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How Data-Driven Real Estate Is Set to Lead the Way

Updated On December 24, 2020

By Matthew Barton

data driven real estate

Real estate is one of the most stable and competitive markets in the world. While there certainly are rises and falls, people need places to live. No matter what current economic conditions are like, buyers continue to buy and sellers continue to sell. Though the global economy might be experiencing a bit of strain, the real estate industry remains alive and well in the USA. 

That does not mean, however, that the industry has remained unchanged. Many real estate industries have had to adapt their operations and marketing, especially since many past practices are not viable during the pandemic. This has resulted in plenty of real estate companies partnering up with advertising agencies for more complex and comprehensive marketing strategies. 

The rise of data-driven real estate marketing

One particular trend that is popular all across the board is the emergence of data-driven marketing. Many of these companies have found that relying on big data has the potential to reduce their financial risk. Building size, structure, recent renovation information, the financial status of the current owners, and more can be used to understand the value of a property as a whole. 

Companies are now able to provide a more comprehensive view of potential mortgage payments, approval chances for clients, and budget management for possible buyers. This reduces the amount of research work an agent has to do, since big data systems can compile listings more easily. 

This data can be used in tandem with your advertising agency’s strategies as well, simply because it provides insight into what may and what may not work. Being able to put more resources towards strategies that data proves will work ensures better outcomes and less wastage. Marketers are familiar with making data-backed decisions, so this will not be unfamiliar to them at all.

Buyers are becoming more and more educated

One recurring problem real estate agents encounter is that customers don’t often know or understand what they want. This can result in long, fruitless, and frustrating searches going through homes to figure out what exactly possible buyers are looking for. 

However, this problem can be solved with the use of data. Agents trained in data analysis are capable of using tools to accurately measure client sentiment and expectations. Long before you go to visit any homes, potential buyers can have their tastes determined by surveys and data analysis. This can lead to the sale more easily, especially since you’ll be able to connect them to their dream home far more quickly. 

More accurate appraisals matter

Real estate appraisals are often met with scrutiny and hesitation without concrete evidence to back the valuation up. After all, sellers want to hear that they’re profiting as much as they can, and buyers want to know that they’re getting their money’s worth. 

By factoring local real estate data that includes age, condition, neighborhood, traffic volumes, proximity to services, average price in the area, and so on, you could provide them with data-driven and highly accurate prices. That way, both buyers and sellers will go into real estate transactions with better expectations. 

Final thoughts

Advertising agencies have always known that data-driven practices are always better. Recent trends have shown that the real estate industry is soon to follow. As such, it is only right for your own company to keep abreast of these changes. After all, your competitors are likely to do it; you should too. 

If you’re looking for an advertising agency to boost your marketing with, send us at Supercharged Offers a message. We can help your real estate business grow with all the latest techniques and technologies. 

Matthew Barton

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