Dig, LLC is a Jacksonville-based technology startup company providing residential real-estate (RE) professionals real-time and interactive analytics capabilities. Dig, LLC utilize Big Data and Machine Learning Technology to equip RE Agents and Brokers with intelligent and accurate market performance analytics, intuitive property list and search tool and targeted digital marketing. The company’s primary focus on real-time and interactive performance analytics differentiate itself from existing RE products in the market. As of this writing, there is one product with similar features offered by the Northeast Florida Real Estate Association (NEFAR) called Infosparks/Faststats. Competition in the RE analytics space is minimal as most products are directed towards marketing and property listings. Dig, LLC is planning on offering its product in Northeast Florida RE market at the time of launch.
Market Analysis
After the initial launch, Dig, LLC is planning to expand to other regional Real Estate associations in the state of Florida. The opportunity of offering real-time and interactive market performance analytics, using Big Data and Machine Learning, to RE professionals is immense. All regional real-estate organization in the state of Florida provide a static monthly analysis via their MLS system as well as static yearly and monthly report in a PDF format. Furthermore, most of the data products available on the market today only includes city-level or zip-code level analysis and focused on customer marketing. Dig, LLC will offer much broader features that will include neighborhood-level analysis such as average and median price, new listings, closed sales, and most active buying/selling agents.
According to O'Brien from Mashable.com (2014), Jim Esposito of Fort Lauderdale real estate said that “as a tool to help start your property search, big data sites may be useful. However, when you seriously start to focus in on an area or a neighborhood, you really need a local agent who is plugged into the local Multiple Listing Services to give you reliable information.” Dig, LLC’s goal is to provide real estate professional, of any experience level, similar familiarity about an area or neighborhood with the power of data in regional MLS. Dig, LLC's product will “dig” into the neighborhood-level giving RE professional the market intelligence they need to guide their customers in buying or selling a property. Dig, LLC will leverage all the data within the MLS to give new insights to RE professionals to change their buying/selling process - presenting accurate market analysis and trends; growth or decrease in price in the neighborhood, average/media price for the specific size of a home and much more.
Company Profile
Expansion Analysis
Marketing Data Flow Diagram
Product Analysis
At the time of launch, Dig, LLC’s marketing group will use two avenues to market its product - Regional Real Estate Association of Northeast Florida and Real Estate companies in the Northeast Florida area, as illustrated in Figure 1. The marketing strategy will also be two-fold. First, present at the monthly Northeast Florida Real Estate Meeting and at the weekly meetings for each of the real estate companies to introduce the product and its features. Second, advertise by sending a direct mailer to all active agents and brokers. As Dig, LLC integrates other MLS data into its product and expand market coverage, the marketing group will implement the same strategy.
Quantitative Analysis
Target Area Analysis
Dig, LLC’s marketing group sent a survey to all regional RE association in the state of Florida to gauge the interest in real-time and interactive analytics capability in their MLS system. The survey asked 20 participants per region the following question: “Would you use a real-time and interactive analytics solution in your MLS system for market trends and analysis?” The participants can select from one through five - one as not-likely, two as somewhat-likely, three as neutral, four as almost-likely and five as most-likely. The results came back with great interest in the solution as illustrated in Chart 1. Most participants selected the number five (most-likely) as their answer and number three as the second choice.
The initial target for Dig, LLC’s product will be the Northeast Florida Real Estate Market. The founder of Dig, LLC is a member of NEFAR and an active Real Estate Agent employed by Keller Williams Atlantic Partners. He will leverage his connections and relationships within the market to introduce the product. NEFAR consists of the following Florida counties - Baker, Clay, Duval, Nassau, Putnam and St. Johns.
Figure 1. Dig, LLC Marketing Data Flow
References
Obrien, J, (2014). 5 Ways Big Data is Changing Real Estate. Retrieved from http://mashable.com/2014/07/09/big-data-real-estate/#pl8mDFaR0gqZ
Chart 1: Survey Results