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Using Big Data to Find Clients for Your Real Estate Business

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Using Big Data to Find Clients for Your Real Estate Business

In one of the most competitive industries in the world, real estate professionals can adapt to the times to find the right clients and reach them in the right way. It’s no longer just a matter of “trusting your gut.” If you’re looking for trends to push your business to the next level, you can pursue big data opportunities.

What Exactly Is Big Data?

While this term is thrown around a lot – often attached to phrases like the “internet of things,” it’s really just what it sounds like. Big data refers to large amounts of data that have been collected over time, specifically on the internet. Since becoming publicly available in 1991, the internet has been a cache for information about people, whether that’s preferences and hobbies (social media), shopping history (coupons and purchases at stores or online) or even your credit and financial information (the credit bureaus). This creates some opportunities and challenges for the world of real estate.

Why You Should Rely on Big Data

In a world where people are being bombarded by advertisements, how do you get your marketing initiatives to the top of your clients’ minds? More importantly, how do you know that the process of reaching out to clients you’re trying to attract is really the best use of your time and resources?

Big data provides some insights on this. In a breakout session at the 2016 National Association for REALTORS®, licensed REALTOR® and CE instructor Carrie Bey-Little explained that this information provides the following opportunities for real estate professionals:

  • It shows hidden trends and patterns
  • It uncovers new insights
  • It helps you understand which information is important, and which is not

Not only this, but real estate agents aren’t the only ones who have access to this information. A large portion of data on the internet is free, and that means it can be accessed by your clients, specifically internet-savvy ones. As Bey-Little explained, while “We have more access to data – quicker, faster, real time – our customers are finding answers to questions faster than we can.”

Bey-Little goes on to say that this information is often easier to find than we think. Simply doing a Google search can uncover enormous amounts of data.

Big Data and Where to Find It

The overall purpose of big data, as Bey-Little describes it, is to capture leads, choose target markets, build relationships through marketing opportunities and to meet the needs of the savvy consumer.

There are plenty of big data or predictive analytics companies throughout the world, whether you’re using them for purchasing data, discovering insights in your own data or looking at trends in your marketplace. Companies like Realist® from CoreLogic®, Smartzip and Infosparks are great options for offering interactive data visualization, meaning you can see the data that’s important to you, and then act on it.

Using Data to Advertise

Once you have a service that helps you make sense of your data, you can use this information within the different marketing channels (social media, email and direct mail), all of which have their own targeting and opportunities.

Using Big Data with Social Media

When big data is discussed, it’s regularly in close connection to social media. Many advertisers are flocking to social media sites because large amounts of people – especially the 18-35 demographic – are on these social platforms. But just because you can potentially reach many people online, how can you be sure that you’re reaching the right people?

First of all, don’t spend all of your time working on organic social media posts. Organic, meaning posts without paid sponsorship, were once the bread and butter of social media platforms. Now, Facebook and Instagram have changed their algorithms, which often means these organic postings will only be seen by a few people. Too often, people spend their entire days tweeting and posting organically. Will it do some good? Probably. Are there better and more efficient uses of your resources? Absolutely.

But paid advertisements on social media platforms offer some decent opportunities for targeting specific clients using big data. You can go to Ads Manager on Facebook and Instagram and promote your post to a specific audience, whether that’s through a custom audience that you’ve been building for years, an audience of people who’ve triggered a pixel on your website, or an audience based on demographics.

Before you jump on Facebook and begin spending money to target your neighbors with ads, it’s good to be aware of the realities of targeting with social media. While it’s easy to get clicks and engagement on social media ads, it’s more difficult to get buying customers. It can be easy to mistake clicks for conversion.

As for the other social platforms, such as Snapchat, there are some engagement opportunities, but their advertisement abilities are still evolving.

Using Big Data with Email

While not seemingly as trendy as social media, email has perhaps the best and most profitable opportunities for remarketing, especially when it comes to engaging previous clients. Once you’ve paid for the email service, your emails aren’t costing you much (or anything). This is much different than Facebook, where you pay for each result. And sure, paying $.20 per click may not seem like a lot, but once you have a few hundred clicks, it adds up.

