Predictive analytics, or evaluating and interpreting data to predict future outcomes and trends, is helping the real estate industry better understand transaction and market data and use it to benefit the industry, agents and consumers.
REALTORS® and attendees at Saturday’s “Emerging Business Technology” forum during the 2013 REALTORS® Conference and Expo gained insights into predictive analytics and leveraging data to help Realtors® and local and state associations make better business decisions.
The National Association of REALTORS® recently launched a new Predictive Analytics group that will examine and analyze member and customer trends from a variety of data sets to help the association determine and develop services and resources that provide value to Realtors® and give them insights into ways they can better meet the needs of their clients.
During the session, NAR Managing Director of Data Analytics Todd Carpenter said the goal is to use disparate data sources to build analytical models that will solve complex problems in the housing industry and to develop tools to help Realtors®, state and local associations, and others make better data driven decisions.
“By listening more to members and customers, organizations will be better able to meet their needs,” he said. “NAR has a mountain of its own data, such as its monthly existing-home sales data, and relationships with other data sources. Analyzing this data will help us learn more about our members and their businesses and clients.”
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