How to implement Business Intelligence in real estate market
- 1.1 Error reduction
- 1.2 Improved customer relationship
- 1.3 Better metrics analysis
The business sector increasingly demands technological developments. The dynamization of the market and information circulation speed require solutions to absorb this data and know-how to use it. One of these solutions is BI, which allows you to understand better your customer, lead generation company, and market performance.
Business intelligence in real estate can increase good decisions, give more flexibility in all processes, and streamlining all sales steps to customers. When implementing them, it is possible to confer several benefits to your company.
Are you curious to know how to implement it in your real estate? Do you want to know what your benefits are? So check this post to the end and understand.
What are the benefits of Business Intelligence in the real estate sector?
With business intelligence solutions, the real estate sector gains several important information. In addition to better managing internal processes, giving your company agility.
Likewise, it is possible to list some other benefits.
As manual processes are more susceptible to errors, BI mechanics can automate processes and reduce human errors. Besides, the workforce is optimized, as it is possible to reduce the time spent on all company processes, which leads to better use of this resource.
For example, documentation can be a time-consuming, repetitive, and error-prone process. By automating the documentation process and dramatically decreasing the chance of errors, time and human resources are reduced.
Improved customer relationship
Instead of carrying out very broad and generic marketing actions, it is possible to direct your efforts. With business intelligence solutions in the real estate sector, you have greater knowledge about your customer. So it is possible to know what he needs, how he sees your company and his desires.
For example, if the customer is looking for an apartment with two bedrooms to buy in a certain region of a city, his company may suggest, via e-mail, a property that has had a price drop. This avoids sending proposals for different types of homes that may not meet the user’s needs.
Better metrics analysis
Whatever the operation area, the company must be attentive to its metrics, and in the real estate sector, this is no different. As one of BI’s features is to acquire and interpret data, analysis of metrics becomes faster and easier. It ensures more dynamic feedback on your actions.
Metrics are an essential part of your business. They provide some indications such as:
- your sales;
- of its processes;
- and the efficiency of its sectors.
How to implement it in the real estate sector?
Because it is computerization, some companies may experience difficulties when implementing and enjoying the benefits of BI.
You don’t get lost in the middle of the digital age. Here are some tips to take this step towards the digitization of your real estate.
Do market research
Currently, there are several models of BI solutions, which offer several resources. Among them, it is possible to highlight digital tools such as:
- data analysis;
- e-mail marketing;
- property management system/portals
It would be best if you analyzed which ones fit your company’s needs.
For example, if one of the priorities is to use e-mail triggering for customers, according to their needs, invest in a platform with this feature.
A real estate company has several sectors, such as rental, sale, payment, and marketing. All these sections must be interconnected in a single system to facilitate the exchange of information between them.
Besides, it is important to define what data will be prioritized to be stored and worked on to guarantee and generate good insights for the company through a control center.
Establish performance indicators
The so-called KPIs for Key Performance Indicators – are the metrics that will stand out the most and guide the decisions made by your company.
For example, if your business will use e-mail marketing a lot, the e-mail opening rate will certainly have a great emphasis on the actions taken.
On the other hand, purchasing or renting a property can be complicated for the client. For this, measuring the effort made by him through the CES ( Consumer Effort Score ) can show how efficient the team is in dealing with these processes.
Through chatbot and BI, a startup helps the user find the best property for him. Besides, present a calendar to visit and forward it to the real estate agent responsible for the location to close the contract.
In addition to Ayla, Deepen is a company that also uses Business Intelligence and machine learning to conduct information analysis and make market predictions through big data analysis.
Thus, it is possible to make the best decisions and direct efforts and resources more efficiently, minimizing losses.
Stay one step ahead
With the advent of information technology, more and more companies are investing in solutions that help solve problems and in their standard processes. Therefore, anyone who is not aware of these tools will be at a disadvantage compared to other companies.
With business intelligence tools in the real estate sector, it is possible to make more correct decisions, decrease the error rate, and have better customer relationship feedback. With these benefits, your company becomes better able to compete in this very important and competitive niche.
What are the risks?
For this year, I don’t see any major threats. On the contrary, a business must be more exuberant. The real estate market was good in 2020 and will be even better in 2021. As for 2022, it is not possible to predict what will happen. Real estate-based funds, which buy physical assets rather than bonds, offer good opportunities as well as those who invest in build-to-suit. The volume of real estate financing is expected to continue growing in 2021, after breaking a record in 2020. In the evaluation of the executive, in addition to the most attractive interest rates, the real estate sector also benefited from the demand for larger properties, with leisure space and a comfortable home office.