RISMedia's ACE
Exact matches only
Search in title
Search in content
Search in comments
Search in excerpt
Filter by Custom Post Type
{ "homeurl": "http://rismedia.com/", "resultstype": "vertical", "resultsposition": "hover", "itemscount": 4, "imagewidth": 70, "imageheight": 70, "resultitemheight": "auto", "showauthor": 0, "showdate": 0, "showdescription": 1, "charcount": 3, "noresultstext": "No results!", "didyoumeantext": "Did you mean:", "defaultImage": "http://rismedia.com/wp-content/plugins/ajax-search-pro/img/default.jpg", "highlight": 0, "highlightwholewords": 1, "openToBlank": 0, "scrollToResults": 0, "resultareaclickable": 1, "autocomplete": { "enabled": 1, "googleOnly": 1, "lang": "en", "mobile": 1 }, "triggerontype": 1, "triggeronclick": 1, "triggeronreturn": 1, "triggerOnFacetChange": 1, "trigger": { "delay": 300, "autocomplete_delay": 310 }, "overridewpdefault": 0, "override_method": "post", "redirectonclick": 0, "redirectClickTo": "results_page", "redirect_on_enter": 0, "redirectEnterTo": "results_page", "redirect_url": "?s={phrase}", "settingsimagepos": "left", "settingsVisible": 0, "hresulthidedesc": "0", "prescontainerheight": "400px", "pshowsubtitle": "0", "pshowdesc": "1", "closeOnDocClick": 1, "iifNoImage": "description", "iiRows": 2, "iiGutter": 5, "iitemsWidth": 200, "iitemsHeight": 200, "iishowOverlay": 1, "iiblurOverlay": 1, "iihideContent": 1, "loaderLocation": "auto", "analytics": 0, "analyticsString": "", "show_more": { "url": "?s={phrase}", "action": "ajax" }, "mobile": { "trigger_on_type": 1, "trigger_on_click": 1, "hide_keyboard": 0 }, "compact": { "enabled": 1, "width": "200px", "closeOnMagnifier": 1, "closeOnDocument": 0, "position": "fixed", "overlay": 0 }, "animations": { "pc": { "settings": { "anim" : "fadedrop", "dur" : 300 }, "results" : { "anim" : "fadedrop", "dur" : 300 }, "items" : "fadeInDown" }, "mob": { "settings": { "anim" : "fadedrop", "dur" : 300 }, "results" : { "anim" : "fadedrop", "dur" : 300 }, "items" : "voidanim" } }, "autop": { "state": "disabled", "phrase": "", "count": 10 } }
Select Page

Explaining dataConsumers are hungry for information, and the Internet gives them unprecedented access to all kinds of it with a few clicks. When it comes to searching for a new home, buyers want as much data as possible to help them make informed choices. And sellers want to quickly find market trends and activity to make informed decisions about their home sale.

This is where the concept of big data comes into the picture. Truth is, we’ve always had access to big data, but the Internet makes it easier for people to find it faster, says John Heithaus, chief evangelist for RealEstate Business Intelligence (RBI). RBI is a big data subsidiary of mega-MLS MRIS in the U.S. Mid-Atlantic.

Social media, new advertising platforms, improved transactional business processes and more all rely on big data every nanosecond of every day, Heithaus says. Real estate agents need it, too, to help map out their businesses and research market trends so they can expertly advise their clients, armed with the best information possible. While the concept sounds intimidating to some, it’s really not, Heithaus adds.

“Patterns and trends in real estate data can be used to help decide where to locate a new office or how to identify and recruit top-producing agents to your company,” Heithaus says. “Big data can also help you qualify buyer and seller prospects more accurately and achieve higher closing rates. Using big data not only adds value to client interactions, but also differentiates your business as a high-tech service firm.”

Pros and Cons

While consumers and real estate professionals alike are benefiting from a huge inflow of data, there’s also such a thing as too much bad data, Heithaus says. Outdated information on websites or data that’s not relevant or value-driven can overwhelm consumers and cause them to make ill-informed choices, he adds.

“That’s why knowledgeable real estate agents make all the difference in the buying and selling process,” Heithaus says. “Having access to big data can never replace the expertise and skills of a trained professional who knows a market inside and out.”

One example of data that can be skewed is the Automated Valuation Models (AVM) used by large real estate search portals. Heithaus says even the best of these algorithm-driven models shows an 8 percent national median variance (and can range as high as 30 percent in some markets.) For a $325,000 house, this is huge in terms of dollar impact, creating a value range swing from $300,000 to $350,000.

“Human nature being what it is, we mentally lock into the higher number, which creates a formidable challenge for real estate agents to overcome, depending on their own estimated value. That’s why we need the most recent and relevant local market statistics on hand to back up our valuations.”

What big data might tell us about buying and selling behaviors is one area that promises to help the industry in the long term. At the most recent REALTORS® Conference & Expo, a special session focused on the future implications of big data, particularly how advances in mobile technology could radically change the ways consumers search for real estate online.

Todd Carpenter, NAR’s managing director of Data Analytics, says that mobile devices are providing a wealth of information about how consumers search for homes, and it’s transforming consumers’ experience of buying and selling a home.

“Buyers will increasingly use their smartphone during the search process—oftentimes before first talking to an agent. REALTORS® who adapt and embrace big data will add considerable value to their relationship with clients.”

