The Predictive Power Of Property Analytics

Big Data has arrived in the real estate business. Here’s how property analytics make sense of it.

Property analytics and valuation are sometimes tricky business. You aren’t only considering the details of the property, but the surrounding neighborhood as well. Now that we have access to more data than ever, those little details about your neighborhood mean so much more. 

Census data also no longer work as a baseline for neighborhood data. It doesn’t include enough usable detail and only updates once every ten years. You need faster data than that. In order to market your properties effectively, you need access to a wealth of data and all of its rapid changes. The problem? Trying to manage that data will overwhelm you quickly.

The solution is to make use of data analysis to handle the calculations and track changes for you. This also takes human error out of the equation, making your valuations more accurate.

Property Analytics and Valuation

The wealth of factors that go into property valuation are amplified by our access to big data. You might think that the gym on the corner is a point in your property’s favor, but that may not be the case if its social media reviews are low and online presence minimal. Property analytics can also take into account factors you may have overlooked or underestimated, such as economic growth or updates to public services. This can take much of the guesswork and human error out of the equation, making your valuations more accurate with less effort on your part.

Property Analytics And Likely Sellers

For buying new properties, your goal is to find something good before your competition does. You can’t depend on the MLS for that, especially if everyone else is watching it, too. Nor should you rely on a driving for dollars scheme to find unlisted properties.

ProspectNow uses a likely seller algorithm that reliably predicts which properties in your area will sell soon. It takes into account local demographics such as marriages, divorces and deaths, along with other factors that often predate a home sale. It also uses machine learning technology so that the algorithms used are constantly updated and become smarter over time. ProspectNow is the only platform with this feature for both residential and commercial properties.

Property Analytics and Marketing

Analytics also go a long way to marketing your property. You can process data from resident comments in your area to find out what’s important to them, all without sifting through the comments yourself. Once you know what your property’s best-selling points are, you can use them to reach your prospective buyer.

An omnichannel marketing campaign is an analysis-heavy approach to reaching potential clients and anticipating their needs. These ads can follow your prospect as they browse, predict why they haven’t engaged with you yet and attempt to solve the problems. This is the kind of reach humans can’t replicate without coming across as too invasive.

About ProspectNow

ProspectNow puts property analytics in your pocket. With a comprehensive property database combined with a CRM platform, ProspectNow gives you one place to find properties, contact the owners and close deals. With the likely seller algorithm, you can find properties predicted to sell before anyone else, whether you deal in commercial or residential property, anywhere in the country. It handles the work of data analysis for you, freeing you to focus more on making sales and interacting with clients. Your lead generation becomes automatic with the help of ProspectNow and its property analytics.

Are you ready to close more deals and make more money? ProspectNow has made property analytics more accessible to agents, brokers, investors and more since 2008. Check the ROI calculator to see how much more money you could be making with ProspectNow, as well as all the properties that were correctly predicted to sell in your area. Then sign up for your three-day free trial to get started.