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Accelerate your business growth with Outra’s home mover product suite

Outra simplifies the complex process of forecasting lifecycle events through our pre mover and home mover models  for enhanced results.

Our Testimonials

Any real estate business looking for data on either their buyer or seller, Outra is able to provide it, which allows them to be very focused on their core markets. It allowed us to improve our buy boxes, lead generation and pre-seller records, enabling our pre-move model to be focused and target those people looking to move.

Robin Paterson
Founder of Upstix / Ex Owner of Sotheby's Realty

Any real estate business looking for data on either their buyer or seller, Outra is able to provide it, which allows them to be very focused on their core markets. It allowed us to improve our buy boxes, lead generation and pre-seller records, enabling our pre-move model to be focused and target those people looking to move.

Robin Paterson
Founder of Upstix / Ex Owner of Sotheby's Realty

We get an amazing amount of data that helps us identify the specific properties and buyers we want to target. That includes demographic type, propensity to sell and property type all in different regions within the UK. It means we can target with precision the individuals who might want to use our service. It's just brilliant. We use lead enrichment in two ways. The first is to understand our potential customers and customer segments. This means, when we speak to them, we can tailor our communication to have impactful conversations tailoring everything from the tone of voice we use to the type of creative or channels so we're more likely to convert them into sales. In the first three months of using this tooling, we increased our conversion by 3.5x.

Fred Jones
Chief Operations Officer, Upstix / Former MD Uber

News & Insights

The latest industry news, interviews, technologies, and resources.
Finance
8 read

Elevating Customer Experience for Insurance in 2024

The journey towards an AI-driven insurance future, led by innovations like the Home Mover, is not just imminent; it is already underway.

Read More
March 11, 2024

In an era where customer experience (CX) dictates the rise or fall of companies, the insurance sector is not immune to these winds of change. Traditionally viewed as a necessity rather than a choice, insurance services are now undergoing a radical transformation, primarily driven by personalisation and predictive analytics to redefine customer engagement through cutting-edge AI capabilities.

Section 1: Customer-Centric Insurance With Home Mover Personalisation

The Importance of Personalisation

In today's digital age, personalisation is not just a buzzword but a business imperative. Customers expect services that are not only efficient but also tailored to their unique needs and life situations. By leveraging deep insights into household moves, innovative technology and AI enables insurance companies to craft highly personalised experiences that resonate with each individual customer.

Facilitating Personalisation with Insights

Harnessing the power of big data and AI to predict when individuals are likely to move home allows elevated customer experiences within the insurance sector. This predictive capability allows insurance providers to offer tailored insurance solutions at just the right moment. Whether it’s updating a homeowner's policy or suggesting new coverage options, these timely interventions foster a sense of understanding and care, crucial for building long-term customer relationships.

Section 2: Insurance Evolution: Home Mover Insights and the Life Insurance Revolution

Transforming Traditional Life Insurance Offerings

Life insurance, a cornerstone of long-term financial planning, has traditionally been a static offering, often disconnected from the dynamic nature of customers' lives. By integrating predictive insights into customer movements, life insurance providers can now adapt their offerings to align seamlessly with the evolving life stages and needs of their clientele. A seismic shift to the insurtech landscape to better understand consumer needs with a more dynamic product offering.

The Power of Predictive Personalisation

Imagine a scenario where an insurance provider can anticipate a customer's move to a larger home, possibly indicating a growing family. Armed with this insight, the provider can proactively offer enhanced life insurance coverage or family plans, resonating perfectly with the customer’s current life situation. This level of personalisation, powered by predictive analytics, not only delights customers but also positions the insurance provider as a proactive, caring partner in the customer's life journey.

Benefits of Timely and Tailored Solutions

The benefits of this approach are manifold. Customers receive life insurance solutions that feel personalised, timely, and relevant, significantly enhancing their satisfaction and trust in the provider. For insurance companies, this translates into deeper customer engagement, increased policy uptake, and a competitive edge in a market that is increasingly customer centric.

