Trials of algorithm-generated lists show that 15 per cent of cold call conversations made from a big data generated list resulted in an appraisal or call-back and 10 per cent listed within six months. This compared to just one in 100 calls made from a random cold call list resulting in a call back.
You need discipline to hit the phones and a good cold calling technique, but handled properly the results are significant.
CoreLogic’s SmartList combines property, market and consumer data to help you identify homeowners who are more likely to list and sell.
3. Understanding your customers – and targeting more people like them
How much do you know about clients you’ve had in the past – or even those you’re working with now? Big data can take your existing client list – going back as many years as possible – and analyse it according to demographics and consumer behaviours. By overlaying it with property market data to understand property features, recent sales and what’s sold around them, you begin to get a real understanding of the types of clients your business attracts and their trigger points for deciding to sell, buy, rent or invest.
Once you know how your existing clients behave – including the best times to re-engage with them and the type of client (buying, selling, renting) that they’re most likely to become – you can target your marketing accordingly, whether it’s a digital or traditional campaign.
The final step is to take your knowledge of existing clients and ask the big data algorithms to find non-clients who match the same criteria, so you can also target new prospects.
CoreLogic’s Re-Engage, developed in partnership with Greater Data, uses big data and analytics to help you connect with past and future customers.
Big data isn’t a magic bullet, nor a cure-all. The agents who understand the power of big data are winning in their markets – not just because they know how to work the numbers, but because they then amplify their personal skills in marketing, negotiating, and supporting and helping clients. No matter how good the algorithms are, real estate is primarily about relationships – so use the data to enhance your relationships, not replace them.