article post on SaaSintheEnterprise. The system uses predictive analytics to assign scores to customer activity. Real estate professionals can use those scores to make more efficient use of their time. The analytics are designed for both "buy-side and sell-side transactions," he said. "The exact set of inputs and how they are used is a trade secret."
Some specific things the system studies include:
When a consumer registers on the site
- How many times a registered user logs on to the site during the day, week, or month
- The number of times a user has saved a home on the site
- 1/7/2015 9:33:51 AM
@terry. Good point about pharmaceuticals and big data. Besides those operational areas that you mention, like research, I'm sure you're right about pharma probably using big data to figure out which drugs we are going to buy. They certainly seem to have done that with pitching baby boomers on things like Viagra and Cialis as we cling to visions of youth.
I wonder when they will turn their attention to the people moving up the income scale (at least some of them) in the millenial crowd. What ailments will they want to cure?
- 1/7/2015 9:27:59 AM
@tomsg. Maybe big data will help the realtors refine their direct marketing efforts. I still get those mailings more than five years after I sold my house and moved to the renter side of life.
- by T Sweeney, Blogger
- 1/6/2015 8:34:52 PM
The other vertical industry that's been a longtime user of big data is pharmaceuticals, juggling lots and lots of data with drug tests and research data to figure out next steps, clean up side effects, or provide necessary documentation for regulators. Of course, they're now probably using big data like realtors to figure out which drug(s) you're going to want/buy next.
- by PredictableChaos, Data Doctor
- 1/6/2015 6:35:26 PM
We get flyers and notepads and calendars from Real Estate agents. Plus a lot of direct mail. Just like you, we don't have any plans at the moment so I guess they're hoping we're part of the 2 to 4% who sell within 12 months without a major life event.
Seems like this is not the result of new, more effective data analysis. Just the expensive clutter produced by the old scatter-shot methods that real estate agents have relied on for years.