You can begin optimizing your emails to get the best possible results. Start by creating a welcome series that encourages people to engage and react. If your data shows that no one clicks on the links in your email, perhaps your copy needs to be tweaked or improved. If no one opens the email, perhaps you should change your subject lines. Even if half the people who get your email open it, still work on optimizing your copy. You’d be surprised what changing a few words or adding an image can do. Use your big data insights and act on them.

Once you’ve started to optimize your emails, you can segment data and create a clear path for your clients. For instance, think about people who’ve purchased homes. From the data you have and the insights you’ve gained in your industry, you may deduce that people in your areas are more likely to buy another house after a certain number of years.

This information allows you to use email for two things. First and foremost, you can continue engaging this population before they’re ready to buy. Send them helpful tips or recommend products or services that would be beneficial. Keep your name at the top of their mind.

From there, when your data shows that the likelihood of them moving increases, hit them with another email. And sure, not everyone in your email population will need this service at this exact time. But by foreseeing it, you’re getting in front of this audience before any competitors.

Using Big Data with Direct Mail

Direct mail is still a relevant form of marketing. As Bey-Little explained, “Buyers come from the internet and listings come from the mailbox.” To make the most of direct mail, you should consider reaching out to the credit bureau Experian, which has a mailing list database that includes fountains of data. Not only can you find addresses of clients, but there’s also home value, home owner age and income, and even census data to track information (such as the number of children they have). Now you can start to segment your own data, find the attributes of clients who are more likely to buy and then target similar clients. This can be a powerful opportunity for real estate professionals.

Interweaving the Data

In today’s information-saturated age, it’s easy to become overwhelmed by big data. This information shouldn’t be a cause for anxiety. It can be a life raft for your most precious commodity: time. The most successful way to use this information is to find a service that provides data analysis and visualization. From there you can dive into the details and find attributes of the best clients for your business goals. Then, you can take that information, target people with social media, email and direct mail, and pursue these clients with the most effective marketing.

Have you taken these steps to make big data work for you? Share any tips in the comments!

Source – quickenloans

Technology

Appoint Housecraft App For Your Interior Designing Job

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Do you have a knack for interior designing? Did you always dream about being an interior designer but could never really get a head start at it? Is your home in a dire state for a revamp? Do you like to change your interiors often?

If your answer is yes then we have the perfect solution for you. The answer to your prayers is the refreshing Housecraft App. The app is available only on iPhone App Store for free.

It is a fairly easy app that can be used to design any interior living space with the choice of several pre-fed furniture and décor items. You can use your phone’s camera and watch the power of augmented reality to place fully rendered 3D models anywhere in your world.

For example if you want to redo your living room. All you have to do is open your phone camera and scan the room. You would be surprised at how accurately it takes measurements. It then lets you drop all the furniture you can think of. You can resize each object so you can customize it according to your room. Plus, you can admire objects from any angle, in any light! Once you achieve a set-up that you like, you can save it for later reference.

The app is a break through at many levels. To start with you design your own home and test it on the app so you can actually see the outcome of your design. For people who like to mix and match and change décor items on a regular basis can use this app for better visualization of their ideas. It is easy to save room configurations and try them out anywhere. Thus great help in apartment hunts, reorganizing a room, testing how new furniture will look, and more. With their video recording feature you can share your creations with your friends or family.

Also Read: 5 Real Estate Tech Startups in India You Can’t Ignore

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5 Real Estate Tech Startups in India You Can’t Ignore

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5 Tech Startups in India You Can’t Ignore

The real estate sector is one of the biggest contributors to the country’s economy. It is no wonder that the sector is booming with newest technologies that are changing the age-old industry norms and raising industry standards. Here are five tech start ups that you need to take note of:

NESTAWAY

5 Tech Startups in India You Can’t Ignore

If you have ever faced a rental problem and most of us have, this is the thing that you need. NestAway is India’s home rental network for singles that offers rental solutions via latest technology and best design.

