Big data: An essential leap for the Australian real estate sector

“When it sell it's thanks to the agent. When it doesn't it's because of the leads”

Anyone who has managed a sales team has heard this before and this is the statement developers and marketing agencies are all too familiar.

When selling a project now needs to involve email marketing, SMS Broadcasts, paid ads, organic social media, Google analytics, database marketing and automated lead funnels it’s easy to understand why agents are frustrated and Real Estate is becoming a more complex and competitive industry.

Whilst our friends in the investment and finance have been leading the way for big data and digital marketing, the Real Estate sector, particularly in Australia, is starting to learn of the unique features that make big data particularly useful within the sales process, with the help of specialist teams.

While big data has been a buzzword for some time now, the real estate sector hasn't been as quick to adopt these practices.

It's a buzzword that's been around for years; big data. However, it still feels like big data hasn't truly taken hold of the Real Estate sector. While other industries have embraced big data as a powerful tool for businesses to make better decisions, the real estate market has lagged behind in adopting this practice.

But why?

Whilst most real estate agencies lack the skills to affordably and correctly collect, process, and analyse large amounts of data, having specialised teams allows you and your team get the best value out of your sales team.

One of the best ways to get value from your data is to use it for marketing. Whether you aim to improve your conversion rates or simply increase the number of leads and appointments for your team, there are a few ways that big data can help with this.

Big data can help firms across the entire real estate sector gain insights into buyer behaviour and sentiment, enabling them to make more informed decisions.

At propGen, we allow agents to tap into our own databases with our Real Estate intent database (contact records of prequalified investors, first home purchasers and downsizers) to identify potential leads and target them appropriately. When you know more about your audience, it gets easier for you to speak their language and appeal directly to them with your creative. The use of websites, ads and posts on social media start become powerful tools to sell your project and lower the cost per lead.

This approach ensures that they're more likely to engage with whatever offer you're making, which will lead them down the path towards becoming a customer.

Combined with good content marketing practices, and our rich database of information about potential customers across multiple industries, we've been able to deliver impressive results for our clients’ time and time again.

As the economy changes, so do buyer's perceptions and preferences, requiring flexible and innovative business strategies to get ahead of competitors.

Since 2016, we have seen the Melbourne Real Estate sector going through a period of profound change, with new technologies and buyer expectations (particularly for off-the-plan) reshaping the way firms operate. To stay competitive in this rapidly changing environment, companies need to adopt new ways of doing business.

One important trend that has developed over the past decade is that buyers have become more educated about how they approach buying property. Research is now an integral step, and whilst REA Group and Domain continue to be the major platforms for buyers finding and inquiring on property, your project needs to tell its story and be seen across core channels.

Data combined with digital marketing allows your project to be seen by those who are looking to buy.

Big data and technology needs works with agents, it can’t replacing them.

Property Technology (or proptech) has surged over the last few years as the venture capital darling to emerge out of the covid property boom. However, Real Estate is a challenging industry to build technology platforms for due to the complexity and emotion associated with the asset classes. 70% of Australians will have 2+ property transactions in their lifetime, and at time of writing, agents will continue to play a pivotal role within property transactions.

For this reason, it’s become more important than ever to have a technology and digital marketing that can support sales teams so they can do what they do best: build relationships and sell projects.

With big data and innovative practices, there is more and more tools available for developers and project marketers. Having the ability to tap into these new markets can provide unique sales channels to help projects reach financial close.

You need the ability to analyse data sets so you can turn big data into appointments and sales.

The days of data entry are over (or at least should be), Smart technology like virtual intelligence (VI) systems are here to stay. These are essentially a computer application that collects, cleanses and analyses data for use by businesses. The team at propGen use systems like this to sort through massive databases and they can be used in many ways, including the following:

• Finding the right data for your project.

• The ability to qualify leads automatically, turning your CRM into an automatic, appointment booking machine.

• Supplement data ready to add to your database, allowing your database to target new leads, not just contact records from old projects.

  
  

At propGen we deliver high-quality data that is guaranteed to provide accurate information about prospects and customers. Our comprehensive network of sources guarantees that our data includes only those who have expressed interest in the product or service being offered, making it far more reliable than other sources that may include people who are not really interested in what they are being marketed.

Big data has huge potential to revolutionise the real estate sector. It can help firms gain insights into buyer behaviour and sentiment, enabling them to make more informed decisions. As much as the industry shares similarities with other industries, it also has many unique features that make big data particularly useful.

At propGen, we are property marketing experts, who use data, design, and delivery to promote and sell projects and businesses.

If you’re interested in finding out more, email hello@propgen.com.au to find out more.