Corcoran Leverages Artificial Intelligence for Its New Social Ad Tool

The Corcoran Group demonstrated its commitment to technological innovation this week with the launch of a fully automated social media advertising tool powered by artificial intelligence. Created in partnership with the tech startup Adfenix — Sweden’s 2017 Startup Team of the Year — the new Social AI Engine allows Corcoran agents to advertise their property listings and track the performance of these ads in real time.

The Social AI Engine generates Facebook advertisements for new property listings and personal branding ads for Corcoran agents, using AI technology to deliver each ad with pinpoint accuracy and optimal timing. Moreover, an intuitive dashboard feature allows agents to effortlessly track the performance of their ads in real time.

Corcoran partnered with real estate tech firm Adfenix — Sweden’s 2017 Startup Team of the Year — to develop the new Social AI Engine.

“During our just-concluded two-month testing phase, the Social AI Engine delivered impressive results,” said project leader Lindsay Rapoport, Corcoran’s VP of Digital Marketing, “including a 200-percent increase in click-through rate, promising a dramatic boost in qualified traffic to corcoran.com.”

The resounding success of the pilot program convinced Corcoran leadership to go wide with the Social AI Engine: The platform launches on August 1 in Manhattan, Brooklyn, and Hamptons. In addition to demonstrating the Social AI Engine’s remarkable engagement potential, the testing phase also reveal the platform’s value as a selling point for agents pursuing new exclusives, thanks to greatly improved visibility for listed homes and a detailed real-time traffic analysis for each social ad.

Said Corcoran President and CEO Pamela Liebman, “We’re incredibly excited by the game-changing potential of the Social AI Engine, and we’re eager to continue rolling out the technology to the entire company. This a big win for all of us.”

Corcoran will introduce the Social AI Engine to agents in its South Florida offices in the coming weeks. Agents there will be able to purchase listing ads and agent ads — complete with smart targeting and live analytics — using a credit card. Unlike traditional social ad programs, however, the Social AI Engine offers fully automated Facebook ads at a dramatically discounted rate, allowing agents to curb ad spending while realizing notably higher engagement.

 

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