The ways in which customers find and purchase homes are always changing. By now, most real estate websites have incorporated filtering tools to help buyers narrow down the list of available options why researching. The search function produces a shorter and more manageable list, but there’s a crucial element missing: ranking.
According to The 2019 Home Buyers and Sellers Generational Trends report by the National Association of Realtors Research Group, first time buyers make up 33% of all home buyers. From this perspective, requiring a customer to filter results eliminates choices and quite possible that they are eliminating potential purchases.
BCS Management, a project management firm partnered with PhDs in Applied Mathematics and Computer Science to create a platform called Decidere. It operates an algorithm that calculates a score and ranks various attributes and criteria based on their importance to you or the buyer. The algorithm is run on a secure, cloud-based server using R-code, a sophisticated analytical programming language. All you have to do is tell the simple, web-based platform what your preferences are and click “run”.
Decidere allows the buyer to add weight to their criteria. For example, they can say that price is 60% important, square footage is 30%, and the number of full bathrooms 10%. The customer sees their home results ranked, based on weighted criteria.
Why Does Ranking Matter?
Choosing a home is a very personal choice. Enabling the buyer to rank what is important to them rather than blindly eliminate options, can offer more choices. With roughly this algorithm is one of the best ways for people to figure out options that they wouldn’t have known existed. The algorithm is particularly beneficial for customers researching options in home categories experiencing growth. Customers can’t always rely on advertising and moderate research to have an accurate scope of the market’s growth.
Ranking lists all options from best to worst, weighted by criteria that is most important to the user. It’s the best option over all because filtering will hide options in which one criteria wasn’t exactly right.
The ability to control data in this requires restructuring to be able to get the best use of data. It can be compiled and uploaded and the platform can be configured to make it a brand specific and customer-friendly tool. BCS Management offers platform as a service, so reliability and performance is ensured. The services include ongoing data administrative services, employee training, and more in a customized program.
The diagram below is a visual representation of a common enterprise implementation program approach.
The next leap forward in customer control, inventory management and buyer insights is available now to real estate sites through Decidere’s cutting-edge algorithm. For more information on the customized data services offered by BCS Management, visit their Data Analytics page.