Predictive analysis or market analysis uses data to pinpoint patterns and help forecast trends. Real estate agents can use it to improve their targeted marketing efforts.
MEMPHIS, Tenn. – Predictive analysis, sometimes referred to as market analysis, is a business forecasting strategy that taps into past statistical data to pinpoint trends and patterns and how long they may last.
The technology relies on artificial intelligence algorithms to evaluate dozens of different types of data sets. Predictive analysis modeling platforms can examine data at varying levels of detail. The more data agents can supply these platforms, the more accurate the predictions will likely be.
Large real estate websites like Zillow and Realtor.com already use predictive analysis. Many real estate market analysis platforms can predict if a home will sell in the next 18 months as accurately as 70%, as well as how their properties will perform on a specific street, neighborhood or other factor.
Using real estate predictive analysis allows users to enhance their targeted marketing efforts, based on highly accurate data that leads to improved results. This could potentially help lead to a better ROI for the agent’s marketing budget.
Source: Realty Biz News (06/20/2022) Shepardson, Ben
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