Residential People is launching a new cloud-based data-sharing platform which it says will help agents “harvest and nurture potential buyers, landlords and vendors looking to sell”.
Retailers like Amazon are increasingly using big data to pinpoint their customer and their preferred purchases, and nurturingAI says that it also aims to work this way, with a view to keeping ahead of the estate agency curve.
More than 500 agents in various locations have already expressed an interest in the automated omnichannel marketing CRM, which uses collaborative filtering – a form of predicting what people do and want.
Residential People & nurturingAI founder Christopher May commented: “Quite rightly agents are protective of their data, but many do not do anything to make profit from it either. NurturingAI helps to nurture and harvest potential prospects so that a branch is constantly in touch with their customers even whilst they sleep.”
May informs us that nurturingAI is agent-centric, where they have the ability to sell or rent a property without so much reliance on profit going to portals.
He continued: “Advertising on portals is great for generating data, but we want to hand that data back to agents, so they are less reliant on portals. nurturingAI is able to market across many different digital channels and is designed to help push traffic back to the agent’s website.
“If you take a postcode with 20,000 households, many agents will cross paths with them over a period of time. By nurturing and treating the data they receive from their marketing and portal activities, it is possible for agents to build a very powerful database that will increase and keep their revenue flowing.”
May also feels that agents like many companies are becoming digital enterprises, and nurtureAI will help increase a company’s value.
He added: “A big selling point when selling or buying an estate agency business is their database of customers and potential customers, data in any business is a real selling point and should be treated with respect.”
I used to take in a carrot at harvest festival.
Those were the best harvesting days.
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Another IT system that thinks its great for agents.
How about asking agents before you tell them, they need you?
If agents were to join all these ventures that pop up just about every week, we wouldn’t have time to do our core jobs. Time these companies did their research and appeared on Dragons Den for an answer!
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And if agents spent all their time reading Woodentop comments – ‘they definitely would not get their core job done’. Which is an interesting concept what is an agent’s core job? I spend a lot of time de-risking businesses as they do not look to the future – many keeping their heads in harness, I think an agent’s job is to sample and look at new things, otherwise agents would be riding around on a horse, and use carrier pigeons for communication. And as for asking agents what they want – this too is a very B2B linear thought, it is actually what the consumer wants that is important, fulfilling these needs makes the agent relevant, and many tech companies utilise Big Data to establish this – prior to rolling out solutions.
But, what do I know? After all the proptech industry in the UK is already valued at a far higher figure than residential agency, and it has only been getting traction in a real sense since 2017. Over the pond multi-billions of USD are being invested into CRE and real estate – so I think it is a reality rather than a fad. And maybe people taking a king Canute position are going to get wet toes.
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What some silly responses you make. ‘What do you know’ is questionable after reading your comments. What has proptech industry value got to do with an agent selling or renting a property and how they operate their business? Nothing!!! Data has been the sell, sell, sell to agents but is that data of any real use? That is questionable, as if no-one takes up on it … has no value.
Tech is an add on tool to a service industry. None of which have changed how the core of what is and has to be done. It has only oiled the cogs, not replaced.
As I said put this in front of ‘Dragons Den’ and see if the venture is worth its salt amongst all the other companies telling agents they know best about their business and worth them jumping into bed. What is clear from the article is that it doesn’t understand the agents customers and behaviour, talks all lingo around data gathering. Agents have data coming out of their ears from companies like this and only the few are worth it and duplication upon duplication.
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Yes that is the point – agents have data coming out of their ears – but they do not ‘read it’.
If CW for example utilised Ai and ML effectively think what they would know, which is what Netflix did to Blockbuster. Blockbuster was a thousand times bigger than Netflix and thought they were in the ‘entertainment industry’. Netflix had a tiny amount of titles, but used data to realise what their customers actually watched and wanted, getting the detailed intel so that if a household wanted different tastes they could cater for them.
Blockbuster still behind even copied the Netflix website more or less, but the data – well they did nothing with it … just rented films out. Then the consumer who was being targeted by Netflix who knew what they wanted – adopted Netflix as their go to place to shop, by 2010 I think Blockbuster was no more.
Most agents have a very low tech knowledge base, I did until I took the time to meet over 200 tech founders and CEO’s from all over the globe, I still meet about 40 a month, and it is this insight that many agents come to me for. I am not a reseller of shiny tech baubles, and if I popped into the Dragons Den I can assure you that the dragons understand the value of Tech – James Khan ex dragon being the force behind Pi-labs.
For me informed debate is great and that is what Proptech-PR is about – public relations for the whole of the property technology community and as I was an agent for three decades I am also a great advocate for agents, many are sombulists walking into oblivion. What is not so helpful is the same voices screaming this is all rubbish without taking the time to get on a call with a founder of a tech company who has probably put several thousands of their own cash behind an idea that might well help agents.
Try Chris May for example, he is one of the friendliest and most helpful person I know and he just wants to help agents, give him a call, take the time to see what it is that he has – then make an informed decision – it might be a new approach Woodentop, but new years resolutions beckon for us all.
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You have answered my concerns … you knowledge of data use within estate agency, is nothing like data use for business with daily turn over with repeating customers. Agents customers do not return for many years if ever! Therefore the data is only effective at the point of origin and has to weed out all the window shoppers to be commercially viable. I am not adverse to new Tech, our offices are full of it, but as a customer you have failed to convince me this is yet another one to jump into bed with … who’s fault is that!
It isn’t being offered for free! Good ideas do not mean new income streams. So much Tech is sold as the golden challis to business’s but fails to achieve. Hence Dragons Den…….. Prove it is of use, not that it will be of use (so you say)
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I would be happy to go through the system with anyone.
Omni channel marketing is a big growth industry today. Many systems are complex and expensive . We have designed the first one for estate agents and spent considerably more than the dragons den maximum investment. If you want to keep in touch with customers over several years across multiple channels ,effortlessly this is for you.
The big online retailers have been doing it for years. The system can lead score customers and tell you how many times they have engaged with your marketing and your own website and is totally automated across web and mobile push email, emails ,whatsapp,SMS ,Facebook-perfect campaigns every time, linked in,Twitter and Instagram,
A live chat bot integrated with whatsapp will be coming out in the spring. The system is designed to get better the more you use it. Before anyone judges it please look at the website, I have had over 60 calls directly with agents in the last 4 weeks and had not one negative comment .
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Thank you Chris, your comments speak volumes, we as readers are left to evaluate upon. Shame it wasn’t in the article.
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No problem , thanks for reading it in the first place, I agree it could of been a little clearer, lessons learned. Have a good evening.
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