Arizona-based Chime Technologies, a real estate technology provider and the U.S. subsidiary of Renren, launched a geographic farming feature that combines local market intelligence with AI-powered marketing automation on Thursday.
The company says this feature will allow real estate professionals to focus on high-potential areas for their marketing investments based on data-driven insights. They can also identify sales volume and gross commission income (GCI).
The geo-farming technology also allows agents to analyze market share analytics and configure fully automated marketing campaigns, according to a press release.
These campaigns can be directly integrated into the Chime customer relationship management (CRM) system and maximize lead conversions. Moreover, real estate professionals can also track engagement and leads through text or QR codes and compare their progress to their competitors.
Depending on lead engagement, Chime Smart Plans and automations can be leveraged with the help of this software.
Customers can use the technology to draw a “geo-fenced area” on a map through the Chime user interface, which will enable them to access market analysis data on area sales volume, average sales price, competitor market share, and potential GCI, among others.
Stuart Sim, head of industry development and brand ambassador at Chime, said in a statement that even though geo-farming is not a new strategy among agents to boost their brand in a neighborhood, it is not enough to target customers in today’s market.
“With our latest capability, real estate agents can dive deeper and clearly identify areas of opportunity based on potential sales volume or GCI. All that data and analysis ensures they have the insights needed to dominate their local market and do so cost-effectively,” Sim added.
Last year, Chime partnered with 360 virtual tour platform, EyeSpy360, which integrates with Chime-built IDX websites for customers to access virtual home tours and live remote tours. Chime and Revaluate, two companies that harness AI for their solutions, also partnered to help real estate professionals focus on leads that are most likely to bolster conversions.