There’s artistry to selling a home — just ask your real estate agent. Location, location, location matters, of course, but so other key factors such as kitchen and bathroom upgrades, square footage and, naturally, the asking price. Predicting when a home will sell is tricky business, but one moving data marketing company claims it has a forecasting system that is accurate most of the time.
Target Data may not fit the classic definition of a big data company. Its analytics don’t require a cutting-edge Hadoop platform, nor does the firm sift through social media streams or machine sensor data. Rather, the company aggregates housing data — somewhere north of 70 million records per week — and uses predictive analytics to forecast if a home on market will sell within the next 30, 60 or 90 days. Its accuracy rate: 80%.
“As far as we know, we’re the only ones who are doing it,” said Scott Bailey, Target Data executive VP of strategy and analytics, in a phone interview with InformationWeek. “Because essentially we’re the only company that’s out there right now that’s fixated only on this premover group: homeowners who are selling their home.”