We’ve all heard about data and algorithms, but what we don’t know is how these are being translated into meaningful insights that can be used to identify new real estate trends, make important predictions, and so much more. Jessica Franks, a data scientist at Leadhome explains how datasets, scientific models and metrics are changing the industry for the better.
“Residential real estate is about matching sellers and buyers, or landlords and renters, and helping people find their dream homes. Using data, finding the ideal home for each buyer or renter based on their unique preferences can be simplified and automated. We have only just scratched the surface of what data can assist within the real estate sector, and I think the next couple of years will result in truly interesting and innovative applications of data science in this industry,” she says.
Aside from enabling connections in the real world of real estate, Franks notes how data can be used to improve the overall customer experience by helping clients make better choices around optimal listing prices. “At Leadhome, we don’t only analyse trends within the real estate sector, but we also deep dive into how our customers interact with us, across all platforms, such as our website, call centre, social media or the various property portals.”
She adds that because Leadhome is a very data-focused company, all insights are used to ensure the customer experience is a cut above the rest. “Our UX team makes use of data to see if the changes to our CRM and website have the desired impact on the customer’s experience, our property advisors and local property experts use interactive dashboards to see if they are meeting targets and quickly identify areas for improvement. Our marketing team consults the data to see if their messaging and campaigns have the desired outcome.”
As for the future of data science and real estate, Franks says there’s plenty to look forward to, including the integration of artificial intelligence and machine learning. She predicts that as more millennials enter the property market, demands on technology will only increase. “The process of buying and selling a home can still be tedious and confusing. Empowering users with data about the property market, their properties, and future properties will be an important differentiator in 2020 and beyond.”