Section 3: Retention Reinvented: How Home Mover Insights Secure Insurance Customer Loyalty

Addressing Customer Retention Challenges

In the competitive landscape of the insurance industry, retaining customers is as crucial as acquiring new ones. Traditional retention strategies often fall short in understanding and addressing the evolving needs of customers. This is where Home Mover insights become a game-changer.

Personalised Interactions and Continuous Value Delivery

By leveraging data on imminent household moves, insurance providers can tailor their communications and offerings to meet the changing needs of their customers. Such personalised interactions are not just about selling more; they're about delivering continuous value, showing customers that their insurance provider understands and adapts to their life changes. This approach cultivates a sense of loyalty and trust, making customers more likely to stay with their provider for the long haul.

Impact on Customer Loyalty

The impact of using Home Mover insights can be significant. Customers who experience this level of personalisation and attentiveness are more likely to view their insurance provider as a trusted advisor, not just a service provider. This shift in perception is critical for long-term loyalty, as satisfied customers are not only more likely to renew their policies but also to recommend the provider to others, thus driving both retention and new customer acquisition.

Section 4: Redefining Insurance Revenue With Home Mover AI

Revolutionising Traditional Revenue Models

The introduction of predictive analytics through tools like Outra's Home Mover is not just transforming customer experience; it's also redefining how revenue is generated and protected in the insurance sector. Traditional models often rely on static customer profiles, leading to missed opportunities and a reactive approach to customer life changes. With predictive insights, insurance companies can shift to a more dynamic, proactive model.

Optimising Offerings for Revenue Protection and Growth

The predictive capabilities of the Home Mover product allow insurance companies to anticipate and respond to key life events of customers, such as moving to a new home. This foresight enables the optimisation of insurance offerings to suit these new circumstances, thereby not only retaining existing customers but also increasing the potential for upselling and cross-selling relevant insurance products. Such tailored solutions are more likely to be embraced by customers, leading to enhanced satisfaction and, consequently, revenue growth.

The Future of Insurance Revenue with AI

As the insurance industry continues to evolve, the integration of AI and predictive analytics heralds a new era of revenue models. These models are customer-centric, responsive, and agile, aligning closely with customers' real-time needs and preferences. The Home Mover product exemplifies this shift, presenting a promising future where insurance revenue is not just about policy sales, but about building and maintaining enduring, value-driven customer relationships.

Conclusion - Home Mover Lifecycle AI is a beacon of innovation for insurance

Understanding the predictive Home Mover lifecycle with AI is a beacon of innovation in the insurance sector, significantly elevating the customer experience. From personalising insurance offerings to revolutionising life insurance and reinventing customer retention strategies, the predictive insights provided by this tool are reshaping the industry. Moreover, the impact of these insights extends beyond customer satisfaction, playing a pivotal role in transforming revenue models and securing long-term financial success for insurance companies.

As we look to the future, the integration of AI and predictive analytics in insurance promises not just enhanced business outcomes but also a more intuitive, responsive, and customer-centric industry. The question now is not whether insurance companies will adopt such technologies, but how quickly they can adapt to leverage these advancements to their fullest potential. The journey towards an AI-driven insurance future, led by innovations like the Home Mover, is not just imminent; it is already underway.

Insights
Real Estate
8 read

2024 Real Estate Goals - Proptech and Data at Your Service

Keeping ahead of proptech advances is essential for any early-career exec in establishing themself as a contemporary property professional

Read More
March 4, 2024

Residential property moves into 2024 with determination, yet still not without some measure of nerves. The uncertainties the market has shown through 2023 are certainly not yet resolved, and it’s against this backdrop that professionals across the sector must shape their strategies for achieving meaningful goals in 2024.

Today, proptech is the most ubiquitous of industry terms, raising its head in almost every conversation. As the power of proptech tools offers all property professionals so much potential for achieving their targets and objectives, it’s worth taking a moment to recount where, precisely, we are on the proptech journey.

