Real estate is unpredictable, dynamic, and opportunistic. Although many participants get worked up over the uncertainty, there is always a way to make things easier.
The real estate industry, from the national to local scale, heavily relies on accurate data analytic assignments.
This practice is very important as users rely on this information to make informative decisions based on the results.
Thankfully, the integration of Business Intelligence (BI) in real estate has led to massive advancements throughout the entire real estate universe.
With the help of this particular technology, businesses and individuals can make more accurate decisions by harnessing available opportunities and using them to their advantage.
Defining business intelligence in real estate
What is BI anyway? How is it relevant to the current real estate industry?
There’s no single or centralized definition of Business Intelligence in real estate; however, we can say that it involves plenty of effective practices, methods, and strategies, acquired through insights from data analysis.
Thanks to these insights, businesses and individuals are now able to make accurate decisions to benefit their companies and the people who run them.
For example, Let’s say “company A” has built an effective app that tracks rent deals to encourage users to pay their rent on time.
The analytics results are the lending terms. “Company B” may have different concerns because they found out that collecting payment from their clients is difficult.
Here is where smart tools can help. Business Intelligence Tools (BI), are solutions that use analytics to get better results in regard to payment collection methods.
BI is flexible and highly customizable — the sky’s the limit. You can customize BI tools and apps to your likeness in order to address multiple pain-points in your agency or company.
Information in BI platforms is processed neatly so you can visualize the trends and data clearly. This allows you to come up with quick and effective solutions to complicated problems.
Meet clients with the most suitable properties
If you have worked a long time in the real estate industry, you surely know that analyzing data can be a large and frustrating challenge.
Consider the example below
Imagine someone wants to find a small apartment in Manhattan. As such, they perform a search on your website.
Now, let’s say they are also open to an apartment outside of the city, somewhere in a nearby borough.
BI tools can help users compare one small apartment to another based on the distance from the city center.
Customers can simply use web search filters to add other variables like square footage, capacity, and so on.
With reliable BI tools, you can easily access detailed information that allows you to make informed and practical buying decisions.
Better property listings
In no time, a BI platform supplies relevant and detailed information to potential buyers.
As we all know, inaccurate information is a deterring factor for sales. For this reason, BI tools are designed to effectively mitigate the risk of error.
With a trustworthy software company like Glorium Tech, you’ll have access to high-quality tools that provide accurate information that is designed to attract, not mislead and scare off potential buyers.
Data-driven information is currently the best approach when it comes to building trust as it specifically caters to an individual buyer’s needs and requirements.
With the help of high-quality BI tools, you can fetch relevant variables such as detailed preferences, search history, property categories, budget ranges, and much more.
As a result, sellers and/or brokers can provide only the most appropriate and accurate offers to buyers.
In the long run, as you can imagine, this ends up saving you plenty of money and time.
Furthermore, thanks to the fast pacing of searches, you can easily reach a more diverse audience.
Business Intelligence in real estate simplifies all sorts of transactions. According to our trusted source, real estate agencies that use BI tools see a significant increase in their sales records.
The reasons are crystal clear. A reliable BI platform helps them improve their overall marketing and productivity, thus resulting in the closing of more deals. Keep in mind, the figures will vary from one agency to another.
Transactions become much easier
Business Intelligence tools in the real estate industry are advantageous to all concerned parties, including brokerages, agencies, as well as individual sellers — in other words, Business Technology benefits everyone.
We can’t overlook the fact that it is a daunting task to attain market data manually.
With BI tools, however, all of these difficulties fade away. These tools also allow sellers to market themselves and stay competitive easily and effectively.
The location of an agency is often one of the most important determining factors from a buyers’ point of view.
If your agency is locally-based, then chances are your agents will know the surrounding neighborhood like the back of their hands.
However, this can be hard to portray to clients, as not all content and information can be effectively delivered.
We’re not putting the blame on your communication skills. Sometimes, there are many obstacles that prevent sellers from giving clear messages to buyers. This is another area where Business Intelligence in real estate can help.
BI tools, you can easily get exact numbers, figures, and detailed information surrounding transportation, neighborhood demographics, and other data. With such accurate data results, you can confidently determine whether a specific property for sale is worth buying or not.