What if there was a business that could anticipate which homeowners are about to sell their homes? What if you could acquire access to their contact information with the press of a button, and then deploy a marketing campaign to them with just one more click?
SmartZip employs predictive analytics to identify prospects and provide tools for smart targeting. But how exactly does it all work? And how might it affect your farming game? In this SmartZip review, we'll look at predictive analytics, SmartZip's marketing tools, how much it costs, and, finally, whether it's a good fit for you and your company.
What The Hell Is Predictive Analytics?
Predictive analytics makes better forecasts about what will happen in the future by using both current and historical data.
Predictive analytics in real estate evaluates the past and present behavior of homebuyers and sellers, as well as market trends and behavior. A typical first-time buyer, for example, stays in their home for five to seven years. You can fairly forecast which residences will likely come on the market in the next year or so if you look at sale dates from about five years ago.
Using a single data point, such as ownership time, is only the tip of the iceberg. SmartZip's sophisticated predictive analytic algorithms integrate dozens (if not hundreds) of data points. When their data is combined, it paints a thorough picture of a specific property and a possible sale. SmartZip uses this information to determine which houses and sellers are the best fit for your marketing efforts.
What Kind Of Information Does SmartZip Collect?
SmartZip is an all-in-one listing and lead generation solution that uses a unique algorithm to gather data from more than 30 leading data sources around the country. This information includes:
- Property data: This contains information such as the number of bedrooms, baths, square footage, year built, the last time the property was sold, whether it was listed and expired or withdrawn, and other pertinent information about the property's market history. This information assists SmartZip in identifying trends such as normal neighborhood turnover rates, popular building types, and other factors that influence demand.
- Behavioral data: Have you recently spent a lot of time on Zillow? That is a behavioral indicator for SmartZip that you are likely to list your home in the following year. corporations such as Google, Facebook, and even your home internet service provider catalog the majority of your online behavior, then package and sell that data to corporations in order for them to advertise to you or to analytics companies such as SmartZip.
- Consumer data: Every time you use your credit card, your credit card provider logs your purchases, and that data is packaged and sold to organizations who want to better understand what your current purchases signal about your future expenditures. For example, if you go to Home Depot every weekend to get supplies for a bathroom remodel, this could indicate that you're working on projects to sell your house.
Are you a parent whose child is set to graduate from high school? Perhaps you currently live in a home that is larger than you require. These types of life events are demographic markers that may indicate a move is on the horizon.
Each of these categories provides valuable insight into your life on its own. When these data points are aggregated and fed into the SmartZip algorithm, they provide a picture of the most likely candidates to sell a home in the future months.
What Is The Price Of SmartZip?
SmartZip's pricing is determined by the median property worth in your area as well as the market size purchased.
The monthly minimum is around $350. Many agents indicate that their average SmartZip spend is around $1,000 per month. To get started, SmartZip also requires a 12-month commitment. The base entry cost includes access to Smart Data (the SmartZip algorithm results for your market) and the SmartZip CRM.
Is It Possible To Integrate SmartZip Data With An Existing CRM?
Yes, it is conceivable, but there are compelling reasons to use the SmartZip CRM, even if it means having two active customer relationship management (CRM) platforms.
When you receive a SmartZip lead, you are receiving more than just the basic contact information that you would receive from another lead provider. You will obtain a very detailed lead profile with a wealth of additional information. Most CRMs are incapable of creating the large number of custom fields required to accommodate all of this data, and they are unlikely to be capable of handling the type of integration that SmartZip provides to get all of the data in the appropriate place.
For their leads, we recommend that they use the SmartZip CRM. When you contact a SmartZip lead and begin a relationship, move the data to your primary CRM, if you have one.
What Other Resources Does SmartZip Provide For Real Estate Agents?
Aside from Smart Data and CRM, there are a few more SmartZip technologies that real estate brokers can use. These tools come at an additional fee (decided by the median sale price and the number of homes in your market), but they bring major benefits for agents who wish to leverage Smart Data to the next level.
Smart Targeting, an automated marketing tool, uses Smart Data to create marketing campaigns that target your leads across many platforms. You will market to these SmartZip-identified potential sellers through direct mail (postcards and letters), email marketing, and ads on social media and Google.
You can review each piece of marketing before it is distributed to verify that it is consistent with your branding and company plan.
SmartZip uses Reach 150 to reach out to past and present clients in order to elicit a review. These reviews are fed into the Smart Targeting system, which is used to create new adverts. This smart technique is especially beneficial to newer agents. Even if you only have a few reviews, the Smart Targeting tool can use them to create advertisements.
SmartZip's predictive analytics methodology can be used to contacts in your particular area of influence. Simply upload your database, and SmartZip will determine who among your contacts is most likely to put their property for sale and include them in your focused marketing efforts.