According to the National Association of Realtors, seven in ten home buyers select the first real estate agent that connects with them. To help real estate agents quickly and intelligently connect with potential buyers, Equifax, a global data, analytics and technology company, today introduces Lead Accelerator, a new solution designed specifically to help agents become the first contact for prospective home buyers.
“If 79 percent of Millennials use their phones at least three hours a day, you can guarantee they will expect a technology-driven home buying experience that is fast and intuitive. In order to meet this demand, real estate agents need sophisticated data and analytic tools at their disposal to move at lightning speed,” said Tyler Sawyer, vice president of rental and real estate, Equifax.
Lead Accelerator leverages proprietary data and analytics to provide lead-specific insights via three unique modules:
>>The Personal Wealth module provides real estate agents with anonymized insights of a lead they have not previously met in addition to an overview of the lead’s likely financial capacity and estimated household income. Also, the Personal Wealth module includes visibility into the household economics, further helping real estate agents differentiate leads, match offers and deliver relevant marketing messages.
>>The Property Value module uncovers property data to determine whether a lead is likely an existing property owner or a prospective first-time home buyer. For existing property owners, additional data is provided relative to property value, time-in-home, home equity and other property attributes indicating a buyer’s estimated financial health.
>>The Propensity Score module identifies the likelihood that a lead will purchase a home within the next six months. Likewise, real estate agents can prioritize similar looking leads based on those most likely to convert and determine a preferred approach to contact.
“Lead Accelerator enables real estate agents to qualify leads faster using data to make prioritization decisions; utilize the propensity score to help understand a lead’s transaction likelihood; and convert more leads to closed deals by identifying and prioritizing top lead clusters, connecting the right buyer to the right home,” added Sawyer.
In an internal analysis of the solution, Equifax found that the top 10 percent of the propensity scores captured between 2.4 to 4 times more mortgage applicants than a randomly selected sample of equal size. As a result, real estate agents can expect improved productivity and a reduction in time spent with leads by as much as 75 percent.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at email@example.com.