For some time, the real estate industry has leveraged the latest technology to drive a more intuitive, streamlined transaction experience and to generate a greater level of trust between buyers and sellers.
For Auction.com, the largest real estate marketplace, innovative technology enables us to provide a superior level of functionality and data analytics on a host of different types of real estate in the 3,000+ counties we serve — helping build stronger relationships with our buyers and sellers, and making us a trusted partner throughout the auction process.
Buyers and sellers demand greater data capabilities
In a world increasingly driven by big data, the real estate professionals who effectively utilize robust data analytics to make more informed decisions typically realize greater levels of success. Just as stock market investors conduct due diligence and use varied data sources prior to purchasing a company’s stock, real estate investors should do the same when buying property. Likewise, sellers come to the marketplace with one goal in mind – selling a property at market-price in the least amount of time. Data analytics serves as a catalyst to ensure that both of these needs are met.
In our experience, we have found that sellers truly value access to data intelligence and insight into buyer trends and interest, paired with a dedicated team of industry professionals to help with the sale of their assets. Conversely, it’s nearly impossible for buyers to successfully comb through every property listed in their desired market, so they come to rely on us for our ability to help them find assets of interest. We do so with our robust marketing engine and by providing access to property information such as title and lien reports, crime information, environmental hazards and more – all through a single, centralized location.
How does data analytics improve the real estate experience?
Auction.com’s integrated approach of data analytics and human experience is designed to enable sellers to gain an unprecedented degree of real-time data – down to the property level – via a dashboard, which helps them make more informed decisions. It also allows greater access for sellers to analyze their portfolio performance and pricing.
In doing so, our marketplace has become more attractive to a wide range of investors, including institutional organizations, smaller real estate companies and even individual investors. These potential buyers understand the value of greater insights in making their job of rehabbing and renting or selling the property much easier.
When investors can quickly evaluate an asset and minimize any surprises that may come after the purchase, they appreciate working with a marketplace that provides this level of detail. Our buyers continue to return, both because Auction.com hosts more properties than any other marketplace, but also because we have earned their trust through our work to make their experience the best it can be.
We find that the more investors there are bidding on an asset, the better the end result is for both the buyer and the seller. Data analytics drives better execution on every property sold, attracting more qualified buyers – a necessary component to a healthy marketplace. With more data readily available, bidders are more likely to bid in confidence, and more frequently.
Likewise, when more local market data is made available to sellers, they become more confident in their disposition strategies and bring more properties to the marketplace.
At the end of the day, better data encourages better real estate sales. It promotes transparency and builds a foundation of trust, bringing buyers and sellers back to the marketplace. In the end, all of our buyers and sellers want to feel that their deal was made in their best interest. This can only occur when the proper amount of data is available and used correctly to support the marketplace.
The end result
Too often, data analytics remains an underutilized and undervalued element in today’s real estate market. Effective use of data drives us closer to a frictionless environment where buyers and sellers can almost interact directly, making more informed and confident decisions while mitigating unwelcomed surprises later in the process.
At Auction.com, we not only meet this expectation, but we are continuing our push to enable even greater levels of data intelligence to further improve our marketplace. We remain committed to bridging the gap between buyer and seller, adding layers of transparency unheard of in the traditional process. In doing so, we have taken our already proven approach and began integrating a suite of new technology products with new data sets to help facilitate direct interaction between buyers and sellers. Our goal is to maximize property sales for sellers and provide a channel of direct communication for both should it be warranted.
We believe that access to high-quality data not only enhances the real estate experience, but is also key to keep our marketplace thriving. Because of this, Auction.com continues to invest heavily into our marketplace and the technology and data that drive it, recognizing its critical nature as we work to push the evolution of the real estate industry.
