Predictive analytics preferred over realty AI, says survey

by Alison McAvoy

According to a recent survey from Imprev Thought Leadership, two out of three real estate executives favor newer technology such as Predictive Analytics, Marketing Automation, and Big Data for future business, while less than half are willing to invest in tech like Augmented Realty, Virtual Realty 3D tours, and Artificial Intelligence.

The survey, which asked participants to predict what the real estate market will look like in 2022 and how it’ll affect business, found that participants have more confidence in technology that will give them a bigger return on investment.

“Real estate leaders looked into the future and became very pragmatic,” said Renwick Congdon, CEO of Imprev and creator of the survey. “They’re under more pressure to deliver results and need proven marketing infrastructure to make that happen.”

The survey also found that 74 percent of real estate executives rated Predictive Analytics as the best technology for real estate brokerages given its critical analysis of targeted markets. Big Data, a collection of datasets used by brokerages to compare market trends and patterns, and Marketing Automation done by repetitive emailing and social media updates were also highly preferred.

The study also found that real estate portals like Zillow and realtor.com are falling from grace for real estate executives. Dissipating with portals is the use of print advertising, which 60% of execs claim will be the least important marketing strategy in the next five years. Instead, they’re relying on the surge of mobile apps, social media, and video.