First appearing well over thirty years ago, proptech – property technology –  refers to the application of technology within the real estate business. In its first iteration, up until around 2000, this involved little more than the use of spreadsheets for managing listings and client and financial data.  

The second stage of the proptech revolution started in the dotcom boom of the late nineties, and transformed the sector by providing customers, by then all with high speed internet connections, with tools for searching listings online.  

The third stage, in which we now find ourselves, is the most exciting of all. With the aid of innovative tools, software and platforms it is revolutionising traditional agency methodologies and practices at both a strategic and executive level, through the analysis of high volumes of consumer and market data, and the implementation of strategies built around insights obtained from that data. This isn’t merely a further incremental addition to the business of estate agency. It's a fundamental shift that redefines the way professionals engage with the sector.

So what does this mean for the rising stars and junior professionals now navigating the complexities of the industry? The answer lies in its transformative potential. Proptech offers today’s generation of property professionals tools and insights which are essential for elevating their performance by providing a lens through which to analyse market trends, consumer behaviours and property data with unprecedented clarity.  

This, in turn, enables them to make informed decisions, forecast market movements, and steal a march on competitors (as well as on colleagues) by drawing inferences others may not have made, and responding swiftly to evolving demands. For anyone in the early years of their career, this kind of technology, which younger professionals reared on the use of data in all kinds of contexts may find far easier to integrate into their work than their seniors, offers a launchpad from which to succeed and thrive amidst the changing tide. Using theses kinds of advanced analytics, automation tools and collaborative platforms, younger professionals should be able to leapfrog traditional career barriers, and supercharge their trajectory within the industry.

The power of leveraging data in real estate

It would be a grave misjudgement at this point to view property insights driven by analytics as a ‘coming’ wave. While the applications and impacts seem certain to proliferate in the next few years, practical use of the tools is very much ‘here and now’.  

Fred Jones, formerly Managing Director of Uber, is COO at ‘instant’ home offer platform, Upstix.  The company uses proptech data analytics innovator Outra’s Pre-Mover platform to identify the specific properties and buyers it wishes to target.  

“We get an amazing amount of data through Pre-Mover”, Jones explains. “This includes demographic type, propensity to sell and property type, all in different regions within the UK. It's just brilliant. In the first three months of using this tooling, we increased our conversion by 3.5x.”

In an era in which so many sectors are already ruled by data-driven decision-making, this is no mere trend. It’s fast becoming the linchpin for real-estate success, having transformed from an advantage to a necessity for professionals aiming to achieve challenging industry goals.

So why does this hold so much significance? The answer lies in the strategic advantages it makes available. Until relatively recently real estate, as a business, depended on instinct and experience. Today, it is increasingly driven by empirical insights and predictive analytics. The capacity to leverage comprehensive data repositories means professionals can navigate the market with precision, foresight, and unparalleled efficiency.

The value of data extends far beyond mere statistics. It embodies a treasure trove of patterns, trends, and invaluable insights which, when deciphered, provide a blueprint for success. It puts the pulse of consumer behaviour, the whole picture on market fluctuations, and the ebb and flow of property dynamics all at the fingertips of individual agents and strategic managers able to harness them wisely.

Like Fred Jones, Robin Patterson, the former owner of Sotheby's Realty and now Founder of Upstix, is evangelical in his belief in the data analytics and insights provided to his firm by Outra’s product, Pre-Mover.  

“Any real estate business looking for data on either their buyer or seller… Outra is able to provide it, which allows them to be very focused on their core markets,” says Patterson. “It allowed us to improve our buy boxes, lead generation and pre-seller records, enabling our pre-move model to be focused and target those people looking to move.”

The secret, of course, lies not only in the quality of the data (Outra’s Pre-Mover monitors 30.8m UK households, tracking 2,300 attributes per record via more than 60 quality data sources), but also in the tech used to leverage it. From advanced analytics and machine learning algorithms to intuitive platforms and automation tools, this is what amplifies the capability to extract the actionable insights that enable property professionals to anticipate market movements, identify untapped opportunities and tailor strategies with pinpoint accuracy.

