Big data is more than just numbers, it represents patterns and trends in human behavior and interests. It has received broad recognition in the real estate industry, and here's why.
In the past, a lack of data used to be a problem; now it is an excess of data. With its unbelievable influx now available on the Internet, there has never been a time with more information about consumer habits at your fingertips. Tech revolution gave birth to big data – the gold mine of information every smart broker should take advantage of. Big data allows you to analyze consumer habits, local and national trends, and the general real estate market like never before.
What You Should Know About Big Data
The NAR releases their Existing Home Sales Report every month. This report has everything you’d want to know about national and regional trends regarding sales and prices of existing single family homes, condos, and co-ops. Splitting the 50 states into Northeast, Midwest, South, and West regions, you can establish correlations between national, regional, and local trends to assess the current state of affairs on respective levels.
How You Can Use Big Data
Data is only as good as its quality and practicability are. Big data can grow your business at a much faster pace when used correctly. For example, by identifying your target audience’s tastes and online behavior patterns, you can make your ads maximally relevant. Your online platform and social media accounts can attract potential buyers and sellers of a greater quality and in larger amounts. When they think of you as a legit source of real estate information, you maximize your chance of drawing a lead that can turn into a sale.
Big data can also change how you market yourself and who you market to. If there is a breakthrough trend among buyers of a certain age in a certain area, you can get ahead of the game. Or, for instance, by recognizing current trends among your customers, you can target one sector through Google Ads and another through customized email newsletters. Big data allows you to find out what your customers want better and faster and deliver it to them before they have a chance to consider seeking a replacement. It truly is a marketing tool of XXI century.