PropTrack’s predictive analytics: A competitive advantage for brokers

Property Sense leverages unique signals from Australia’s largest listings portal, realestate.com.au, to help brokers engage their customers at the right time. There are a range of triggers that brokers can use, like predicted to list, predicted to sell and predicted to refinance, as well as listings and sales alerts.

Property Sense is another industry leading predictive capability from PropTrack, which already provide consumers with one of the most accurate automated valuation models (AVM) in the world. Known as realEstimate, it provides a free and instant valuation estimate for a given property.

The PropTrack AVM has been proven to deliver significant cost savings to brokers and other financial services providers, forming a crucial part of the approval process and shortening the time to reach a lending decision.

PropTrack’s strength in predictive analytics is underscored by their unique image scoring capability, which identifies the condition, material and quality of finishes used in rooms direct from the listings photo.

In a data driven world, those who aren’t leveraging these capabilities run the risk of falling behind, and losing customers to more proactive brokers and aggregators. PropTrack is already seeing great success with Property Sense across the Mortgage Choice broker network, helping them identify churn signals, nurture prospects and maximise revenue .

This data is giving Mortgage Choice brokers a competitive advantage by providing key insights into property market movements, allowing for better service for residential customers.

Some of the benefits of using Property Sense include:

• Predict movers before they move

• Predict houses that are likely to refinance

• Customer retention and advocacy

• Optimised market spend and revenue growth

• Growth in broker network

Speaking on the Broker Daily Spotlight podcast, PropTrack’s head of product mortgage solutions Cam Taylor said brokers are utilising these predictive analytics to signal the likelihood of transactions and refinancing decisions.

This is proving to be more than an information source for brokers, but a way of generating leads and providing a more comprehensive service for clients.

“We've seen incredible accuracy in our predictions and that's meant that the brokers we're working with today are able to really retain their back book at a much higher rate,” said Taylor.

“But underlying that, they're able to build a deeper relationship with their back book. Those consumers don't feel kind of hassled, but actually feel like they're getting a proactive service from the broker.”

Some of the features of the property reports include demand and supply trends. This includes rental valuation for investors to see the potential income from the property.

Taylor said brokers are able to use this data to begin the next phase of the borrower journey, such as investing in a second property or adjusting the LVR and reducing the interest rate.

“When you look at all of the big lenders out there, they've all got data, science teams, they're all looking at ways to get ahead and be proactive. This is an opportunity for brokers and aggregators to leverage fintechs like us to really make sure that they can remain competitive in the space as well,” added Taylor.

Implementing this data into business strategy can bring a variety of benefits, however perhaps its greatest appeal is the ability to implement softly and scale with success.

PropTrack has outlined a clear path to implementation, allowing for testing and accuracy with minimal tech requirements to begin.

1. No-code, match and append: Testing your retention strategy with match and append listings data is an easy first step. Identify addresses that have recently listed for rent or sale and match with your customer data. This no code solution will allow you to start testing retention improvements and marketing tactics.

2. Low code, listings data CRM integration: By integrating PropTrack Listings API into your CRM, companies can start building listings and movers alerts into their workflow and build efficiencies of scale into their retention strategy.

3. Integrate predictive models: Expand your lead time by integrating predictive models in your audience segmentation to predict properties likely to list in the next 90 days.

4. Automate targeted messaging: Once you are seeing the results of your listings, sales and prediction integration into your CRM and marketing automation, you can automate personalised messaging based on likelihood.

5. Continuously monitor results: Track retention metrics and refine approaches as necessary, using insights to optimise retention strategies over time.

Stay ahead of the curve and begin implementing predictive analytics to provide a service like no other.

To learn more about PropTrack’s Property Sense, Property Reports and AVM, click here.