Whether seasoned veterans or emerging talents, it’s this marriage of data with exceptional technology that  transforms all of those records and attributes into strategic intelligence, and empowers property pros to stay ahead in a landscape defined by its dynamism and competitive edge.

Trends and Innovations in Proptech

The kind of predictive analytics employed by Upstix through Outra’s Pre-Mover product is one of the key aspects of modern proptech, enabling executives and managers working in UK residential real estate to forecast future trends, behaviours and outcomes, and so make better decisions, optimise performance and gain valuable competitive advantage.  

Embracing these tools, and taking ownership of them within the organisation, offers more recent recruits into the real estate business a clear roadmap not only to success against 2024 business goals, but to accelerated career profile and industry success. So, moving into 2024, what are the most important trends and innovations in this kind of proptech?  

  • In the area of demand and supply forecasting, predictive analytics can help real estate professionals to understand the current and future demand and supply of residential properties in different locations, segments, and price ranges. This can help them to identify opportunities, adjust pricing, and allocate resources accordingly.  
  • In customer segmentation and personalisation, products like Outra’s Pre-Mover can help to segment and target customers based on their preferences, behaviours, and needs. This can help agents to tailor marketing, communication, and service strategies to each customer segment and deliver a personalised and engaging customer experience.  
  • Predictive analytics can also help real estate professionals with valuation and appraisal, making it possible to estimate the value of residential properties based on factors such as location, size, condition, amenities, and market trends. This can help with appraising properties accurately, negotiating deals effectively, and avoiding overpaying or underpricing.  
  • Data analytics can also be used to optimise an agency’s portfolio of residential properties by identifying the best mix of assets, markets, and strategies. This can help it to maximise its returns, diversify its risks and align its portfolio with its strategic goals and objectives.  

Pre-Mover identify the earlier discovery of hyper-targeted leads; identification of high-intent audiences; optimisation of marketing spend; increased ROI through reduced cost per lead; competitive advantage through being able to approach high-intent customers sooner; increased revenue from increased access to highly motivated vendors; increased market share; and accelerated growth of market share for new branches as key benefits of their product. Addressing, as this does, almost every essential metric of residential agency performance, it’s impossible to take issue with the company’s founder, Giles Mackay, when he argues that, “In the dynamic landscape of real estate, harnessing the power of data is not just a strategy; it's a necessity. Early identification of motivated sellers is a prime example of how data can be the catalyst for exceeding sales targets." 

Hitting performance and career goals for 2024

For any junior professional working in residential real estate and determined to surpass annual goals,  position themselves ahead of peers and add to their achievements in 2024, the signposts could scarcely be clearer.

First, proptech is now the key transformative actor in the reinvention of residential sales as an industry, and by actively participating in its adoption and application in the organisation, an executive can position her/himself both at the head of annual performance tables, and in pole position for career fast-tracking.

Next, sector data, data analytics and the insights that these can provide can boost both your personal and company performance in all areas of the business.

Lastly, advances in proptech are continuous. Keeping ahead of these is essential for any early-career exec in establishing themself as a contemporary property professional whose success is attributable primarily to their facility with data and data tools. The websites and product downloads of proptech leaders (such as Pre-Mover creator Outra) provide a valuable starting point for expanding knowledge of the landscape and laying the foundations for making 2024 a true breakthrough year.

Insights
Real Estate
8 read

Unlocking Real Estate Success With Data-driven Insights To Propel You Past Your 2024 Targets

Data-driven insights can no longer be viewed as a ‘nice to have’ competitive advantage.

Read More
February 26, 2024

Bullishness and determination count for a great deal in sales, and nowhere more so than in property sales. They cannot, however, do much to counter the uncertainty the market that will carry over from 2023. Sellers will enter 2024 continuing to weigh lower valuations than they’d like against the prospect of increasingly lower  purchase prices and mortgage rates that may begin to edge down again soon – unless they don’t!

In a market with this level of instability, beating sales goals calls for a far more dependable, which means data driven, strategy.