Founded in January 2015, NestAway is an app that lets you find, book, pay, move-in and out of a rental home anywhere in India. They basically manage both parties in a rental situation and turn unfurnished houses in to furnished homes and offer them at affordable prices on sharing basis. Deepak Dhar, one of NestAway’s four cofounders, says “It’s a new concept for owners and a solution for tenants. Plus we’re solving the youth housing crisis of upwardly mobile urban migrants in cities.” It began in Bengaluru and today is spread in 9 metro cities of India.

Website: nestaway.com

NoBroker

5 Tech Startups in India You Can’t Ignore

A Bangalore based real estate search portal, NoBroker eliminates broker and directly connects flat owners and tenants. Founded in 2014, NoBroker claims to work on the basis of technology that identifies and abolishes brokers. Started as a rental platform, they have now forayed into brokerage free buy/sell property as well. They verify each listing to make sure they are owners and no middlemen. They offer maximum information in the most accessible format, thus saving you time, money and energy to actually go physically hunting for house.

Website: nobroker.in

SmartOwner

5 Tech Startups in India You Can’t Ignore

Find the biggest market for investors here; all the opportunities that you won’t find on general market. SmartOwner brings forward some of the carefully curated investment opportunities from the fastest growing cities in India. Projects are vetted by law firm after meticulous checks. It verifies all the listing to make sure the pricing and specifications are in line with the market trends. Thus it offers well calculated risk and returns. People benefit from the curated high-return opportunities.

Website: smartowner.com

Approach

5 Tech Startups in India You Can’t Ignore

Approach helps you to conveniently and accurately manage scientific data which enables you to grow your business strategically instead of hit and miss methods. Real estate is a growing sector and it needs such solutions where management can take accurate decision based on solid data. Approach lets you manage your inventory from any location. Cloud telephony lets you track all your campaigns and calls from anywhere. Automated SMS and Email Marketing allow you to connect with your audience and also offer in-depth analytics of click-rate and subscriber activity. You can now even calculate the returns on investment from all your media spending and campaigns.

Website: approach.one

GrabHouse

5 Tech Startups in India You Can’t Ignore

Established in 2013, Grabhouse is a no broker website that helps people find flats, flat mates and tenants quickly and without much effort. It is the first venture that is a 100 percent broker free house renting platform. It is able to achieve this by using powerful technologies that allow stakeholders to enhance their business. Their target group lies between 18-28 years; they are mostly students or young professionals who are looking for decent places to stay while saving a buck. Even on-ground assistance is provided after lead generation for a nominal fee.

Website: grabhouse.com

 

Also Read: Technology And Real Estate: Reaching New Heights

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Alibaba Now Enters Housing Rental Market In China

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Alibaba Now Enters Housing Rental Market In China

Alibaba, the Chinese e-commerce giant, signed an agreement with Zhejiang province to use the company’s technology in order to build an online system for house rentals. As per the agreement, this system will include all the apartments that are put up for rent by an individual, government, developers as well as agents.

The Xinhua news agency reported that the Hangzhou City in Zhejiang province will be able to use this application to seek houses on rent. The website by Alibaba will help people at every stage of the procedure, right from searching for a home to apartment contract signing and later payments.    

Han Junqing, director of Hangzhou Real Estate Registration Center, said, “Information on apartments, user reviews, and credit ratings of owners, renters, and agents will all be shared.”

The system is called the Smart House Renting System and will be supported by Alibaba’s technology, data, and commerce credit system. The government sources have revealed that it can prevent fraudulent deals.

At present, the housing rental market in China is dominated by real estate agents, and fraud and disputes are not uncommon in all the major cities. There are big real estate players with their own apps however that information is not shared with others.

People seeking homes for rents often have to refer to different apps and compare their offers as these companies lack the Zhima Credit from Alibaba subsidiary Ant Financial’s which is a much more mature credit system.

The government of China is prioritising the rental market’s development to rein in runaway home prices in the country’s big cities. The Central government chose Hangzhou among the first 12 cities to take bold reforms to boost the rental market.

Also Read: Technological Solutions That Are Helping The Commercial Real Estate Industry

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