How Real Estate Firms Evolve With the Help of Big Data

Written by Posted On Monday, 01 July 2019 07:44

Data has always been more than a marketing tool in real estate. It’s at the core of the industry. Good real estate agents are expert sources of information about life in the communities they serve. They know the quality of schools, traffic patterns, demographics, market trends, and everything else that goes into buying and selling a home. It’s one industry that’s primed to not only benefit from big data, but also evolve with it.

What Big Data Has Done to the Market

Technology has fundamentally reshaped how real estate professionals connect with their clients. They’ve always been focused on meeting individual needs and being personable, and that hasn’t changed. Rather, they now have new ways to connect, share listings, arrange open houses and meetings, and recommend financing institutions through the opportunities afforded by technology.

As markets grow more competitive, clients expect information on demand that allows them to make informed decisions. With big data, real estate agents can dig deeper into the details of the markets they operate in and share those details with their clients at previously unseen paces.

Data also lets agents track property prices on a neighborhood-by-neighborhood or building-by-building basis and gain insight into the subtler nuances of occupancy and vacancy. Such granular detail paints a more vivid picture of shifting demand, and real estate firms can prioritize up-and-coming neighborhoods or spotlight areas that are undergoing development.

Throughout the industry, realtors are leveraging big data to provide clients with information about new properties and opportunities. They have a better picture of market trends and are better equipped to find new ways of standing out from the competition in a crowded field.

How to Revitalize Your Firm With the Right Data

It’s obvious that big data is a powerful tool in real estate, but remember that using it to your firm’s advantage will require following strategic best practices.

Start by identifying what aspects of your business are currently lagging or underperforming. Do you have staff on hand to address questions from clients and potential clients? If not, consider leveraging bots and artificial intelligence software to give them real-time answers and free up your time for other high-priority work.

If you already have staff members to do this, make sure they’re working securely, especially when they work off-site. They should have the mobile tools necessary to best serve their clients, and your firm should have a device policy that places appropriate safeguards across your platforms, including your website, social media networks, etc.

Finally, be sure to highlight only the data that matters. Resources such as Power BI can help you separate business-critical data from the rest. Use these resources to routinely audit and remove extraneous data, prioritize high-performing content, and get a macro view of existing projects.

With the help of big data, you’ll not only connect more powerfully with existing and potential clients, but also get a sense of how your firm can become stronger. Data from surveys and customer feedback polls will show you where your firm is succeeding and where it needs to evolve in order to serve your clients’ needs and generate long-term success.

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Michael Hadley

Michael Hadley is the CEO and president of iCorps Technologies, a leading-edge IT consulting, managed services, and cloud computing company. Michael founded iCorps in 1994 to deliver and support practical and cost-effective IT services and solutions that allow business leaders to focus on their core objectives.

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