Real Estate Industry Turns to Predictive Analytics to Refine Marketing Efforts
New bread of targeted marketing programs rank homeowners who are most likely to sell in the near future.
(Boonton, NJ, June 20, 2014) — Since August, Steve Kunkel has been using predictive analytics to decide which homeowners to call, and as of late April, he had closed five deals as a result of his efforts.
Were very pleased, says Kunkel, part of a husband-and- wife team at Keller Williams in Atlanta.
In early examples of this new breed of consumer research, Netflix knows what movies you might like based on your past rentals, and Amazon recommends books by looking at what you and others have bought in the past. In the real estate industry, Trulia suggests homes by studying patterns of properties that buyers have clicked on in the past.
Kunkel says his rationale for trying the software was simple: As he shifted from short sales to traditional sales, he needed leads.
We have a farm of 2,500 people, and mailing to that many people is expensive, he tells Real Estate Brokers Insider.
Obviously, there are people [on the list] who may never sell, he says. Even if it only raises the odds of success, big datas brave new world promises to make agents jobs easier.
Details on Kunkel and other agents experiences with predictive analytics appear in the June issue of Real Estate Brokers Insider.
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