"In the dynamic landscape of real estate”, argues Giles Mackay, founder of real estate data analytics leaders, Outra,  “harnessing the power of data is not just a strategy; it's a necessity. Early identification of motivated sellers is a prime example of how data can be the catalyst for exceeding sales targets." 

How can data help real estate professionals meet and exceed sales targets?

Mr Mackay’s assertion is not unjustified. Data can empower anyone involved in residential sales, by providing actionable insights that help optimise effort, streamline processes and which will, ultimately, lead to beating of sales targets.

With effective predictive analytics, anyone in residential sales has comprehensive insights into market trends, buyer behaviour, and seller patterns at their disposal. By understanding these trends, they can anticipate market movements, adjust strategies accordingly, and target their efforts more effectively.

Leveraging data then allows for precise targeting of potential clients. By analysing demographics, preferences, and past behaviours, it becomes possible to identify and focus on the most promising leads, optimising use of both time and effort. By using predictive analytics to forecast when properties are likely to be listed for sale, sales teams can engage proactively with sellers, gaining competitive edge and increasing the likelihood of closing listings.  

Data-driven insights also offer a solid foundation for making informed decisions around sales strategy. Whether on pricing or geographic targeting, for example, comprehensive data combined with robust analytics enables calls to be made with vastly improved confidence. In addition, at individual listing level, data can help build stronger client relationships by providing insights into client needs and preferences. This allows agency sales teams to deliver more personalised advice, guidance and service, fostering trust and increasing loyalty.

“The real Focus for everybody in the real estate space, “ says Fred Jones , COO of ‘quick sale’ cash buyer, Upstix, “is to get sellers before anybody else gets there. If we can do that then we've revolutionized the way anybody runs the real estate space.”

How identifying motivated sellers before they list improved performance.

Being able to identify motivated sellers before they list their properties delivers substantial advantages in achieving sales targets. Connecting with sellers identified as highly likely to list before their property hits the market lets you establish rapport and build relationships. This increases the likelihood of securing the listing, giving a head start in the sales process. It also, of course, reduces competition from other agents. By being the first point of contact, you have a better chance to negotiate terms, potentially agreeing more favourable conditions for both you and the seller.

Data analytics also offers the potential to offer upcoming sellers the option of an off-market deal. This means you may be able to offer a solution to specific needs or wishes, such as privacy concerns or the desire for a quick completion, and potentially expedite their sale.

With the insights provided by high grade analytics making it possible to understand a seller's motivation early on, sales teams also have an improved basis on which to tailor sales strategies. Whether this is by highlighting certain property features, offering more flexible terms, or addressing a specific concern a seller may have, the data insights make it possible to craft personalised approaches which maximise the chances of landing the instruction and achieving a successful sale.  

Building a relationship with a seller before they list their property may also lead to a higher closing rate, through being able to better understand seller expectations, manage negotiations, and guide the sales process more effectively.

With HMRC National Statistics recording a provisional, non-seasonally adjusted, estimate of the number of UK residential transactions in September 2023 down 19% on September 2022 (and down 2% on August 2023), advantages of the kind gained through identifying motivated sellers before they list could step any sales team closer to not only achieving, but impressively outperforming, their 2024 targets.

The best data and analytics tools to help you pass 2024 targets.

Proptech as a sector is booming, but while platforms aimed directly at buyers and sellers proliferate, the market for serious data and analytics designed specifically to help agents identify sellers ahead of listing is dominated by Outra’s ground-breaking product, Pre-Mover.  

“In all my years involved in residential development and estate agency”, says Dominic Grace, former Head of London residential Development at Savills, “I've never seen anything as phenomenal, in terms of its power, as the Outra platform. It gives you lots of information at a really granular level… so it means you can run your whole business much more efficiently and effectively.”

Pre-Mover tracks more than 2,300 attributes each on 30.8m UK households, amounting to 75 billion data points at property level. According to Outra’s Chief Data and Technology Officer, Peter Jackson, “We make 900,000 predictions every month; they've not even listed their house yet and we're predicting when they're going to list. That's quite remarkable performance.”

