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Updated almost 4 years ago,
Data scientist looking to get started in Provo, Utah
I've been lurking around this forum for a few years and I'm finally looking to get into the game. I'm hoping to get some insights from y'all on what I might be able to bring to the table to potential partners/mentors on my first few deals. I don't have any real estate experience, although I do have a decent amount of book knowledge on the topic.
In my day job, I help companies improve profitability by using artificial intelligence, natural-language processing, and statistical models to sift through big data (yes, ALL the buzz words). For example, I might look at a client's data and develop an algorithm to discover factors that influence whether or not a lead converts to a paying customer.
I have a few ideas as to how I might be able to contribute in the real estate field; however, I'd love to hear your insights! Here are some of my ideas:
- - Analyzing direct-mail campaigns for flippers/wholesalers to determine the demographic/property attributes that are most likely to sell for an under-market price.
- - Analyze marketing pieces to determine language patterns/formats most likely to result in leads.
- - Analyze MLS data to automatically identify under-priced properties.
- - Determine the likelihood that a tenant will default on their lease, or that the lease will end in an eviction.
These are just some ideas. I mainly want to ask you. If you had a data scientist on your team, what would you ask him/her to do for you? Do you think data science is a valuable skill for a new investor like me? Or do you think I will need to focus on developing other skills if I want to break into the real estate world?
Looking forward to hearing your insights! Thanks in advance!