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Agencies could harness big data and execute it across their operations and sales process to become profitable and competitive, according to a proptech executive.
Propic chief product officer Patrick Hill explained to REB ahead of its REInnovate conference in Melbourne this month that data is a culmination of different activities that are undertaken in a fast-paced real estate agency.
Agencies could use big data for a broad range of functions, including inquiries, business operations, and sales, Mr Hill proposed.
“A well-run business could use big data to have a much higher competitive ratio of sales to wins than their local competitors. At the same time, they can boost efficiencies, reduce their operating costs, and hence be more profitable,” he said.
“The very good agencies are capable of capturing data that is clean and covers the full scope of what they do. Then, they can augment that data with market information sets, data from portals, information from inquiries, open homes, and CRM. All of these different data sets coming together are what make a good quality data set in this industry.”
According to Mr Hill, Propic uses 15 to 17 data sets across machine learning and artificial intelligence, which he noted have become buzzwords.
However, he underscored that these terms are not synonymous with automation or technology (contrary to common misconceptions).
“Artificial intelligence is where you take machine learning and all these disparate data sets and find patterns in the behaviours, identities, and the work that enables you to then surface that information at the right time in the right transaction,” Mr Hill said.
“For example, if you use machine learning during the selling process, you can see a number of trigger points within the entry that show that a single home owner may have a higher propensity to sell or list their home.
“If you can get in front of that person at the right time and surface the right information at the right rate, then you could increase your chance of listing that property. At the moment, we can take all those data sets and double your rate of conversion and the number of people you’re in front of who have the propensity to sell.
“That’s revenue through the door. That’s increased profit.”
Mr Hill’s comments preceded his session at the REInnovate conference later in October, where he will unpack how agencies could harness the power of big data to target clients, set pricing for homes, predict risk, and gain higher returns, while providing a bespoke customer experience without sacrificing time.
Artificial intelligence could also be used in property management to manage hundreds of thousands of properties and tenancies, including tenancy inquiries, with Mr Hill adding that Propic’s Concierge service uses artificial intelligence to manage maintenance, rent and invoice arrears, conduct conversations, update notes, and execute workflows.
Before harnessing the potential of big data, however, implementing base systems, such as a cloud-based trust accounting software and a robust CRM with an application programming interface (API), that can integrate with machine learning and artificial intelligence systems are essential, Mr Hill emphasised.
“It’s also important to have a partner who can guide you through the creation and the customisation of that journey with artificial intelligence,” he concluded.
To hear more from Patrick Hill about how to combine big data, artificial intelligence, and machine learning to target clients and deliver a tailored customer service, come along to REInnovate 2022.
It will be held on Tuesday, 25 October, at Pullman Melbourne on the Park.
Click here to buy your tickets and make sure you don’t miss out!
For more information, including agenda and speakers, click here.
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