The real estate sector has undergone a complete digital transformation, so much so that the go-to place for information on the sector is the internet. 98% of potential buyers start their search online, where they can find all the information they need. The days when real estate agents were the guardians of information and an indispensable part of buying and selling, are over.
The way to make a difference in this new era is technological development, which allows companies to increase business efficiency and offer high quality customer service. The expectations of consumers have skyrocketed and to succeed you have to be flexible, understand complex situations, and know your customers in detail.
Understanding what factors engage a buyer when they visit your website or real estate portal is essential, to be able to offer a personalised experience. That’s why this year Cajamar has focused on the real estate sector for their annual University Hack.
Cajamar University Hack 2019 is the largest data analytics competition in Spain. It consists of a Datathon in which 630 students from 21 Spanish universities will compete to predict if a real estate offer will be successful. As in previous years, Teralco Group are sponsors of the event, and we are proud to contribute to a national contest that promotes data science in Spain.
This year one of the challenges is the «Minsait real estate modelling». For this challenge, participants must obtain a predictive model to establish the reasons why a real estate web page is more visited than others. As the internet is the main source of information for citizens, understanding the number of visits and the time a user spends on a web page is one of the key factors for the management of digital assets. For this challenge, Cajamar has the support of Idealista and Haya Real Estate as Data Partners.
The participants will have to estimate the duration of visits received on a specific web page, for each property for sale. They must also establish what factors make a real estate portal more popular than others.
The objective is to develop a predictive model using Machine Learning techniques. To do so the participants will be provided with historical data on housing and other real estate assets, throughout the Spanish territory. Students will analyse property data such as location, size, price, description, images, and information about user experience on the website.
An added value is to gain a clear and concise predictive model that can be reproduced in the real estate sector at the end of the challenge. On April 11, an open event at Medialab-Prado will take place in Madrid, where final projects will be presented and the national jury will decide which model is the best. In addition to the financial award, the finalists will have the opportunity to work at the sponsoring companies, including Teralco Group.
This type of analysis demonstrates the value of technology in the real estate sector. Applying the right software is one of the key factors for improving business efficency and making your business stand out from the rest.
What advantages does the application of technology have for the real estate sector?
Technology is the future of the sector. Machine learning technologies allow companies to analyse data and develop predictive models, providing decisive value to decision making. Other technologies such as a CRM (customer relationship management) help to attract and retain customers as well as increasing business productivity, with the following advantages:
- CRM management platforms integrate with the main real estate portals, enabling companies to publish and manage offers easily and directly.
- Quick and easy communication and management with agencies, owners, and clients, allows companies to offer an improved and personalized service.
- Alerts to interested agents about property changes, keep agents in the loop and so they can act accordingly.
- A single platform allows companies to manage the corporate website, real estate offers, client communication etc., saving time and effort for employees, and increasing productivity.
- The ability to draw areas on Google Maps to know what properties are available, providing crucial data such as size, price, or statistics for average prices in the drawn area; puts the company ahead of their competition, and helps them make smart business decisions.
In Teralco CRM we are specialists in the digital transformation of the real estate sector. Our developments in Salesforce environments have placed us at the forefront of Salesforce integration, especially in the Levante area, and our experience has allowed us to develop specialised products for the real estate sector for national and international clients.
For more information do not hesitate to fill out our contact form, and our team of specialists will help you to lead the digital transformation of your business.