When you want to buy or rent a house, would you choose to hire a real estate agent or browse a real estate website? Most of us prefer to search for a property via real estate websites to save time and get access to a vast amount of options. During your search, you may visit HouseSigma, one of the leading real estate and rental sites in Toronto. This website gathers real estate agents, buyers, and sellers, helping them buy and sell real estate property.
HouseSigma has a technological competitive advantage which allows them to display many data points and analytics that generate traffic and increase conversion rates higher than any other website.
It’s time to compete. Whether you’re looking to build your website or update it, the following are key analytics and data points that you need to consider.
1. Property Valuation and Rent Estimation
Including a machine learning Automated Valuation Model in your website helps buyers have an idea about the current market value of millions of homes. It helps them understand the true value of any property, and what drives that value, to make confident decisions quickly. Including rent estimate to your listings allows your visitors to explore how much rental income can they expect to generate from the property.
2. “Location, Location, Location”
We know you know your neighbourhood, but your visitors don’t, so you need to show it off. Your visitors are crowded with listings descriptions such as : “Five minutes from a subway station”, “Incredibly safe neighbourhood”, and “Near lots of nightlife, restaurants and grocery stores”. present your visitors with a way to get instant insights about neighbourhoods. Whether they’re looking for a house, condo, apartment, or a storefront for their pizza empire, you need to give neighbourhoods a grade on criteria about a prospective address like:
- How accessible is a location by car, bike, walking, and public transit?
- Are there schools nearby? Daycares?
- What is the nightlife/food scene like? Are there grocery stores within walking distance? Places to go shopping?
- How about libraries, hospitals and police?
If your real estate website has neighbourhood info displayed for every property, it will become a factor in someone’s decision to press a call to action button and express an interest in a property.
3. Who is my neighbour next door?
Demographic information is a very convenient way for your visitors to find out details about people living around the property. It can define statistical information such as: Median Income, Average Home Value, employment rate and education level, that you can draw on and customize.
This information will not only play a role in your conversion rate but will also increase the dwell time and consequently improve your website’s SEO (search engine optimization) ranking. The more valuable and easily absorbable information you provide for your leads, the more time they spend on your site.
4. Comparables, Sold and tax history
The Toronto Real Estate Board (TREB) recently lost a battle in court that forced them to allow their members to download sold statistics. Prior to this decision members could only access this data in a limited capacity, through their member login portal. This is a win for all realtors and real estate websites as it allows us to engage the power of technology to drive real estate sales. In other words, if you’re a realtor and you’re not using technology to your advantage, the best time to start is now. New business is won by innovators, regardless of the industry, and real estate is no exception. Empower your consumers with contextual property comparables, sale, rent and tax history as they prepare to make what is one of the largest purchases of their lives.
It’s no secret that websites like housesigma.com and condo.ca are at the top of search engine rankings because of the valuable analytics they provide to their clients. The more valuable and easily absorbable info you provide for your leads, the more time they spend on your site, and the higher the conversion rate is. If you’re looking to build real estate analytics, I wouldn’t recommend hiring a data science team. It is far too expensive and time-consuming. In addition, finding a tech team that has knowledge of the industry and the focus to make sense of it all, is going to be tough. It’ll also take you a really long time to get something to market reliably. Check out this research paper that speaks to the challenges of building an accurate automated valuation model with good accuracy: https://www.researchgate.net/publication/228598432_Automated_valuation_model_accuracy_some_empirical_testing#read
Instead, I’d recommend that you connect with me (firstname.lastname@example.org) and have your tech guy take a look at https://www.7square.ca . Our team has spent thousands of hours perfecting residential real estate analytics and have developed a REST API to simplify it all.