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According to a press release exclusive to Inman, Revaluate’s improved predictive analytics can anticipate better than one in three times (36.4 percent) when a person will need to buy or sell a home within three to six months.
Revaluate says their service is now 2,000 times more effective than cold calls. (A stat that should be taken lightly in this context as cold calling is primarily a lead generation tactic, whereas Revaluate focuses on current contacts, or warm leads.)
Revaluate was founded in 2014, launched as a consumer-focused community ranking service — a Yelp for streets and neighborhoods, if you will.
It released its initial lead scoring product, Revaluate Pro in 2016.
Dave Robles is a Revaluate customer, and founder of Los Angeles-based Think Real Estate, a Keller Williams office.
“I’ve been using them [Revaluate] for about 10 months,” Robles wrote to Inman in an email. “I can attribute three sales to their service and several additional leads that have yet transacted.”
Robles also told Inman that a strong lead he uncovered in person, the mother of a friend, surfaced on Revaluate a few days after the conversation. “I believe there is a high level of accuracy in their algorithm.”
How it works
Unlike a number of predictive analytics products, Revaluate doesn’t focus on discovering and scoring the quality of new leads, a growing source of contention throughout the industry.
The software needs only an existing contact’s email address, to which it applies machine learning and proprietary algorithms to harvest a likely-to-move score. The solution farms more than 200 data points that fall under spending habits, government data, demographic stats, social news and more.
The most compelling specifics about a person are what the company calls the “Data-Ds”:
- Diamonds: marriage and engagements
- Diapers: birth announcements
- Daily grind: job news
- Diplomas: children graduating from college
- Divorce: separation of families
- Death: in-residence family member dying
- Discretionary income/Downsizing: retirement, or purchase of second home
“Years ago, Realtors would comb the Sunday paper for announcements of engagements, job moves, births, and deaths in order to find new prospects,” Revaluate founder and CEO Chris Drayer said.
Revaluate says it can turn around a lead’s move potential in 48 hours. The software sends alerts via an integrated application programming interface (API) or push notification when a lead is processed.
“Approximately 11 percent of Americans move annually, the lowest number of moves since census data began tracking in 1948,” Drayer said in the release. “Companies spend millions of dollars buying bad leads that are re-sold more than a dozen times to others, when there are people in their existing contact lists who are planning to move in the next few months.”
Inman is planning to arrange a full demo of the updated product soon.
Have a technology product you would like to discuss? Email Craig Rowe.