Upstix’s Fred Jones agrees. “The UK housing market is hugely volatile and has changed massively over the last 12 months alone. The Outra data helps us be agile and adapt our marketing strategies to respond to that. It's allowed us to be on the front foot and capture new leads rather than being reactive.”

No longer ‘Nice to have’. ‘Must have’ in 2024.

It would be foolish to imagine 2024 won’t harbour significant challenges for the residential sector, compounded by those lingering market uncertainties. Against this unpredictability, however, data stands out as the key driver for success. Leveraging data-driven insights has become not only ‘advantageous’, but essential for exceeding sales targets.

By understanding market trends and buyer behaviours, and anticipating seller patterns, directors, area leaders and managers in firms of any size can gain a comprehensive understanding of the landscape and use this to recalibrate strategies, precisely target potential clients, and engage proactively with prospective sellers before their properties hit the market.

It is this last benefit, the ability to identify motivated sellers before their official listing, that is the real game-changer. Establishing early relationships opens doors for negotiations, reduces competition, and allows for tailored sales approaches that really impress and win over sellers.  

As 2024 approaches, the use of data-driven insights can no longer be viewed as a ‘nice to have’ competitive advantage. It’s now the linchpin for success; the single most decisive factor in empowering you to not just meet, but to significantly exceed, 2024 targets.

Insights
Real Estate
8 read

Navigating Real Estate Market Volatility: The Data Advantage

Data analytics promises bold and ambitious real estate management teams a level of disruptive and transformative power

Read More
February 19, 2024

Leadership brings challenges. For anyone guiding the fortunes of a business of any scale, these challenges go with the territory. Indeed, many would say these are the territory.

While every commercial sector has its own issues to wrestle with, for anyone leading a UK residential real estate business at this time, the hurdles to be overcome (and, on the flipside, opportunities to be embraced) arise largely from the uncertainty against which the sector finds itself operating.  

In the words of former Foxton’s CEO, Nic Budden, "The UK residential estate agency market is one of the most competitive and dynamic in the world, but it is also one of the most challenging and complex. We have to deal with the fluctuations and uncertainties of the housing market, the evolving preferences and behaviours of our customers, and the increasing competition and regulation in the industry. We have to be agile and innovative to stay ahead of the curve and differentiate ourselves from the crowd.” The accuracy of tis view has only been compounded by further economic turbulence.

Staying ahead of the crowd, as Mr Budden observed, really is the key issue. In a heavily populated market, how can real estate businesses develop strategies capable of securing real market advantage, when borrowing rates are high, buyers are nervous and hesitant, sellers are uncertain, the economy is sluggish and policy from the Bank and Government must be viewed as ‘continuously subject to change’?

Data analytics, real estate and a glimpse into the future.  

In the age of sophisticated data science and Artificial Intelligence tools, the answer seems certain to lie in innovative and timely use of analytics.

Think of the advantage to be gained at every level of the business, from operational and budgetary consideration at local office level, to organisation-wide forecasting and planning, were residential agency businesses to exploit  relevant consumer and market data on a continuous basis.

In what ways could AI-driven data analytics of this kind give agents ready to embrace their forensic power and invaluable insights a competitive edge?

Fed with extensive and expertly defined data points and signals, data analytics could provide a tactical commercial weapon of a kind never before seen in real estate. Able to analyse market trends, consumer behaviour and economic indicators in myriad ways, agency leaders would be able to identify emerging market patterns, prioritise areas in which listings were about to blossom or to slow or, at a granular level, predict accurately, months in advance, when particular properties were likely to list.

At an organisational level, consistent use of data analytics in managing the business could provide estate agents with the ‘crystal ball’ of their dreams, enabling informed decisions, insight-driven business planning and early moves to obtain instructions, and providing the keen competitive edge needed to cut through the uncertainties of the market and outpace competitors.

The advantages for agents of identifying listings ahead of time.

