Three CRE Jobs That Will Change With The Rise Of Predictive Analytics

January 28, 2018 by Judy McHargue in Articles

In a recent article titled, Three CRE Jobs That Will Change With The Rise Of Predictive Analytics, CEO Marc Rutzen, member of the Forbes Real Estate Council, explains how the roles of brokers, analysts and appraisers will change and benefit from the adoption of predictive analytics. Marc says, "For lead generation, brokers of any asset class can use predictive marketing software products like SmartZip and Prospect Now to pre-qualify leads." See other ways predictive analytics is revolutionizing real estate.

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After speaking with hundreds of commercial real estate professionals during the development of our real estate predictive analytics platform, we’ve realized that although everyone wants to capitalize on big data and predictive analytics, few people have a solid understanding of the impact emerging predictive analytics technologies could have on jobs.Real Estate Broker

The job of the average real estate broker today is difficult and time-consuming. Each week, brokers must make hundreds of calls to generate leads, analyze dozens of potential deals to produce broker opinions of value (BOV), market listings through multiple channels, attend walkthroughs, collect and vet offers and ultimately guide deals through closing.

Predictive analytics can streamline each of these processes, however. For lead generation, brokers of any asset class can use predictive marketing software products like SmartZip and Prospect Now to pre-qualify leads. Products like these use data such as purchase dates, outstanding loan balances and owner demographics to predict which sellers that are most likely to sell their properties, helping reduce the number of calls brokers need to make and increase lead conversion into listings.

For real estate analysis, the power of machine learning can help brokers determine optimal market rents, instantly identify relevant rent and sales comps and automate the underwriting process. In addition, automated data collection tools can help brokers stay on top of current market trends and produce instant rent surveys, reducing the need to call properties to confirm information.

What if, instead of wasting time with unfruitful leads, pestering property managers for updated leasing data and filling out Excel underwriting templates, brokers could spend more time nurturing relationships and closing deals? The increasing prevalence of predictive analytics is making this a reality. The brokers that ultimately succeed will be those who leverage technology for enhanced prospecting, data collection and analysis, focusing the bulk of their attention on building client relationships and guiding deals smoothly through closing.

Continue reading the article on Forbes.com: https://www.forbes.com/sites/forbesrealestatecouncil/2018/01/25/three-cre-jobs-that-will-change-with-the-rise-of-predictive-analytics/#7719db3d64ed.

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