Do you understand big data? If not, the replacement agent is coming for you.
Okay, Don’t Panic! You won’t be replaced if you are willing to unlearn and relearn. The new buyer is able to obtain information online on home values, market statistics, and property history in realtime. Many buyers know more about a property than the real estate professional servicing them. With an understanding of big data, a REALTOR® is able to adjust the way they service the client.
So what is big data and why does it matter? Big data is just that, an extremely large data set or sets that can be analyzed to reveal trends and patterns for real estate and other industries. To keep it simple, your Multiple Listing Service, the census bureau, tax records, your client relationship management tools, RPR®, and Amazon Web Services are all examples of big data sets. There are public and private data sets that a REALTOR®, business, or consumer can use to uncover hidden trends, learn about a market place, and more.
Big data is changing the scope of our industry. Our future clients are doing their research online. 44% of buyers first step in the buying process was online. Those that started online took 10 weeks to purchase a home. The consumer is preparing their research before making a decision. If the world wide web is 27 years old, then anyone under the age of 30-35 has always known the world wide web. This group is accustomed to doing their own research, and they are able to obtain information faster. With this in mind, real estate agents MUST unlearn and relearn how we consume information. If not, there is a replacement agent coming for you.
Take advantage of big data tools you already pay for in your market places. How can you begin using big data sets today?
- Educate the consumer – Use your data to create blog posts, post cards, social media marketing, email marketing and video specifically for your market place that educate the consumer.
- Use your MLS and RPR to create content for online marketing and traditional marketing. Remember to always reference the source.
- Do your research and create short videos to for Facebook, Instagram, Snapchat, YouTube, or Periscope. These are a great way to build online content. Every generation is consuming content online; millennials and the I-generation more than others. Your mobile phone has become the new TV.
If you don’t believe me, ask your kids, grandkids, or your friends kids how they learn. My 13 year-old, at the time, decided he would join the track team team his last year in middle school. The event of choice was discus throwing. I remember suggesting that he ask his coach how to throw the discus. Guess what? Jonathan told me he had it covered and learned how to throw the discus on YouTube the spring of 2016. He didn’t ask his coach, he asked the internet. Jonathan came in second place out of five very large middle schools in Illinois. If you aren’t creating content for the internet those that are are the ones educating the consumer.
Learning how to uncover hidden trends and accessing the current data available from the products we use everyday are great ways to stay relevant. Don’t get replaced by the agent that’s willing to do research, interpret the data from that research, and make that research available to the consumer in a format that’s understandable and relevant. Pick one big data tool today and begin adding that information to your real estate business.
Learn more about big data this Friday, November 4th at 8:30am at my session: The Fundamentals of Big Data and Analytics.