RE/MAX Convention 2015 Key Takeaway Tips

Hosted by RE/MAX Singapore, the recent Asia Pacific Convention Property Fair 2015 showcased an array of international properties, products, and educational sessions by reputable speakers from 8th to 10th July 2015.PropertyGuru’s Lewis Ng (Managing Director) and Bjorn Sprengers (Chief Marketing Officer) provided attendees of the Re/Max Asia Pacific Convention food for thought as they shared on The Logic of Online and Big Data respectively. Here’s key takeaways from their keynote presentations.

Marketing cost per property sold had skyrocketed in 2013 and 2014.

The marketing cost per property sold had increased due to the decreased productivity of the commercial spend, which was influenced by the following factors:
– Decrease in the volume of properties sold in the market
– Implementation of government’s cooling measures
– Increase in commercial spend to drive conversion of leads into sales

A typical property search process takes about 7 months.

There are three main phases in a property search process:
– ‘Trigger’ phase: The property seeker develops the intent for purchase.
– ‘Search & View’ phase: The property seeker searches, compares, and views properties.
– ‘Purchase’ phase: The property seeker checks on finances and proceeds to complete the purchase transaction.

The ‘Search & View’ phase takes up the longest time in the property search process.

During this research stage, a property seeker usually takes about 4 months or more than 50% of the 7 months to look for convenient and efficient sources of facts and objective industry views.

Compared to offline sources, online sources play an equally important role in the ‘Search & View’ phase.

An average of 87.5% of the surveyees rely on online sources to research and view properties of interests. The top 3 online influencers are search engine, property portal, and official websites.

Property seekers usually seek online sources to look for property agents.

46% of the property seekers surveyed have quoted online sources as their avenue to find property agents. Property portals emerge as the prime online resource utilised by the surveyees.

Big Data is a ‘broad term’ for data sets so large or complex that traditional data processing applications are inadequate.

To gain the right insights, Big Data is typically processed by the following characteristics:
– volume
– variety
– value
– velocity

Big Data presents the opportunity to discover trends and analyses.

Big Data is a collection of both structured and unstructured data from varied sources. Extremely big data has the potential to be mined for information when analysed for patterns, trends and associations.

Through Big Data, PropertyGuru is able to generate predictive values.

Using proprietary PropertyGuru data as well as 3rd party data such as property seekers, real estate developers and property agents, PropertyGuru has reliably generate predictive values after applying further analytics.

Utilising proprietary PropertyGuru data and URA data, PropertyGuru has used Big Data to predict the general market direction in the property industry.

Big Data provides valuable insights and further algorithms can be applied to Big Data to map transaction trends in our Market Demand Report to real estate professionals like you. For instance, property market transactions can be predicted based on the volume of data, variety of data, and linear regression analysis.

By employing the usage of Big Data, PropertyGuru is able to help agents monetize the maximum value from their listings.

After processing huge amounts of data using algorithms, Agent Performance Insights (API) is generated to provide personalized recommendations to help agents spot areas of improvements, and subsequently increase the engagement, value perception, and cross-selling with their clients.
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