If you’re a realtor, you know how much being the first in the door can impact your likelihood of getting a seller listing. Predictive analytics when applied to real estate marketing and utilized correctly can significantly affect how you generate seller leads for real estate.
Four years ago, when Mark Dickson co-founded Offrs.com with Rich Swier, Jr., they realized quickly there was a gap in the real estate industry that didn’t account for the full potential of the digital age. “There was no technology or systems in place to help realtors identify actual seller listings,” says Dickson. After identifying a need, Dickson and Swier assembled a team of Ph.Ds to crunch numbers and create a solution using smart data for real estate to project who will likely sell in a 12-month period.
The premise of their business model is based on Dickson’s previous real estate experience and the use of predictive analytics - a new approach to real estate marketing for seller leads.
So, what exactly is predictive analytics and why should realtors care about this term? Predictive analytics takes past behavior and uses this information to predict what will happen in the future. And when it comes to smart data real estate, it’s a game changer.
According to Swier, using this tool in your marketing strategy allows you “to start with prospects that are more likely to sell than not.” Dickson adds that it’s a way of “being smart with your time and money.” But let’s get into exactly how and why predictive analytics is a proven successful approach to generating seller leads.
Dickson talks about how the realtors use six different touch types (phone, email, text message, digital advertising, handwritten notes, and hosting events) to form relationships. The Offrs.com platform incorporates each of these touch types into a systemic approach to real estate marketing using predictive analytics to determine who realtors should focus their efforts on reaching out to.
Swier makes a good point that 70% of sellers select the first realtor that reaches out to them if they didn’t already have someone in mind or they weren’t referred to someone by word of mouth. Predictive analytics is about knowing who is likely to sell and reaching out to them in a way that appeals to their specific communication style before a fellow realtor does. The other advantage to implementing predictive analytics into your real estate marketing strategy is the ability to scale your business with this model.
“Technology is changing this business,” Dickson mentions in his conversation with Swier. To create a scalable business model, you need to have the right tools, systems, and processes in place. “That’s what Offrs.com and R.O.O.F. bring to the table,” says Dickson.
When you are considering how much you should be investing in the technology of your scalable model, Dickson brings up the true value of a seller lead. “The average seller listing is actually worth four transactions,” says Dickson. Swier adds that circling prospects and leveraging the growth of your business is another approach after a successful seller listing. Watch the video of this and other insightful conversations between co-founders Mark Dickson and Rich Swier.
Predictive analytics open realtors up to a whole new world of possibilities and prospects. Don’t wait another day to get started on your new approach to real estate marketing. Schedule your demo today.
Tags: predictive analytics, real estate, smart data, offrs