Without a doubt, AI is shaping and changing the world drastically. Over the past decade, the digital marketing space has seen an influx of intelligent tools for daily marketing on the internet, and it seems that the end isn't even near.
With constant growth and development in the machine learning space, tools are constantly designed and developed to take away traditional methods of analyzing data and forecasting. A significant aspect of decision making through a process better known as predictive analysis.
This analytical technique, predictive analytics, is used to identify, with a considerable high degree of probability, through the analysis of data, to predict what might happen in the nearest future.
Today, real estate marketers use the predictive system to deliver what their clients want before they even know it themselves. The predictive analytics tools help huge businesses to achieve their goals. We have businesses like a furniture retailer, real estate etc. They make use of these tools to reach their customers intelligently.
Several ways exist for real estate specialists to leverage on this technology to make their works easier. From lead generation and property generation, then through to lead nurturing and property analysis, also to buyer-to-seller matching and lastly to closing deals. Without a doubt, predictive analytics will allow agents to do more real estate business in less time.
What Is Predictive Analytics?
In simple terms, predictive analytics is using past and present big data to make reliable predictions about the future. AI and machine learning technology have really helped allow predictive analytics to help build on traditional real estate analytics. This has been especially useful predicting which homeowners are most likely to sell., which in turn helps realtors tremendously by being "first in the door" when reaching out.
Traditional analytics gives a lending hand by showing agents and investors on how and why we stand where we stand in real time mostly through big data analysis. Predictive analytics tools take this analysis by catapulting us to the next level so as to predict future outcomes based on how the past and present events took place.
Why Predictive Analytics is Important for Real Estate Generation
Helps Real Estate Investors and Agents to Understand their Customers Behavior and Journey
For most future homeowners, their journey starts online. Often, you'll not find them reaching out to real estate professionals or agents until later in their journey when they're profound about what they're in search of.
With predictive analytical tools agents can utilize this online user data to comprehensively understand the journey of their prospective customer. Real estate professionals can use these tools to categorize users, such as first time buyers, real estate investors and homeowners, and direct their property match to them respectively.
Helps Investors Find Appropriate Properties
Real estate investors can also use predictive analytics to search properties through reliable data. For real estate investors, location of property is important while searching for their next lucrative investment. With heatmap analysis, forecast trends, and GIS, a subtool of predictive analytic systems, real estate investors are provided with information that will help inform their choice.
To Generate Buyer and Seller Leads
Traditionally, agents always had to market the products themselves so that people who are interested in buying or selling a property can come to them when needed. However, with predictive analytical systems using AI and big data, generating proper leads for the proper clients becomes easier.
In this case, what these predictive analytics system does is to get big data that includes demographics, social, financial, and other types of information you might need and then apply complex analytical models and machine learning algorithms to arrive with great patterns that helps predict – with a very high level of probability and very small error- when homeowners are most likely to sell their home soon.
In layman terms, predictive analytics software is a tool with the power to predict intent. This means that it helps know what your potential clients are thinking about, whether to sell or to buy.
Saves Time and Money
Imagine the amount of time and money you have to put into analyzing data and arriving at a probable decision as a real estate investor or agent. Predictive analytical systems save you the time of checking through huge datas to determine suitable houses for suitable home owners, suitable investment opportunities for suitable locations and suitable home sellers for suitable buyers. It just saves you the headache with generating and analyzing all this information all by yourself.
Helps to Reduce the Risk
Compared to other investments such as stocks, and cryptocurrencies with higher risk, real estate investing comes with a lower risk, but that does not nullify the risk involved totally. By providing reliable return on investments through investment metrics which are based on past data and expected future trends, predictive analytics further lowers your risk significantly.
What You Should Know as a Real Estate Agent when Using Predictive Analytics
Foremost, eradicate the thought that AI and machine learning, according to popular belief will make you insignificant in the real estate industry - that’s never happening. What will happen is that AI, through instruments like machine learning, data processing and analysis, and predictive analytics will help simplify your job, making it easier to generate and nurture leads, and making lucrative decisions with regards to real estate investments.
There are a million marketing tools based platforms available to real estate agents that offer predictive analytics. However, some of the best companies that provide this are Offrs, as well as its neighbor, SmartZip, which provides similar service as the former.
Offrs is a lead generation and marketing platform that uses predictive analytics to anticipate future sellers for a whole year (12 months). They help sell individual market areas to real estate agents, while also targeting home sellers.
Why You should Try Offrs
Offrs works by getting real estate leads primarily through predictive analytics and AI. Offrs pulls data from providers like CoreLogic, ATTOM, Experian, Cole, tax records, and also Quicken loans. Offrs utilizes existing data, while analyzing consumer behavior in an attempt to predict the probability that a homeowner may sell their home in the next 6 to 12 months.
Thereafter, they go ahead to share some of these insights on each lead with their respective agent. The platform claims that their algorithms are more than 70% accurate in most markets. Offrs also uses some Facebook demographic targeting to generate leads.These leads go into the Offrs CRM backend, but you can decide to move the data to either a dialer or a CRM via the csv file.
Why You Should Try SmartZip
SmartZip utilizes big data and predictive analytics to decide people who might list their homes in the next 6 to 12 months. The company just simply analyzes a long list of variables about individual properties and local markets to generate recommendations. However, these data points are burned using algorithms, all it does is direct agents to 20 percent of homeowners who are most likely to sell their properties in the near future. It just makes it easy to coordinate good campaigns and convert leads to listings.
Conclusion
Predictive analytics solutions makes it easy for you to get clients effortlessly, and also close sales. As said earlier, predictive analytics is becoming more prominent in the real estate world. Incorporating this into your everyday will absolutely be beneficial in the long run if utilized correctly. But always remember, no matter what type of marketing you are pursuing, add a little bit of your personal touch, combining technology and your brain will give you massive results.
