How Business Intelligence is Affecting the Real Estate Industry?
December 18, 2019
Noticing the demand, real estate markets are prone to change. With time real estate has grown by leaps and bounds to ensure complete confidentiality and security as it involves an immense amount of transactions. Complete transparency and the ability to analyze insights quickly are essential requirements to achieve success in the marketplace.
It should come as no surprise that the real estate industry is increasingly dependent on real estate data analytics practices. By integrating business intelligence (BI) tools and strategies, realty firms can make more accurate decisions.
What is Business Intelligence?
Business intelligence (BI) comprises of smart analytics tools that help in analyzing and managing data as per the business operations. It has rich visualization capabilities that allow businesses to monitor sales, logistics and even productivity. With the easy and understandable data format, you can turn businesses’ weaknesses into their strengths while providing actionable insights into KPIs. This makes it a viable tool ensuring competitiveness and profitability.
Why BI should be introduced in Real Estate Industry?
A renowned real estate software development company chooses top-notch technologies from prevailing trends to offer the best outcomes. Most BI tools and suites are exclusively designed to keep track of complex and large data. By organizing the data, real estate professionals can easily fetch vital facts and gain clearer insights.
Business Intelligence is Helping Real Estate Firms
As we know that BI tools are known for gathering data & extracting insights, it helps in making accurate business decisions for better growth. The real estate industry is one such sector where BI tools are being used to keep track of complex data sets of real estate.
Here are some of the ways that show how BI is making Real Estate easier-
- Help People Find Homes Quick & Easy
BI tools are known for offering immense benefits for those who want to analyze real estate data. For example, if someone is looking for an apartment for rent in a particular location in the United States may also want to see and compare their chosen neighborhoods to those in the remaining part of the city. That is where BI tools help! These tools enable home seekers to consider house amenities, number of floors, and other factors to help them choose homes based on their preferences and budget.
- Better Listing of Properties
Real Estate platforms using BI platforms help to engage potential home buyers with more relevant information about the properties that influence them to make their purchase decisions. The BI tools help in dealing with lots of data associated with users’ search history, preferences, shortlisted properties, which enable agents to give offers for desired properties.
- Ease the Property Buying Process
Another benefit of using BI tools in real estate firms is that it helps in tracking prior industry performance statistics like property sales performance in a location. Analyzing them enables sellers to set prices that are competitive in the market, this not only helps in closing more deals but also in better marketing. Your organization may have collected lots of market data but it is difficult to pick the important trends without professional assistance. BI tools are comparatively more cost-effective and beneficial as many startups cannot afford to hire a professional analytics team.
Business Intelligence in Real Estate Industry is still a new topic but it is here to stay. Many home sellers may know about their neighborhoods but it is difficult to communicate without reliable analytics figures on lifestyle KPIs. BI tools are not only beneficial for home sellers and brokers but also home buyers.
- Find the Next Investment, Conveniently
BI offers enormous advantages to buyers who are willing to explore every aspect of their real estate data. With this, buyers get the power to access a complete overview of the property including floor areas, amenities, and localities. Listing properties using the BI integrated platform is a great way to provide potential buyers with more information that might influence their choice.
BI has completely transformed all the data available online in the real estate market. Now, the buyers can simply find properties both residential or commercial by simply clicking a few buttons. Keeping all the data in one place, you can make buyers feel more comfortable while making the decision.
Streamlining the Selling Process
Business intelligence tools are beneficial for sellers, buyers, and brokers. Market data is expansive thus, it is difficult to manage the data without any assistance. With the help of tools, sellers or brokers can track performance statistics, helping them to market the properties seamlessly. Most sellers use its reliable analytics figures on lifestyle KPIs including ways to commute, nearby schools, etc. to convince buyers that the property is worth investing in.
Asking the Right Price
Whether you are selling or buying a property, you can use business intelligence integrated software to come up with the right price of the property. Post analyzing the trends, you can significantly make an effective sale. Customers may not be interested in opinions but can’t deny facts which makes BI a powerful tool in the real estate sector.
Seal the Deal Quickly in Commercial Real Estate
Commercial real estate relies on spreadsheets but business intelligence is revolutionizing the traditional era. With the scale of commercial real estate, you can lose opportunities with obsolete technology. Business intelligence software solutions give brokers access to high-level data and better future prospective. Embracing the change will help you access powerful graphs and charts, enabling you to close the deals faster than ever before.
Related Article : Big Data is Impacting Real Estate Industry
What you should look for in a business intelligence platform?
Now you have known with the potential of business intelligence, one thing you can do before exploring platforms – make a sorted list of features you require in your platform. A renowned business intelligence development company offers advanced features to make your process more streamlined and efficient.
- Metrics aligned with your business model
Not all platforms are built equally. The apt business intelligence solution will be built on metrics you need for tracking rather than generic information.
- Easy Integration with other Solutions
If your BI software won’t be integrated with other solutions then you can hinder the accuracy of insights and lose the ability to have true business impact.
Let’s unlock better & smart insights with business intelligence real estate software and grow your business at scale.