Data analytics and predictive analytics play vital roles in the real estate industry. Agencies and brokers can opt for managed analytics services to access real-time actionable insights and make faster decisions. Here, we’ll discuss the top Managed Analytics Service Providers in Real Estate
The global real estate industry is constantly evolving, be it an increasing demand for residential property in the suburbs or the faster adoption of technology to automate underwriting and speed up sales.
Statistics show that around 85% of real estate firms encourage the use of different listing software to create quick and up-to-date lists of available properties for sale. Another report suggests that 47% of homebuyers do an online search before approaching an agent. According to a Deloitte survey, 56% of real estate businesses strongly agreed that the pandemic exposed their shortcomings in technology and the need to digitally transform their businesses.
This nudged many real estate agencies to work with third-party service providers to derive actionable insights about properties, prospective buyers, and sales for varied parameters. Hiring managed analytics services is a cost-effective method to gain a competitive edge and provide homebuyers with the right property options.
So, which is the best analytics company? Who should a real estate agency partner with to derive real-time analytics? Let’s find out in this blog.
Real estate data analytics is the process of collecting, cleaning, storing, and analyzing information about properties, buyers, developers, land owners, etc., to make data-driven decisions. It provides reports about investment forecasting, potential price fluctuations, the right time to list a property for sale, choosing suitable tenants, and much more.
Real estate brokers and agencies find it easier to hire analytics managed services instead of building a model from scratch. The service providers will build and customize an analytical model for the agency and provide accurate insights through interactive dashboards. The service provider takes care of managing, maintaining, and upgrading the data-driven model.
Managed analytics services have been popular in various industries before entering the real estate sector. Companies offer IT and non-IT managed services to startups, SMBs, MSMEs, and large enterprises. As per Fortune Business Insights, the global managed services market will touch $283.90 in 2023 and reach $671.14 in 2030 with a CAGR (compound annual growth rate) of 13.1%.
Here, we look at the best managed analytics service providers catering to real estate agencies.
DataToBiz is the top managed analytics service provider offering tailor-made solutions to help businesses achieve their goals and gain an edge over competitors. The company empowers establishments to unlock the power of data and create new possibilities for business growth. It has helped real estate agencies collect data from several external sources and run analytics to derive actionable insights. It provides end-to-end services to derive intelligence reports, manage datasets, build AI and ML models, and set up third-party integrations.
The company converts raw data into reliable data visualizations for effective decision-making. It provides long-term support and maintenance services to increase precision across all departments in the business. DataToBiz specializes in delivering predictive analytics to optimize future decisions. It also offers analytics as a service and embedded analytical dashboards for businesses that don’t want to build a full-time system.
Smartzip offers data intelligence services exclusively in the real estate industry. It is used by many agents to list leads through smart farming and models with predictive algorithms. The company has 72% accuracy in predicting sales of properties within the 12 to 18 months range. The platform uses 24 data sources and works with over 5K agents to leverage real estate data for effective decision-making.
The Close has voted Smartzip as No.#1 in the predictive sellers’ category. The company also has a detailed guide for agents and brokers to enhance their skills. Moreover, the platform doesn’t limit itself to ZIP-based search. Instead, it uses several parameters to provide in-depth information. From automated marketing to building a brand name and getting real-time leads, the company supports real estate agents in many ways.
Catalyze AI is a real estate lead generator focusing on inherited properties. It provides real-time insights into inherited properties in the region that are ready for sale. The company’s data management services provide exclusive listing leads within a 20-mile radius of the agent’s location. It combines historical data, event-driven data, real-time data, and behavior analytics to deliver comprehensive lists containing properties with the highest propensity for selling.
The company’s powerful AI algorithm uses 400 million data points to increase ROI for real estate agencies by improving the conversion rate. Catalyze AI works with big data and AI to deliver predictive analytics and help brokers close more deals successfully and approach a customer before competitors. The company also has a platform for businesses from the financial industry.
Likely.AI is a real estate artificial intelligence and data analytics managed service provider that uses its own patented Pre-Market AI tool to help real estate agents. It predicts sellers, triggers automated notifications, updates missing details and contact information, and can be integrated with the business CRM to streamline communication. The platform is integrated with ChatGPT to create content for email marketing and promotions.
The company can boost lead-securing by up to 82%. Likely.AI provides information about properties that will hit the market in the next 90 to 180 days. This helps brokers find suitable homebuyers and approach customers before others. It also has a refresh engine where agents can enter the property address to get the necessary information. Agents can also upload their data to the platform and run analytics to get intelligence reports in real-time.
TopHap is a real estate analytics company offering a robust platform to get insights about properties, price variations, natural disaster risks, etc. It offers geospatial data visualization and analysis focusing on residential and commercial real estate. The company has a large library with 47 trillion records and covers 150 million parcels across the US. It has different tools to help real estate agencies streamline lead generation and management, sales, and other services.
For example, the Analytics Studio combined with map layers provides insights about properties in the neighborhood. The AI chatbot is available as a white-label service and can be integrated with a business website to chat 24/7 with customers. The TopHap Explorer is a mobile app for neighborhood analytics. It reviews over 100 data points to provide insights. The company also offers embedded analytical services and API integration with data fusion solutions to leverage data for decision-making.
Reevaluate is a sorting, ranking, and organizing solution provider for real estate agencies to manage their leads effectively. The data company offers data science managed services through its AI and ML algorithms. It focuses on real estate, mortgage, advertising, and software industries and helps them with an array of tasks. The company has four powerful platforms to provide lead management services to its clients.
For example, one platform can repair and improve the database to complete the contact lists and add the missing information. Another can create a report card where agents can automatically grade, audit, and track the listings. The real estate company can build a new database from scratch by accessing several reliable sources. Finally, it helps identify likely movers from the database to segment prospective buyers and tenants and contact them immediately.
Predictive analytics in real estate involves analyzing historical data to predict future trends, opportunities, and risks. Machine learning algorithms and artificial intelligence models are used to analyze large volumes of historical data and detect hidden patterns, trends, etc.
Real estate agencies are moving on from traditional to predictive analytics to understand what went wrong in the markets in the past and know how to avoid similar risks in the future. Real estate predictive analytics helps brokers in the following ways:
Real estate agencies and brokers need to have access to multiple analytics like area development stats, foot traffic analysis, crime rate, population trends, migration reports, demographic changes, psychographic data, and much more when offering a property to a prospective homebuyer. Connecting the right person with the right property will help close deals faster and with greater success.
Partner with the top managed analytics companies in real estate to gain access to advanced analytical reports and insights without spending thousands of dollars building a system from scratch. Talk to us to learn more about how real estate analytics can benefit your business.
Fact checked by –
Akansha Rani ~ Content Creator & Copy Writer
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