Local Logic looks to transform the industry by personalizing the customer experience on real estate broker websites
It’s becoming increasingly harder to engage with and convert online leads—especially with all the online resources and technology readily available to consumers. So, what catches the eye of buyers and sellers in today’s tech-centric real estate industry? It’s all about location, location, location. And that’s where Local Logic comes in—a start-up that uses AI and machine learning to zone in on consumers’ needs.
Co-founded in 2014 by CEO Vincent-Charles Hodder and Chief Product Officer Gabriel Damant-Sirois, Local Logic is changing the way consumers approach real estate information by personalizing their experience.
“It was clear that location is a big factor in residential choice behavior, but that the data wasn’t readily available to homebuyers and agents,” says Damant-Sirois. “My co-founders and I gave ourselves the mission of making the data on cities more available and understandable to help people make one of the most important decisions in their life.”
The company is helping consumers make more informed decisions via personalized insights, as well as keeping the agent in mind by shortening the time it typically takes to convert a lead—increasing conversion rates exponentially.
“Local Logic increases traffic on site through SEO and good user experience,” says Damant-Sirois. “Once people are on our clients’ site, they convert more by 10-36 percent, which means, ultimately, more qualified leads. We can also provide much more detailed information about location directly to real estate professionals so that they can enhance their marketing tools and better prepare for visits.”
And the secret behind this highly efficient system? An abundance of localized information at consumers’ fingertips. With Local Search and Local Maps, buyers can pinpoint listings according to the lifestyle categories that matter the most to them, such as transportation, access to services, character, etc.
“The new generation of on-demand homebuyer is looking for solutions that allow them to personalize their purchasing experience. They’re looking for properties that fit their lifestyle. And although home amenities are a big part of their decision, it’s location that determines the type of lifestyle they will have,” says Hodder. “Real estate professionals need to consider this when assisting a homebuyer. They need to understand the intricacies of a neighborhood to deliver the lifestyle their client is looking for.”
Damant-Sirois also believes that location can have an overall impact on nearly every segment of a consumer’s lifestyle. Everything from their commute, nearby schools and how busy a street is will have an effect on their daily lives.
“According to a Trulia survey, 84 percent of millennials are willing to forgo key home features to live in their ideal neighborhood. Homebuyers care about that more and more, and brokers and agents should provide these solutions if they want to attract and engage with their potential clients,” adds Damant-Sirois.
The true success behind Local Logic, however, is the unique background that both Damant-Sirois and Hodder bring to the local market. As previous urban planners with experience in real estate development and residential choice behavior, Local Logic’s co-founders understand the importance of location in the home search and how it can make the process more efficient for both consumers and agents.
“We wanted to simplify the multitude of elements that needed to be considered when analyzing a location, making it easier for homebuyers, investors and real estate professionals to compare different locations and match the right people with the right location,” says Hodder.
And, most importantly, Damant-Sirois and Hodder use their backgrounds to not only provide a value proposition to consumers, but to real estate professionals, as well.
“Local Logic aimed to extend the value it creates throughout the real estate company value chain,” says Damant-Sirois. “We’re already creating value by attracting and engaging visitors to our clients’ website and converting them into quality leads. We want to help REALTORS® become location experts and better market their properties based on what homebuyers are looking for in their area of activity and the property they’re trying to sell, while providing information on homebuyers to perfect their pitch and close deals faster.”
The first step for the co-founders involved making Local Logic a household name within the industry, a step already taken by building credibility with well-known real estate institutions.
“Two instrumental moments for the success of Local Logic were the partnerships with Royal LePage and Realtor.ca, Canada’s largest real estate websites,” says Damant-Sirois. “Those partnerships increased our online visibility, as our solutions were displayed on every property in Canada, and helped our sales effort, as we had proven that we could provide value for the top websites in Canada.”
What does the future look like for a real estate community that embraces Local Logic? Hodder looks to create an impact—both in the U.S. and Canada—in everything from brokerage hiring to conversion rates and transaction efficiency.
“We want to have a greater impact…from helping brokerages attract more prospective buyers on their websites, converting these buyers into leads, helping agents close the deal and providing solutions for agents to nurture those clients and ensure repeat business,” says Hodder. “We’re developing solutions to target all these important steps in the consumer funnel, making sure the agent is at the center of it all by providing them access to the most up-to-date information to make them the hyper-local expert.”
And more than that, Local Logic’s goals include increased data transparency and an industry that understands the importance of pairing a consumer with the best-matched property.
“We want to have an impact on how the city is used and developed to better represent the needs of citizens,” says Hodder. “And we believe quality data on how cities function, and how areas are perceived by homebuyers, can create significant value in how homebuyers decide on a home, and how real estate professionals match people with homes.”
For more information, please visit www.locallogic.co.
Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.
