PropertyGuru Group 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. It 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.
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 enables the company to give agents insights on their marketing activity and their relevant performance. Now each PropertyGuru agent can get specific advice on how they can become Top Performer in their specific peer group.
The monthly report gives the agent an overview on how their listings have performed in terms of number of leads generated, and analyses the contribution of his/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.
“This comes at a useful time given how the bearish market environment in Singapore has led to tightening marketing budgets,” said Mr 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. 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 percent from 60 percent, he/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.”
The report has also revealed for the first time how top performers are able to optimise their marketing activities on PropertyGuru. In particular, we noticed some strong common traits of the Top Performers in each of the peer groups.
API truly takes PropertyGuru into the territory of Big Data. “There is plenty of data in the market right now with all the surveys, official property statistics, and indexes. 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 e.g. URA data, we are learning how to predict demand patterns and even estimate property transactions. Very exciting,” said Mr Bjorn Sprengers, Chief Marketing Officer of PropertyGuru Group.
Big Data has become a key tenet of PropertyGuru’s drive to create new data-driven insights to serve the property market beginning with the property outlook report 2015 launched in January 2015. Through the collection of real-time data through its integrated digital, mobile and search platforms, PropertyGuru is closing the gap between serving the market’s property needs now and in the future.