The utilization of Big Data has skyrocketed in the last few years and it is well because of the fact that numbers don’t lie.
They aren’t opinions, they aren’t subjective, they are purely factual and Data Analysis services such as Agentpoint’s Analytic Services can reveal trends, make forecasts and drastically improve your services all from numbers.
Real Estate has traditionally been a networking game. Experience, hard work, location and even a bit of luck have all been factors that success heavily relied on. However, with the emergence of Big Data services, Real Estate Agents are starting to benefit from the insight that analysis of these numbers provides and it has begun to change the game for the better.
Take The Wall Street Journal’s example of Jon Hefling. Jon was a 50 year old office furniture resale company owner in Morgan Hill, California. He was researching and thinking about selling his home and when he opened his Facebook page he saw an ad offering him to opportunity to estimate his homes value. He proceeded to click on the link and his Real Estate journey went from there. This didn’t happen by pure coincidence. The Real Estate Agent who paid for the valuation advertisement utilised big data to identify him as a potential seller.
As Executive VP and Chief Investment Officer Dallas Tanner states “Identifying accurate valuations and rent prices can be incredibly resource intensive”. However, gathering the right data to provide you with the right direction isn’t just up to the individual to decipher. Reaching out to data analysis services, Agents can target the right audience and increase opportunity. Analytic services break down data from various sources including online interactions, sales, agent performances and this goes far beyond Quarterly or Annual reports.
Big Data Analysis is emerging in multiple industry sectors and, showing its ability to enhance sale and client opportunities, it is regarded as a highly useful tool. But remember, Big Data Analysis isn’t here to replace the Real Estate Agent. It enhances them and their Agency.
As Jerry Pinkas of Jerry Pinkas Real Estate Experts told mashable:
“An expert real estate advisor knows what recent sales have been, what developer incentives are offered , and inside secrets to getting the best deal. The internet is a good place to start, but you always want to work directly with an expert working in your best interest to get the whole story before buying. It’s the shortcut to success.”
Nothing beats the expertise of the knowledgeable Agent but an Agent who utilises Big Data to determine the best sales, incentives, valuations and deals is ahead of the game and has the value of numbers on their side.