For those looking to buy a home in the future, data presents an opportunity for learning, often about things we don’t realise are important today.
One such instance is the real estate advertising industry. It’s often described as offline, but in reality the advertising industry spans multiple, often offline, platforms.
At Information Services Group (ISG), a digital marketing specialist, we have been working to figure out how the data industry can use data to drive business.
How to access data
Most buyers want to know as much about a home as possible – they want to see how they compare to other buyers.
A lot of information is actually out there, such as images, price, etc. But more is out there than meets the eye.
A true insight is often found through data analytics, which helps identify the secrets to the market.
Home information resources like estate agents’ websites are not the only platforms that provide information. There are websites like AutoAvatar, which work in tandem with instant estimators and personality profiles, as well as services like Habitat to provide property listings that are based on an exact replica of someone’s face.
Interactive data in digital marketing
Digital marketing has transformed the world of communication, helping consumers to learn about products and services in ways that were beyond the scope of previous information-processing technology.
A case in point is motor insurance, an area in which people are eager to learn how they compare to other people.
But because digital has transformed the marketing landscape, the power of the data is much greater than ever before.
We can track who we are engaging with, how we interact with those people, and what we like. This information can lead to more targeted marketing for brands.
And there’s a greater sense of trust in the industry because of the public’s growing ease with searching and using digital data, like search history and mobile app usage.
Buying a home
Taking all of this into account, there’s an even greater need for sellers to tap into the potential market they are missing out on, and the potential for home owners to put more resources into their homes.
One method is by partnering with real estate agencies, which today may be operating under the same roof and operating in two different streams.
Perhaps it’s a pair of real estate agents, who are not just in business for themselves, but for the other side, the buyer.
Who better to help market that property than the person who lives there?
By sharing information, like what’s good and what’s bad, homeowners can identify potential problem areas and more effectively address problems before they surface.
By networking and sharing tips and experiences, they can form alliances.
One of the ways this might work is to leverage online referral networks, like Freelancer.com. This aggregates and processes freelance tasks and tasks completed by a group of freelancers.
The setup is an ideal way to turn an empty home into an asset by potentially attracting an influx of renters and possibly business opportunities.
Some real estate agents are also tapping into data analytics to work with brokers, providing more targeted information about rental properties.
When the agent finds the perfect property for their client, they can provide analysis in near real-time on how potential buyers interact with the home on social media, which may provide a different set of insights than what their counterparts can.
Using this information, the agents can present their clients with options with a more dynamic and inclusive approach than relying on a series of floor plans, photos, and sales descriptions.
The effects are almost immediate, with the agent determining what is important for the client. Then the process can begin.
There are many more avenues to tap into and more opportunities. Think of this as starting from scratch and breaking ground in your real estate application process.
* Sincere thanks to Chris Kormanik, Debra O’Mahony, and Adam Eason, for their contributions to this column.