The Coldwell Banker Brand Rolls Out CBx Seller Leads; Using Big Data and Machine Learning to Uncover Hidden Inventory
The latest addition to the CBx Technology Suite uses big data and machine learning to predict which households are most likely to move.
MADISON, N.J. (June 4, 2018) – CBx Seller Leads leverages the power of big data and machine learning to give Coldwell Banker® affiliated agents an unbeatable edge for generating inventory. The tool utilizes predictive analytics, running on data from previous sales and publicly available demographic information, to identify households that are likely to list – before they even contact an agent. With CBx Seller Leads, Coldwell Banker affiliated agents can focus their prospecting and be the first to contact a potential seller—a key advantage when converting leads to clients. Using machine learning to analyze past successful sales, the CBx Seller Leads algorithm will automatically improve and refine over time.
In a pilot program, leads generated by CBx Seller Leads had a five percent conversion rate1 —which is three times higher than the industry average.2 CBx Seller Leads is groundbreaking as it does not rely on traditional sales triggers, such as requesting a price estimate on a home. It flags potential “seller leads” by aggregating data streams from multiples sources and applying two proprietary algorithms that use machine learning to analyze data points that are common to sellers.
CBx Seller Leads is the newest product in the CBx Technology Suite, which was first launched in 2015, joining the CBx Listing Experience. When combined, these products support affiliated agents in every step of their journey from getting a lead, to winning a listing, to finding the right buyer.
CLICK TO TWEET: Predicting which households are most likely to list using big data and machine learning – that’s the power of CBx Seller Leads from @ColdwellBanker. Find out how to put CBx to work for your business: https://bit.ly/2qHwEen
“What we’ve built with CBx Seller Leads and the entire CBx Technology Suite, is all about empowering brokers and agents, so they can effectively use big data to generate more leads, close more sales, be more productive and turn a higher profit. CBx Seller Leads turns complex technologies into actionable and applicable business insights for our network.”
- Charlie Young, president and CEO, Coldwell Banker Real Estate LLC
“What is truly revolutionary about CBx Seller Leads is that we are identifying households BEFORE they reach out to an agent. CBx Seller Leads doesn’t rely on individual triggers, it uses predictive analytics to help agents win listings. Plus, through built-in machine learning, the algorithms are continuously refined to more accurately identify potential sellers.”
- VP of product marketing and communications, Coldwell Banker Real Estate LLC
- 1. Not a controlled study; a one-year pilot program consisting of 20,000 property leads generated by CBx Seller Leads with a 5% conversion rate.
- 2. Industry average as reported in Inman, based on cold calls made to generate seller leads.
Ross, Bernice. “Agents There’s Gold in Cold Calling.” Inman. May 7, 2012.
About Coldwell Banker Real Estate LLC
Powered by its network of over 92,000 affiliated sales professionals in 3,000 offices across 47 countries and territories, the Coldwell Banker® organization is a leading provider of full-service residential and commercial real estate brokerage services. The Coldwell Banker brand prides itself on its history of expertise, honesty and an empowering culture of excellence since its beginnings in 1906. Coldwell Banker is committed to providing its network of sales professionals with the tools and insights needed to excel in today’s marketplace and is known for its bold leadership and dedication to driving the industry forward with big data, smart home expertise and virtual reality. Coldwell Banker was the first real estate brand to harness the power of big data; the CBx Technology Suite uses predictive analytics and machine learning to analyze markets, target buyers and sellers and provide agents with a simple platform to create unique and effective marketing plans for each listing. Blue is bold and the integrity and values of Coldwell Banker give the Gen Blue network an unbeatable edge. If you are an agent looking to join Coldwell Banker and unlock the possibilities of Gen Blue, please visit www.coldwellbanker.com/join.