Accurate and reliable foresight into future listings could provide strategic advantage for real estate businesses in numerous ways. Early access to information about properties coming onto the market would enable agents to engage proactively with potential sellers, reaching out to offer their expertise and services before the property lists. An approach of this kind not only demonstrates a proactive operation, but positions the agent as a dependable professional partner.  

Agencies able to identify soon-to-list properties early would also lay claim to the opportunity to secure the listing exclusively, gaining greater control over the marketing process and allowing for a more tailored and focused strategy to maximise a property's visibility. Similarly, with data-driven ability to analyse comparable properties and market trends, agencies could take a more authoritative position in helping sellers set competitive and realistic prices. As well-informed pricing enhances the chances of a successful transaction, this stands to minimise the time properties spend on the market.

There would be further advantages to be gained, too. In property marketing terms, amed with early visibility of upcoming listings across an area, agents would enhance their ability to optimise sale price for their clients, advising on when precisely to release a property onto the market to maximise its value. Similarly, by identifying properties before they enter the market and engaging early with vendors, agents would be able to streamline the transaction processes, preparing documentation, conducting pre-listing inspections, and addressing potential issues ahead of actual listing. This would again reduce the time the property spends on the market, creating a smoother sale process for all parties.

With the ability to predict upcoming property listings, agencies could become more proactive market leaders, able to control deals and run even the largest chain with greater precision and, as a result, enhanced success.

How early, data-driven insights show the way through uncertain economic times.

By now, most real estate agency management teams have come to terms with the lingering uncertainty in the landscape. It’s ‘the way it is’. But while it’s a far from ideal environment in which to try to solidify success, managements equipped with powerful, AI-driven data analytics tools could gain high value wins.  

Underpinned by the right dataset, a robust real estate tool could facilitate accurate forecasting of economic shifts by analysing predictive indicators such as employment rates, inflation and interest rates. Armed with these insights, managements would be able to anticipate how changes in the broader economy might impact the housing market, allowing them to adjust strategies on pricing, marketing or investment recommendations, accordingly.  

Reaching beyond raw economic data, an effective tool might tap into sentiment analysis of market participants, letting agency teams observe shifts in consumer confidence and adjust approaches accordingly. For example, with indications of positive sentiment returning, an agency team might consider it a good time to turn up marketing efforts, while negative sentiment might advise greater caution.  

Inevitably, economic uncertainty gives rise to trends and shifts in consumer behaviour. Able to analyse a myriad of data points, however, real estate businesses could observe emerging trends such as shifts in housing preferences, demand for specific amenities, or changes in preferred locations, all before these became widely apparent. Businesses with access to these insights would then be able to position themselves ahead of the curve, aligning their offerings with evolving consumer preferences.

For every business in the sector, there is also the clear need to assess and mitigate the new and increased risks inherent to transactions in times of uncertainty. Through analysis of historical data and market trends, powerful real estate tools will help agency managements identify the potential for, say, market downturns or fluctuations in values. This knowledge would make it possible for leaders to develop contingency plans and advise clients accordingly, greatly enhancing resilience.

In a market in which economic conditions can vary significantly at regional and micro-market levels, granular analysis also has the potential to help teams leading chains operating across larger areas to understand the nuances within different locales. Localised insight of this kind could prove invaluable in tailoring strategies to specific regions, optimising marketing efforts, or capitalising on opportunities that may be unique to certain areas.

Outra’s Pre Mover analytics management leads the way for real estate businesses.

The application of powerful data analytics to residential real estate is a paradigm shift that can redefine success in the industry for everyone from single-office agencies through to the largest, nationwide chains.  

Innovation in the space is led by Outra’s disruptive ‘Pre Mover’ product. Observing over 30 million UK households with more than 2,300 data points and 130 signals on each, Pre Mover generates highly accurate predictions about properties which are soon to be listed. It integrates analysis of real world events, such as residential sales and rental data, with a broad array of household insights, demographic data and other influencing factors to accurately predict households planning to list as far as six months in advance.

Decision time for agency leadership.

