Most real estate websites that we’ve evaluated have incorporated filtering tools to help buyers and realtors narrow down the list of available options while researching. It’s a platform that people generally accept, but the problem from a data management perspective is that in reality not all “options” are created equal.
So what happens if people are researching area homes and filtering out options based on criteria that (while maybe preferred) aren’t deal-breakers? A great potential home can disappear. For instance, options like color or number of rooms can come with strong preferences, but are they worth missing out on an otherwise perfect home?
According to The 2019 Home Buyers and Sellers Generational Trends report by the National Association of Realtors Research Group, first time buyers make up 33% of all home buyers. From this perspective, requiring a customer to filter results eliminates choices and quite possible that they are eliminating potential purchases.
Considering that statistic, we understand that buyers look to realtors for education. However, even realtors use websites with filtering tools. Now there’s a way for realtors to not only provide all options to their clients, but also to gain a deeper understanding of what’s important to them.
This is where the Decidere comes in:
Decidere calculates a score, ranking various home criteria based on the importance to the buyer.
The algorithm is run on a cloud-based server using R-code, a sophisticated analytical programming language. The server is secure so data safety is ensured. tell the simple, web-based platform what your preferences are and click “run”.
Decidere allows the buyer to add weight to their criteria. For example, they can say that price is 60% important, square footage is 30%, and the number of full bathrooms 10%. The customer sees their home results ranked, based on weighted criteria.
Buyer Benefits of Ranking
Enabling the buyer to rank what is important to them rather than unknowingly eliminate options, could offer more choices. The algorithm is one of the best ways for people to figure out options that they wouldn’t have known existed. It’s also beneficial for customers researching options in home categories experiencing growth.
Ranking lists all options from best to worst, weighted by criteria that is most important to the user. It’s the best option overall because filtering will hide homes with even one preference mismatch. In terms of home buying, there is a lot to lose with filtering.