The last few years have been quite tough for the real estate industry. In fact, the subprime mortgage crisis in the US made it nearly impossible to get loans and drove buyers away from the market.
The recession caused people to lose their jobs, and consequently, many of them were sapped of their ability to purchase homes. This led to fewer home sales and caused prices to plummet.
But now the market has started showing signs of recovery. Prices are rising and the government has also offered several relief packages to bring buyers back into the market.
A forecast made by the Ernst & Young and the Urban Land Institute predicts that the average price of homes across the country will rise 6% percent this year. The prices are expected to continue rising through 2015. The National Mortgage Professional Magazine also supports this prediction. Looks like buyers who abandoned the market during the lending crisis are back.
There are still many obstacles that realtors need to overcome to increase the number of homes they sell.
People don’t buy or sell homes every day. Most people buy homes only once or twice in their lifetime. That means very few homes are actually sold in a day. In addition, many buyers and sellers don’t practice loyalty. So, realtors can’t expect to get repeat business from their past customers. Of course, there are exceptions to this rule and some buyers and sellers repeat their agent. However, if you are a realtor you can’t rely too much on your past clients.
That is why realtors need to tap into the vast pool of big data. Big data analytics provide realtors a tool to engage with their potential clients. This will increase their conversions.
How realtors can benefit from big data?
Big data provides actionable insights that realtors can use to increase their conversion rates.
Every sector can benefit from big data. The real estate industry is no different. With the help of predictive analytics tools, realtors can examine trends in customer behavior. This will allow them to engage customers who are likely to be in the market sometime soon. Real estate agents can also predict when homeowners will consider getting a refinance.
A big data analytics project should include customer information, financial transactions and mortgage records. When a realtor has access to this wealth of information, they can easily predict customer behavior. It will help them create a marketing strategy that fits the needs of their target audience.
Big data will help realtors modify their email marketing campaigns so that they offer content that suits the homeowner’s existing and future circumstances.
When realtors know what their clients are looking for, they will be able to create better marketing campaigns. For example, if the potential client has school-going children, they will probably be looking for a home in a good school district.
In the same way, buyers who have elderly parents may be looking for multigenerational homes. A realtor can determine what the client wants by analyzing their behavior when they search online for property information.
The real estate industry can benefit immensely from big data analytics tools. Since several open-source analytics tools are available, the realtor does not have to spend a lot of money to take advantage of big data. All that they need is a determination to make data analytics a part of their marketing strategy.
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