How Real Estate Agents Use Big Data to Track Clients
Big Data can help predict future customers who are likely to move or purchase a new home.
In a recent article in the Wall Street Journal by Stefanos Chen, the use of Big Data in the real estate industry is explored.
Growing Trends to Leverage Big Data
The article examines the growing trends to leverage Big Data to predict future customers who are likely to move or purchase a new home. The advantages of Big Data are that the real estate companies can access a disparate and unrelated set of data sources to compile a prediction about who should be targeted. For one real estate company detailed in the article, Big Data is used to serve up Facebook advertisements to individuals that match certain criteria. In the case of this real estate company, the criteria were designed to target empty nesters.
Real Estate Professionals Use Big Data to Laser Target Marketing Efforts
By using Big Data, the company was able to use a variety of sources to make a strong prediction about which individuals were in fact empty nesters. The data criteria included the time in residence, home value, and children status. One individual is highlighted in the article that received such an advertisement because he lived in his home for 15 years, his home was valued comparatively high in the market, and his son was at an age to enroll in college.
Other examples of using Big Data explored in the article include the discovery of life milestones that may impact buying decisions (e.g. marriage license purchase, death notices, birth notices, etc.). Some real estate companies are mining this data with Big Data to target advertising efforts.
Companies in other industries are using Big Data in different and innovative ways. Big Data and its uses are explored in-depth in the “Emerging Trends in Business Communications” white paper.
 Chen. S., (2015). How Real Estate Uses Big Data to Track Clients. Wall Street Journal. Available at: http://www.wsj.com/articles/how-real-estate-uses-big-data-to-track-clients-1431615728. Accessed May 20, 2015.