RISMedia's Real Estate Magazine

SEP 2017

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

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28 September 2017 RISMedia's REAL ESTATE {Blog Spot} Predictive analytics is used for a variety of hard-to-pinpoint tasks: matching homebuyers with specific properties, showing a prospective buyer how their investment will gain (or lose) value over time, and iden- tifying homeowners who might be ready to sell. For brokerage owners looking to recruit and retain top talent, it's a competitive edge. Here are a few ways brokerage owners can use pre- dictive analytics to stand out. Providing Value to New, Existing Agents Michael Hickman saw the value of offering predictive analytics as a way to stand out in a competitive mar- ket. Hickman, CEO, president and broker of Seven Gables Real Estate in Tustin, Calif., provides his agents with access to Totomic, which culls buyer and seller demographical in- formation across numerous con- sumer database platforms to better match specific categories of buyers to specific properties. Offering this insightful tool helps Hickman's bro- kerage stay ahead of market shifts, and, more importantly, appeal to younger, tech-savvy agents, he says. "An agent with 30 years of expe- rience isn't going to respond the same way to a recruiting message as a 25-year-old agent who's in the know about the latest tech offer- ings," says Hickman. "I can use pre- dictive analytics to look up a pros- pect's address and mine data about him or her. That lets me tailor my [recruiting] message to be more au- thentic and more likely to align with their interests." Generating Leads, Results Jay Macklin, broker/owner with RE/MAX Platinum Living in Scotts- dale, Ariz., says it's not hard to sell prospects and current agents on predictive analytics once they see how easy it is to use. Macklin offers SmartZip, another predictive real estate tool that iden- tifies serious sellers through major life events (death, divorce, mar- riage, etc.) in public records. Predic- tive analytics, he says, is essentially a lead-generation program. "It's good for our revenue stream because agents are able to quickly identify people who are more likely to raise their hand and sell a home," says Macklin, noting that his agents earned 10 listings as a result of us- ing the predictive data in front of sellers. Hickman admits it can take time for a large brokerage to implement and train agents on how to use pre- dictive analytics properly, but it's well worth the investment. "My agents are saying time on market is shorter, and we're hear- ing that sellers are excited because they can see quantifiable metrics on the marketing of their homes," says Hickman. "If you're not using predic- tive analysis of some sort in your real estate business, you're missing the boat." RE This article originally appeared on RISMedia's blog, Housecall. Visit us at blog.rismedia.com. Deborah Kearns is an award-winning writer based in Denver with more than a decade of experience in corporate communications, news journalism and coverage of the real estate industry. How Brokers Can Use Predictive Analytics to Recruit, Retain Top Agents by Deborah Kearns R eal estate professionals might not have a crystal ball, but predictive analytics come pretty close.

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