Meg White is the former managing editor of REALTOR® Magazine.
You have a choice: You could knock on all the doors in your target neighborhood, or you could focus your time on houses that are likely to go on the market in the next year.
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By employing a predictive marketing firm such as SmartZip Analytics Inc., which uses algorithms and predictive modeling to offer insights about the future of homes in any given ZIP code, you can ring your next doorbell with the added confidence of “big data” behind you.
“It’s not a guarantee,” says Todd Carpenter, managing director of analytics for NAR. “But it’s increasing your chances of that outlet being successful… whether it’s door-knocking or a direct mail campaign.”
You could even try building your own “big database” of your farming area by merging public records such as mortgage data with your own knowledge of the neighborhood to make predictive analyses of when people will likely be ready to move. But Carpenter cautions that “real estate professionals are their own marketers,” so they still have to track their time and make sure it’s worth the effort to do data analyses in-house.