New service predicts when consumers will sell

New service predicts when consumers will sell

11 February 2014 by Stacey Moseley and Steven Cross 2 comments

An international research company’s latest project can predict when a vendor is about to start looking for an agent.

CoreLogic, parent company of RP Data, revealed the plans to Real Estate Business last week.

Managing director of CoreLogic Information Solutions Research, Olumide Soroye, said the service will use consumer' social media pages to anticipate when a client is ‘just about’ to list their property.

“Expansion for us over the next few years in the real estate market is going to be all about coming up with new tools that will empower professionals for success in the marketplace,” Mr Soroye said.

“We find that people signal what they're about to do, what their interests are and their personal information across social media – So we're finding ways to connect those insights to other things that we're doing offline.”

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According to Mr Soroye, CoreLogic, which is based in the US, will be able to build a profile for a prospective client before approaching local agents.

“We can tell [agents] ‘Hey, this person has a home they've not sold for 40 years and something has changed in their life that suggests they might want to move to a bigger home, and from what they're doing online, they're asking for recommendations for agents'. We can pull all that together into something that will tell the agent in the local community ‘This consumer might be someone you should be reaching out to’,” he said.

Mr Soroye claimed CoreLogic was in the advanced stage of bringing the service to market in the US, but could not give a firm release date.

“We're finding new ways to predict when they will list, and that will be quite powerful for our broker agent clients,” he said.

 

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