Tuesday, 20 March 2018
Post your listing on Realty Times
This Old House - Do-it-Yourself

4 Ways to Use Big Data to Increase the Bottom Line for Realtors

Written by Posted On Monday, 14 November 2016 09:25

The rise of big data has changed the playing field and businesses have more tools at their disposal to make things happen. There are many things that will impact your profitability, and big data is one of them. This guide is going to show you how you can increase your bottom line.

Acquire Market Insights

Like any business, you need to know who your target market is. Different age groups will prefer different types of houses and accommodation. You could go with your gut and risk getting it wrong, or you could put in the time to find out what people want and what they don’t want backed up by the numbers.

Big data gathers information on your customers. When you have enough data you can easily create predictive models to help you make changes and reduce doubt. You’ll be able to have a firm idea of what your target audience wants. The more data you gather the better the model.

Engage with Your Clients

Big data is there to help you engage with your clients in a more meaningful way. In the real estate business, it’s easy to think that one buyer who wants deerfield beach new construction condos is the same as another. Things can get impersonal and that can take away from your business. You need to make some changes, and you can do that by using big data.

When used correctly, big data can provide crucial insights into what your customers want. You can easily time special offers and discounts on your offerings.

Using different audience segments can also lead to additional special offers for specific groups. There are a lot of options at your disposal here, and it makes sense to utilize them all.

Restructuring Your Realty Business

Businesses that have been around for a while tend to get into a situation where they start being wasteful with supplies and resources. Streamlining your company is the answer if you want to both save money and increase your efficiency.

Big data can completely streamline your business through making you more efficient. You’re no longer going to be spending hours gathering data, putting spreadsheets together, and rechecking the numbers. Data gathering with big data is a constant and fluid process.

Improving the Way You Advertise

The only way a real estate company can stand out in this crowded market is to get better at marketing. Your marketing endeavors need to be targeted if you’re going to get more customers. And your marketing efforts have to be cost-effective to make it worthwhile.

The majority of testing involved with advertising is trying to find your target audience. Take Facebook advertising as an example. Cycling through the various interests will take days and weeks to accomplish. Without existing data you’re shooting in the dark in the hope that you’re going to reach the right audience.

If you’re going to improve the way you market your company, you must use big data. That all important information about your target market will help you to understand what they’re searching for and what they’re responding to. Big data will tell you when to advertise, where to advertise, who to advertise to, and what that target market is going to respond to.

Improving the way you advertise, with big data requires you to make a commitment to it. Start gathering data as early as possible because the more numbers you have the more accurate your efforts are going to be.

Last Word – Targeting All Aspects of Your Business

One of the big benefits of big data for any realty company is that it can teach you how to run your business in the best possible way. It can show you when it’s time to make changes and how to provide a service your target niche actually wants.

How will you use big data today?

Rate this item
(0 votes)
Martina Angel

Martina Angel is a writer and real estate agent. She is especially interested in the purchase, ownership, management, rental and sale of real estate for profit. She also volunteers for local water conservation charities in her free time.

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.