How to implement Business Intelligence in real estate market

How to implement Business Intelligence in real estate market

Written by Deepak Bhagat, In Business, Real Estate, Updated On
April 10th, 2024
, 591 Views

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 customers, lead generation company, and market performance.

Business intelligence in real estate can increase good decisions, give more flexibility in all processes, and streamline 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 vital information and better manages internal processes, giving your company agility.

Likewise, it is possible to list some other benefits.

Error reduction

As manual processes are more susceptible to errors, BI mechanics can automate 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.

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For example, documentation can be a time-consuming, repetitive, and error-prone process. Automating the documentation process and dramatically decreasing the chance of errors reduces time and human resources.

Improved customer relationship

Instead of carrying out very broad and generic marketing actions, you can direct your efforts. With business intelligence solutions in the real estate sector, you can gain greater knowledge about your customers. You can know what they need, how they see your company and their desires.

For example, suppose the customer is looking for an apartment with two bedrooms to buy in a particular city region. In that case, his company may suggest, via e-mail, a property with 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 acquiring and interpreting data, metrics analysis 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 do we implement it in the real estate sector?

Because it is computerization, some companies may experience difficulties implementing and enjoying BI’s benefits.

You don’t get lost in the middle of the digital age. Here are some tips to take this step towards digitising your real estate.

Do market research

Currently, several models of BI solutions offer several resources. Among them, it is possible to highlight digital tools such as:

  • data analysis;
  • e-mail marketing;
  • property management system/portals
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It would be best to analyse which fits your company’s needs.

For example, if one of the priorities is to use e-mail triggering for customers, invest in a platform with this feature according to their needs.

Systems Integration

A real estate company has several sectors: rental, sale, payment, and marketing. To facilitate the exchange of information between them, all these sections must be interconnected in a single system.

Besides, defining what data will be prioritized to be stored and worked on to guarantee and generate good insights for the company through a control centre is essential.

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 extensively uses e-mail marketing, the e-mail opening rate will depend heavily on the actions taken.

On the other hand, purchasing or renting a property can be complicated for the client. Measuring his effort through the CES ( Consumer Effort Score ) can show how efficiently the team handles these processes.

Through chatbots and BI, a startup helps the user find the best property for him. It also presents a calendar of visits and forwards it to the real estate agent responsible for the location to close the contract.

In addition to Ayla, Deepen is a company that uses Business Intelligence and machine learning to conduct information analysis and make market predictions through extensive data analysis.

Thus, making the best decisions and directing efforts and resources more efficiently is possible, minimizing losses.

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Stay one step ahead

With the advent of information technology, more and more companies are investing in solutions that help solve problems and their standard processes. Therefore, anyone unaware of these tools will be disadvantaged compared to other companies.

With business intelligence tools in the real estate sector, making more correct decisions, decreasing the error rate, and having better customer relationship feedback is possible. These benefits improve your company’s ability to compete in this significant and competitive niche.

What are the risks?

For this year, I don’t see any significant threats. On the contrary, a business must be more exuberant. The real estate market was good in 2023 and will be even better in 2024. As for 2024, it is not possible to predict what will happen. Real estate-based funds, which buy physical assets rather than bonds, offer good opportunities, as do those who invest in build-to-suit. The volume of real estate financing is expected to grow in 2024 after breaking a record in 2023. In evaluating the executive, in addition to the most attractive interest rates, the real estate sector also benefited from the demand for more significant properties with leisure space and a comfortable home office.

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