The State of Lead Generation For Real Estate
A lot has happened since the early days of social data collection. That is to say, we've all been relatively aware of the collection of our data by governments or even larger box brands, but the 2000's really changed the game up a bit with the idea of social data collection. Instead of refreshing your history, however, we'd like to use this as a jumping-off point to reference the current state of lead generation with big data and predictive analytics as headers driving the tech in our industry.
Recently, we released the updated test results for our predictive algorithm which continued the years-long trend of a 70% national average accuracy. Again, without going into that too much here, what this means is that we have honed our predictive algorithm to the point where we can predict (with an average accuracy of 70% nationwide) which properties are going to list up to 12 months in advance of the listing.
While this in itself does not necessarily move the needle, it updates our understanding of the state of the technology substantially. Mostly because offrs.com is a technology innovator and applying custom-designed predictive analytics technologies (previously not deployed en mass into the RE market) into a live market still requires manual data confirmation checks in the early stages. Essentially, until we know what the normal state of the market is, we have to manually run the numbers to see how well we can predict it.
And after a few years of doing this, our data analytics teams are thrilled to see that we've maintained a consistent record of peering far around the corner in a market that is notoriously inflated and deflated by the larger populous and the sort astronomical factors that come into play with such a national market. So... the state of lead generation for real estate is... solid. Perhaps "predictable" is still too presumptuous at this point (as we continue to innovate the inner workings of our machine for the betterment of our agents in the field). it's a process, but so far... it's solid.
How Do Other Tech Innovations Affect This?
So naturally, when you adjust one factor in lead generation, you affect another - this is the nature of markets. Like a sudoku puzzle, moving one value over here can, in the best scenario, improve another value elsewhere... and in the worse scenario, it can reset a value that was working. The key here is that as the market continues to move forward, offrs.com must develop, test and deploy on the go. It's a bit like repairing a Formula 1 racecar without ever stopping. That said, our teams enjoy the challenge of it.
Part of the process is getting to better understand the vision, capabilities, and limitations of your peers in the market. Mostly, what we mean by this here is data sources used for our mathematical formulas. We've learned that even the best, world-class data providers can have incorrect or out-of-date information on homeowners. We've learned that how we meld and cross-pollinate data has an impact on future predictions years down the road. This all has made us better at what we do: predict listings and provide that data to agents.
The Future of RE Tech
While we're not married to predictive technologies, the field of predicting for future events using all available data is still a very relevant and effective influencer in the lead generation for real estate market. Of course, given that the real estate market is indeed so influential on the economy (for both consumer homeowners as well as for a market that employs millions upon millions of hard-working service providers), we're inclined to continue innovating in the area of predictive lead generation data technologies.
This is a whole lot of tech talk, but what we're describing is the continued commitment towards excellence in lead generation solutions for our agents (whether working in large, national brokerages or fighting it out int he field alone). If you're looking at making this your year... then you're going to want to learn what predictive technologies means in the practical, daily sense... qualified leads in your inbox. Connect with one of our business strategists now and get your year into gear.
For those that have been with us so far on this amazing journey, thank you! Remember this Herald Tribune article? Here's to the years to come!
Tags: lead generation for real estate, lead generation, lead gen, solutions, solution, services, service, providers, provider, real estate, agent, homeowner, home seller, 2018, 2019, 2020