You see businesses in every industry talk about “digital transformation.” There’s a good reason for it; the world’s technology is changing, and businesses will either adapt or fail. But transformation need not be total, and incorporating new technology into your real estate prospecting strategy is easier than you may think.
What Is AI?
AI is short for “artificial intelligence,” and it’s not a new term. Once the domain of science fiction and robotic horror stories, AI now pops up on a smaller scale in our everyday lives. Artificial intelligence is simply a technological simulation of human intelligence and intuition. While it’s made some strides in our modern technology, it’s a far cry from the software uprising we’ve been promised. The small-scale applications of AI instead take the burden of repetitive, low-level tasks off of humans.
Machine Learning
Machine learning (or ML) is a subset of artificial intelligence that’s been making more waves in recent times. This is a form of data analysis that lets the machine automate model building from incoming data. The system learns to form patterns from what it “learns” and uses this information to make future decisions with minimal human input. With machine learning, the system learns to carry out repetitive tasks with more efficiency and accuracy. The minimal human intervention not only lightens the loan on business owners, it drastically reduces the potential for human error.
Examples of Machine Learning
You’ve already seen several examples of machine learning in your daily life. One of the first may have been fraud detection at your chosen financial institution. The detection algorithms of today go beyond flagging purchases outside of your location and a certain dollar amount.
Go to any e-commerce site, and they may be using machine learning to generate recommended items for you. Targeted ads on your social media operate under the same principles. Machine learning, in this case, drives the omnichannel advertising strategy. The goal here is identifying and hooking likely customers by analyzing browsing habits and immersing them in targeted advertising content.
Self-driving cars are among the most impressive example of machine learning. It’s one thing to program a computer with the rules of the road. But it’s quite another to teach it how to interpret its surroundings and react accordingly.
Machine Learning and ProspectNow
What does all of this have to do with real estate prospecting? ProspectNow makes use of this new technology to identify promising leads and help you strike before the competition.
Likely Sellers
ProspectNow uses predictive analytics and a “likely seller” algorithm to identify properties that are likely to sell soon but haven’t yet hit the market. These may be on the radar for a number of factors. The owners may have experienced a recent significant life event such as marriage, the birth of a child, or divorce that makes it more probable that they’ll want to move soon. The owners may be filing for bankruptcy. The property may be in a pre-foreclosure state. There are other factors that the algorithm’s predictive analytics takes into account.
These analytics also give you a chance to catch off-market properties where other agents wouldn’t. Whether a seller wants to make a quick, no-fuss sale or hasn’t yet decided on selling, the likely seller algorithm gives your real estate prospecting a competitive edge.
Why do you want this? Identifying these likely sellers gives you a good chance of being the first to reach the client. This is a key part of closing deals, as the majority of sellers often close with the first agent they speak to. If you can get to sellers before your competition, you have a much better chance of turning them into clients.
Register here for a demonstration of our likely seller algorithm.
Targeted Ad Campaigns With ProspectNow
When you’ve found your real estate prospects, it comes time to reach out to them. ProspectNow gives you multiple ways to do this. You could go the direct route with email or snail mail, and ProspectNow gives you templates to handle both types of campaigns effectively. Save yourself a trip to the post office or time in front of a word processor, and simply press one button in the ProspectNow platform to send off your advertising materials.
But while many potential sellers still respond to these tactics, a growing number are taking their business completely online. The omnichannel marketing strategy is made possible and growing in popularity thanks to predictive analytics and machine learning. With ProspectNow, you can create a targeted ad campaign to bring in would-be clients to your agency with a few keywords. Make sure to use IP Targeting and ensure those you reach are within your real estate prospecting area.
With machine learning, ProspectNow takes care of the more intensive parts of identifying leads and deciding which ad campaigns are most effective.
ROI Calculator
So ProspectNow can help increase your sales but by how much? We include an ROI calculator to help you determine just that. Using your current location and sales metrics, we can show you how much money you could’ve been making with ProspectNow and our Likely Sellers algorithm. Our calculator can tell you the following:
- Potential additional commission
- Increase in the probability of selling
- Sales turnover
- Marketing spend
- Potential listings in your area
Try the calculator now, and you may find you’ve been missing out on a lot!
Try ProspectNow For Free
Digital transformation doesn’t have to be intensive or scary. Sometimes the most effective changes you can make to your real estate prospecting strategy are the simplest. ProspectNow gives you access to cutting-edge technological advancements in a more approachable way, allowing you to reach more leads with less effort on your part. Let the algorithms do the thinking and processing for you, so you can reach more sellers.
Ready to close more deals and make more money? In the business since 2008, ProspectNow combines prospecting and customer relationship management in a single, easy-to-use platform. We have data on properties in all counties and industry-leading analytics that come with a higher price tag on competing platforms. Try us risk-free for 3 days in one county, and see why we’re a vital tool for business success.