Big Data is affecting sales and marketing in every industry, so it is no surprise that it is being analyzed, packaged and sold to real estate professionals in ways they can use in real time to drive success. These include providing them with information such as:
- Who is likely to buy or sell a home in the near future, so those buyers and sellers can be contacted even before they start looking for a real estate professional
- A wealth of data about neighborhoods and cities to effectively match buyers to a location that’s a lifestyle fit for them and their family
- The preferences of potential buyers, so properties they’re apt to like can be presented to them
- What prices the market will bear, so that an agent can list a property at a price that will produce maximum commission
- The entrance of a new property onto the market that is a great match for what a client wants so that the property can be quickly shown and offered on
How does Big Data achieve these results, and, more importantly for your success, what can you do to integrate the data with client relationship management (CRM) in the real estate industry? Let’s look at how real estate agents are using Big Data to gain clients and get deals done.
Likely sellers are identified
Big Data companies gather information such as a home’s value relative to others in its neighborhood, how long the current owner has lived there, the area’s current and trending demographics, impending foreclosure, the existence of back taxes or large liens on the home, the recent death of a spouse or the homeowners becoming empty nesters.
These types of facts are analyzed using complex algorithms to determine which owners are worth contacting directly through a letter or a Google or Facebook advertisement. When the approach works, and it often does, the homeowner’s response is something like, “I’ve been thinking about putting my home on the market, and your ad popped up on Facebook out of the blue.” Of course, the real estate pro knows that it wasn’t anything “out of the blue,” but rather the results of the complex analysis.
Buyers are matched to neighborhoods or homes
When buyers have relocated from a distance, they might not know the local neighborhoods and will look to their realtor for guidance. When the real estate professional has the data to be able direct the buyer to a neighborhood that has the demographics, population density, schools, recreational facilities, shopping or cultural opportunities they’re looking for, a sale is more likely. Then, those happy buyers become walking advertisements for the real estate agent’s services.
Without this information, the realtor might show a potential buyer a string of properties that don’t fit what they’re looking for. Either the buyer will move on to a new agent or end up buying a property they don’t like. Either way, they won’t be eager to recommend that agent to others who are looking to buy or sell a property.
Big Data analysis can be very precise. The Wall Street Journal recently provided an example of how a potential buyer for a specific type of home could be located and targeted using the small streams of information used to produce the ocean called Big Data.
Using effective CRM to maximize results
Big Data provides actionable information to real estate professionals. However, it is up to the pro to follow through in ways that take a sale from potential to reality. Savvy realtors use CRM software designed for the real estate industry that, among other features, includes:
- Tracking of all contacts between the agent and clients and potential clients
- Branded and customized email for you or your agency including templates with a proven track record of success
- Capturing data such as clicks, so you can see which property or properties a potential client has viewed as you prepare a customized reply
- Social media integration to send listings to Facebook
- Listings automatically sent to multiple listing sites
- Personal-assistant capabilities covering tasks you need to complete including appointments, calls, emails, and letters to be sent
- Buyer match functionality for efficient, successful marketing
- A mobile app
- Cloud-based storage for access anywhere from all your devices
Combining big data information with CRM skills
Proper analysis of the Big Data will put you a step ahead of the competition through assisting you in:
- Gaining new listings, even from those who weren’t actively looking for a listing agent but are ready to sell
- Putting the right properties in front of each buyer
Your efforts will be more efficient, cutting your costs, and more effective, boosting sales. Spending less and earning more is a powerful combination!
The final step is to add proven CRM real estate software to the mix in order to optimize your efforts that include:
- Being organized and streamlined in your contacting of current and potential clients
- Sending out bulk but personalized client communication that is professionally done and proven to be effective
- Getting new listing information, pictures and video to your buyers quickly and across all platforms including mobile, so they’re ready to make an offer before your competition’s clients even know about the listing
- Organizing your tasks for the day, so you get the best results from the time you invest
Big Data in the hands of a real estate professional equipped with tools like proven software to make the most of it will effectively turn “for sale” into “sold” and lookers into buyers.