Lately I am recalling one of my favorite quotes by Winston Churchill, “A pessimist sees the difficulty in every opportunity, while an optimist sees the opportunity in every difficulty.” I’ve considered this quote quite a bit as more and more industry professionals’ comment on the availability and use of big data. The sheer volume of data has many skeptics debating over the invasiveness of companies that utilize this information. Regardless of your stance, big data is here to stay. As I’ve said before, the use of data should be a key initiative in your future marketing strategy.
We all leave breadcrumbs behind as we navigate our way in the digital world of social media and Google searches. As a company, while you tap into this data pool of information, it’s helpful to understand the journey of your targeted audience.
In our most recent blog, “Why is AI important in evaluating big data?” we outlined the challenges of pouring over large volumes of data and how AI is necessary in this process. It was explained in that article how difficult, if not impossible it is for a human to comb over the data. It is additionally important to understand your customer’s journey and the data points (or breadcrumbs) that they leave in their path.
According to the Home Buying and Selling Calendar created and shared by RedFin a person starts to look to buy or sell a home, on average, six months out. This length of time can be taxing on the patience of any Realtor. Most importantly, you have to find that person at the exact moment they are ready to buy or sell.
There is no debating that life is a journey that is filled with ups and downs. Yet there can be a predictability to the events of life.
So how can big data help to narrow the field? Like a single piece of a puzzle, a single data point does not tell the entire story. For example, the age of a homeowner’s children will tell you that they may be moving to switch schools, but on its own, that is entirely speculative. Taking multiple data points, like we spoke of in our last blog and combing them together builds out a puzzle that can predict more accurately the likelihood of that homeowner moving. Combing data points like comparable sales, income, persons age, ethnic group, marital status along with other local economic stats for example price of gasoline, cost of living will build out a puzzle that displays a much clearer picture. Using AI to comb over the data will produce an output that is much more accurate than the typical guesswork of merely looking at the raw data.
Armed with a refined lead, you as the real estate professional can now call upon the buyer or seller at the time they need your help. The sale or purchase of a real estate property is the largest single investment in most people’s lives. They will always need a Realtor to shepherd them through the journey. Big data and Artificial Intelligence will never take the place of the human element of the transaction. But by utilizing the leads provided by an AI data company, it will allow you to focus your efforts on serving your customer through the home buying and selling journey. It’s important to see the changes that big data provides, not as a difficulty but as an opportunity.
From predictive modeling and complicated algorithms to deep learning and artificial intelligence, Likely.AI is a new-age lead generation tool which is changing lead quality expectations by identifying consumers’ likely real estate decisions before their decisions have been made. To learn more, you can contact Likely.AI here.