Big Data in the Real Estate World

Big data is a perennial and oft-overused term. What is big data anyway? Big data is a large or diverse set of information that’s too massive to use in its current state.

Maybe you think it only applies to big business. It does apply to big business and you’d better believe they are gathering and mining as much of it about you as they can. Why? Because they want to predict your next move and be in your face with a personalized offer when you are ready to act. Data mining topped a LinkedIn list as the hottest skill of 2014. Data and being able to manipulate, monitor, measure and correct are critical to all businesses survival now and into the future.

How does this relate to real estate? At a session at the recent Realtor Conference and Expo in November, 2014, Todd Carpenter the National Association of Realtor’s Managing Director of Data Analytics said, “The amount of data collected will likely continue to increase and will be used more to predict buyer and seller behavior as well as trends in home preferences and neighborhoods. This includes highly-customized home searches that encompass factors such as proximity to work, public schools and restaurants.”

It’s All About That ‘Base, The Database That Is

What pieces of data do you have on your past clients and prospects? Name and physical address of prospects and if they are past clients you probably have their email address, phone number, and the year they transacted with you.

And of course with the MLS you have access to more data including house values, market movement, etc. The marriage of your own data and the MLS data is a very good start to making personalized offers to your database.

If you’re using Corefact, you already know that you can show a homeowner’s home on a map and the sold properties around that target property. You also know that you can put the homeowner’s name and physical address on the card as well.  This is called variable data printing. Any data that you can put your hands on can be printed on a marketing piece as a personalized offer.

More Data is Better

The more data you have the more personalized you can be. When homeowners see things like their home on a map, their name and address printed on a post card, neighborhood homes sold, the number of years they have owned their home, and other specific real estate related information, it starts to get their attention.  It sure beats getting some generic card.

The idea of big data carries great promise. If leveraged effectively, big data can be a major problem solver. It can improve customer experience, boost customer interaction, increase revenue, and reduce costs.

How good is your database? Let us help you sort it out, define the data fields and upload it into our system to get the best results from your direct mail. Our marketing specialists are there to do just that, and it’s free. Call us at 877.866.1234 or email us at ms@corefact.com to get started.

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