Posts Tagged ‘big data for real estate’

How Real Estate Professionals Can Use “Big Data”

ID-100175372You’ve probably heard lots of talk recently about ‘big data.’

The retail industry has benefited from having big data for some time now, but many real estate professionals believe that our industry will soon be able to benefit from big data as well.

Unlike buying things like gas or groceries on a very regular basis, most home buyers and sellers only participate in the real estate industry every 5 to 10 years…some even less frequently.

Having data that sheds insight on consumers’ long-term life decisions would prove to be very useful and valuable to real estate professionals, brokers and other members of our industry.

Big data could allow real estate professionals to have a greater understanding of when past clients might consider selling or refinancing their homes.

It could also create a way for realtors to anticipate when a client might decide to downsize his or her home or even buy vacation property.

With big data strategies in place, real estate professionals could capitalize on the most opportune moments to send marketing content and messages to their clients.

In the world of marketing, content is is king but so is timing. Facebook has already announced that it will soon begin allowing advertisers to target consumers based on their offline shopping behaviors.

While there is still much to be developed in the realm of big data for the real estate industry, there are a few things you can begin doing now to get the maximum impact of your customer data.

First, you should be collecting customer data. If you aren’t doing this, begin doing so immediately. This should be everything from customer names, addresses and emails to birthdays and other particulars.

Next, take it to the next level while collecting & mining data. This means you should look for the place where different aspects of your business are connected. Then track the data and use it to establish your long-term email marketing strategy.

For example, you might want to create an exit survey for your clients. Collect basic information about what they believe their future home buying behaviors and plans might be. Connect with them based on that, rather than bombarding them with information when it isn’t relevant to them. 

Remember to use common sense. If a customer just bought a home from you, don’t send them messages that contain new listings. Create content that is pertinent to them instead. This might include things like info about taxes, home warranties, refinancing and home improvement.

Customer data is valuable to you, especially if you can use it to better understand your clients’ behaviors. This is an important part of the marketing process because it can help you create your messages and improve the timing in which you distribute them. When you target the right audience within the right context, your business can grow and thrive.

Let us know if you have any questions, we are always here to help.

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