There’s no question machine learning has the power to be transformative for the Real Estate industry. Automated Valuation Modeling (AVM) provides national real estate valuation data in a matter of minutes and is one of the most powerful applications to be powered by machine learning today.
Beyond using machine learning for asset valuations, a new crop of real estate business models are focused on the digital real estate experience – matching buyers, sellers, and agents. With the explosion of online data from tech-enabled real estate, these companies have the potential to exploit ever more powerful use cases for Machine Learning.
The Real Estate Challenge Today
Qualifying buyer behavior and intent can be extremely challenging for real estate firms. Today it’s very much the traditional prospecting methodologies – posting ads, meeting potential buyers, understanding their needs, and gauging their interest and intent to buy. The entire process is inefficient and wastes time and effort for real estate firms and their agents.
The Competitive Advantage: Machine Learning with Cortex
With the explosion in real estate data comes the ability for machine learning to provide tech-enabled real estate firms with competitive advantages in using predictive power to determine the most qualified buyers. Real estate companies and their agents can then focus on the most highly qualified leads with the highest intent to purchase.
No-code machine learning platforms like Cortex enable real estate product, marketing, and data teams to continuously ingest, process, and generate predictions on a continuous basis as new prospective customers, sellers, and any number of factors that affect market pricing come online.
The example below shows how business teams can set up their own custom prediction. In this case, the prediction is set up to determine the most likely buyer cohorts for home purchases over $1M. A further criteria could be geo-specific, home type specific, or any number of properties of underlying real estate data sets.
Vidora built Cortex as a next generation machine learning platform, purpose built to allow business teams to independently make predictions on their customer data.
With Cortex, predictive results can be extracted (into underlying CRMs, Analytics systems, or other systems of record) via API, file download, or connectors.
Unlike point-in-time snapshots driven by predictive analytics, Cortex continuously learns on new incoming data – all without the need for in-house technical resources, data scientists, or expensive 3rd party consultants.
With market conditions changing so rapidly in real-estate, it’s critical that predictive information reflects the latest available data and can be consumed and acted upon quickly. No-code machine learning platforms like Cortex solve for the rapidly evolving needs of real estate companies to understand and act on the latest market dynamics.
Here are a few more high value applications for Cortex in real-estate:
- Predict First Time Homebuyers
- Predict Homeownership with Classification
- Predict Homeownership with Look Alike Modeling
- Predict if a User will Contact an Agent or Representative
Find out more about how Cortex can be leveraged in real estate, or contact us below and let us setup your use case during our 1:1 demo.
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