Data analytics promises bold and ambitious real estate management teams a level of disruptive and transformative power similar to those obtained in comparable sectors by organisations willing to embrace early and remodel operations and strategies around its impactful insights.

While the market maintains its current unpredictability, the consideration for all management teams should be the risk of being left for dead by competitors taking this opportunity to re-engineer their strategies and approaches around potent, AI-driven data science.  

Insights
Data
8 read

Work From Home Trends and the Race for Space

Impact of remote work on housing

Outra
Read More
June 16, 2022

In early 2020, overnight working from home (WFH) became widespread across the globe. As lockdowns have ended in the UK, we have embraced ‘the new normal’ with hybrid working models more common than ever. However, for some, the weekly commute has returned. This change in working behaviour across the UK has, over the past 2 years, dramatically impacted house prices.

With such disparity between working behaviours, Outra’s data science team has sort to identify who are these hybrid or remote workers, and how this is influencing the UK’s housing market. By analysing commuting data, we have looked to identify where the resulting ‘race for space’ is occurring. To start to understand Outra used data from a variety of sources, modelled to provide insight and identify trends, including;

  • passenger data for the 40 UK stations with themost marked difference in passenger numbers - the 20 highest and the 20 lowest.
  • we identified suburban stations with the highest and lowest change in entry and exit volumes as a proxy for WFH.
  • the numbers of people who commute to work using the Office of Road and Rail information for the 12 months ending in March 2021.

Pre and post lockdown trends

In locations where there were minimal increases in house prices, compared to the wider UK trend, we identified 3 key factors. Where these were present, homes near these back-to-work stations, prices only rose by 8.7%.

  1. Train stations largely located in and around London, where properties are higher in value. Occupants are more likely to work full time, travelling to and from the office.
  2. Higher number of flats and apartments. Fewer bedrooms compared to more central properties, meaning occupants are less likely to have access to adequate WFH space.
  3. Property occupants near train and bus stations are more likely to be in managerial roles. Increased seniority requires a more regular presence in the office — resulting in more frequent commuting.

Where we are seeing the ‘race for space’, is where people in the inner cities sought to transition to WFH locations, which in turn has fuelled the UK’s property price growth. Property values near WFH stations have increased by 13.5%, outpacing average country-wide growth since 2020.

  1. Local properties are more often owner-occupied and bigger in size, giving less incentive to commute.
  2. Property occupants living far away from their offices and nearest stations are more likely to work from home.

Working from home trends today

Now the UK has fully opened up, a majority of employers have embraced new ways of working. As workers demand a better work life balance, Covid WFH practices also demonstrated that businesses could still be just as productive. As we saw with key worker lockdown policies, working from home is more feasible for some types of workers than others. High earners are the ones most likely to be benefiting from a hybrid work environment, with 38% of workers earning £40,000 or more currently working both in the office and at home.

Graph

Meanwhile, lower earners are less likely to WFH at all. Lower earners who reported hybrid working between 27 April and 8 May 2022 included:

  • 8% of those earning up to £15,000
  • 24% of those earning between £15,000 and £20,000
  • 21% of those earning between £20,000 and £30,000
  • 32% of those earning between £30,000 and £40,000

There also seems to be an age element to those either able to or wanting to WFH, as those aged 30 to 49 most likely to do so.

These changes in working patterns have had a material impact on the housing market. Any further changes or an impending recession will either reverse or accelerate those shifts. Only by understanding the unique data points that create each individual householder can businesses adjust to new trends.

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Who can afford a home today?

Millennials' homeownership decline

Outra
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January 5, 2023

Outra’s data has been featured in the The Spectator on why many people simply cannot afford to become homeowners.The Spectator used our data and found the proportion of millennials buying a home has dropped 11% in five years – a fall in spend of just under £25bn-a-year.The data is yet further evidence of a gaping generational divide in the UK property market and raises concerns that financially hard-pressed millennials are struggling to get on the housing ladder, which is likely to have a significant impact on their financial future given that a house is normally the most valuable thing a person owns.To read the full article - click here

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