PropertyGuru taps big data

by

14 May 2015

Online property portal group PropertyGuru has launched its Agent Performance Insights (API) report, which uses PropertyGuru’s proprietary analytics to rank agent’s marketing effectiveness against their peers for the first time.

The company said PropertyGuru analyses clusters of key search terms used by property seekers, and combines it with 200 million data points per month on how agents performed on its platform. Sophisticated analysis, it said, enables the company to give agents insights on their marketing activity and their relevant performance.

The monthly report, according to PropertyGuru, gives the agent an overview on how their listings have performed in terms of number of leads generated, and analyses the contribution of his or her key marketing initiatives such as listing quality, pricing, location etc. It then generates an individual performance benchmark and provides fact-based recommendation on how the agents can become more effective.

Each PropertyGuru agent can now get specific advice on how they can become Top Performer in their specific peer group, the company said. The API report, it added, directly addresses a market gap for a “Big Data Model” that provides property agents with specific recommendations on how they can improve their sales performance.

“This comes at a useful time given how the bearish market environment in Singapore has led to tightening marketing budgets,” said Lewis Ng, Managing Director for Singapore, PropertyGuru.

Over the last one year, we developed more than eight major innovations to help agents deliver better results, and property seekers make better property decisions, he said. "After we fine-tuned Listing Quality algorithm, we observed that the agents themselves have a big influence over how many customers they can attract. We saw that when an agent completed his listing to over 80 per cent from 60 per cent, he or she received 26 times more leads. We expanded that insight into API, which gives Agents the full set of recommendations on how they can boost the performance of their online marketing activities.”

Big Data has become a key tenet of PropertyGuru’s drive to create new data-driven insights to serve the property market. “There is plenty of data in the market right now with all the surveys, official property statistics, and indexes," said Bjorn Sprengers, Chief Marketing Officer of PropertyGuru Group. "However, there is still a lack of insights, which can guide both agents and property seekers in a fast-changing bearish market."

By tapping into “Big Data” opportunities, combining our proprietary search data with, for example, URA data, we are learning how to predict demand patterns and even estimate property transactions, he said.