Winning New Business with Big Data

How do you take an abstract concept like big data and apply it to your day-to-day business? It starts with explaining big data trends in an intelligible way and whittling it all down to relevant, meaningful insights that add value to a real estate transaction.

Jon Wolford is already finding success with using big data. The real estate manager and branch vice president of McEnearney Associates in McLean, Va., says he uses RBI SmartCharts to sift through mountains of information and translate it into easy-to-digest visual charts that inform his agents of the latest Washington, D.C., market trends. In turn, agents take the information—recently sold listings, newest listings and months’ supply, for example—and embed it on their websites as just one avenue of delivery.

“Most often, we’re using the SmartCharts data on social networking sites or in face-to-face meetings with consumers and prospects,” Wolford says. “You can’t just put the data out there, though. It’s what you say about the data that piques people’s interest and sets you apart from the next agent.”

As technology continues to evolve at a rapid pace (particularly mobile technology), big data will become a necessary and more immediate part of real estate agents’ businesses.

“Let’s face it: Consumers are far more connected and educated than ever before, and it’s only getting more competitive out there,” Heithaus says. “Smart agents are becoming local market experts and are finding clever ways to show their marketplace what they know to win the business.”

Deborah Kearns is an award-winning writer based in Denver with more than a decade of experience in corporate communications and news journalism. She has covered the real estate industry for more than seven years. For more information, visit www.deborahkearns.com.

Buying/Selling Consumer Luxury National Spotlights
Milwaukee - city panorama seen from the north side.
2016 Home Sales Increasing Twice as Fast in Counties with Low Hazard Risk

The recently released ATTOM Data Solutions 2016 U.S. Natural Hazard Housing...

portrait of us army soldier and little daughter outside their home
The Best Military Towns Named for Investing in Rental Homes

New data was released by HomeUnion on the best military towns...

House chart , This is a computer generated and 3d rendered image.
August Brings Hottest Housing Market in a Decade, Says REALTOR.com

A record-breaking summer for the residential real estate market continued in...

Agent Broker Coaching Lead Gen Teams
Holding house keys on house shaped keychain in front of a new home
Stepping into the Residential Arena

In the following interview, Paul Kenny and Matt Bogue of Engel...

Handshake of a two businesswomen after closed deal
Recruiting and Retaining in Today’s World

“Times are changing” is a phrase that’s been uttered by countless...

Education Insider: RPR’s Learning Site Is Blowing Our Mind

A couple weeks ago, Realtors® Property Resource (RPR) announced its brand...

Agent Best Practices Branding Broker Niche
Digital composite of businesswoman touching interface with profile pictures
Four Tips to Fuel Your Online Presence

Social media is a prime way to both connect with potential...

Hispanic family with laptop at home smiling
Back-to-School Marketing Ideas

As families gear up to send the kids back to school,...

Word Cloud with Lead Generation related tags
Ask the Expert: How Much Should You Spend on Lead Generation?

Today’s “Ask the Expert” column features Arthur Darmanin, Chief Executive Officer...

Agent Apps/Gadgets Best Practices Broker Innovation
financial stock price
5 Ways Big Data Is Changing Real Estate

Every facet of the business world has been radically changed by...

Computer keyboard with loupe concept
Maximizing Exposure with Unique, Interactive Domains

When it comes to finding your target audience, proper listing exposure...

Silhouette of business people moving and joining pieces of jigsaw puzzle on a business and stock market  blue background, with charts, diagrams, world maps and data arranged on grid and tables. World maps showing continents and countries with economy data and growth diagrams. Light glowing from the center. Copy space on bottom.
PNC Offers Online Business Insights, Webinars and Tools for Agents

Looking for the latest real estate industry information, education and networking...

Business Insights Content Generation Marketing Trends
Nizhnevartovsk, Russia - June 12, 2013: Man hand holding iPhone 5 with Instagram App. iPhone is product Apple Inc. Instagram is an online photo-sharing and social networking service.
Visual Storytelling: Tips for Mastering the Art of Instagram

Creating and implementing a consistent social media strategy is vital for...

"Paris, France - May 27, 2012: Instagram logo on Apple iPhone display"
Instagram Is Open for Business—Find Out What This Means for Real Estate

Last week, Instagram released some major updates that could create a...

Story Time: Move Over Snapchat, Instagram Wants In

Are you using Snapchat in your real estate business? Well, you should...

Buying/Selling For Your Clients Home Improvement How-To Lifestyle
US Marine Female Soldier at Home with Real Estate Paperwork.
Home Loans for Veterans: Everything You Need to Know

(TNS)—If you or your spouse has served in the military or...

Cheerful teenager girl with earphones doing homework on sofa at home
Pros and Cons: Buying a Property for a College Student

There’s no way around it, supporting a college student can be...

A beautifully staged modern living room within a Victoria, BC condo.
5 Dirt Cheap Home-Staging Ideas

(TNS)—We all want to make our houses look like they are...

RISMedia’s CEO Exchange

RISMedia’s 2016 Real Estate CEO Exchange September 13 & 14, 2016...

Capital Building, Washington
RISMedia’s Power Broker Forum at the NAR REALTORS® Legislative Meetings & Trade Expo

RISMedia’s Power Broker Forum at the REALTORS® Legislative Meetings & Trade Expo...

RISMedia’s Power Broker Forum, Reception & Dinner – Annual

RISMedia Power Broker Events 2016 Orlando, Fla. Friday, November 4, 2016...