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3 Types of Listings You Can Win Using Predictive Analytics
Big data and predictive analytics are the talk of the real estate technology world, but many agents and brokers still aren't sure how predictive analytics work. In short, predictive analytics analyzes massive sets of "big data" and illuminates patterns and behavior that may not be visible to the naked eye. The most infamous example of predictive analytics came a few years ago when Target successfully predicted (and marketed) to a pregnant teenager. Just as expectant mothers may buy unscented lotion or calcium supplements, homeowners exhibit "selling signals" as they get ready to list. These signals fluctuate from market to market, and even block to block. Without the help of an algorithm designed to identify them, they may go unnoticed.
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[Video] How to Find Your Best Listing Prospects
Want to lower your marketing budget while getting better leads? It may sound far-fetched, but thousands of agents are already doing this, thanks to the power of "big data." The trick is in using data to narrow your marketing focus in order to target only those homeowners who are most likely to list their home in the near future. The result is that you're paying to advertise to fewer people, but that those people are more likely to convert into clients.
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​Predictive analytics isn't the future. It's changing our world and our industry TODAY.
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Moving the Dial: 6 ways agents use data to get listings
Whether you’re a second-year agent or the broker of a market-leading office, you’re running the numbers all year long — you can likely rattle off everything from GCI to lead conversion stats to ROI on tech and marketing products in your sleep. While this kind of analysis is critical to running a successful operation, it’s hardly any different from what agents and brokers were doing in the 1970s. Black-and-white data is the bread and butter of any old school business, but smarter real estate companies are using predictive analytics to uncover new opportunities in the real estate industry. What does predictive analytics do within real estate?
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