The real estate market might have faced several ups and downs in the past decade. Still, real estate remains an industry experiencing massive volumes of monetary transactions. As a result, the need for security and complete confidentiality is extremely high in this industry.
Additionally, real estate companies looking to reach the zenith also need to maintain complete transparency and know how to quickly analyze insights. Quick and accurate analysis eventually allows them to make the right decisions more seamlessly than ever before.
Business intelligence or BI has provided these businesses with tools that allow them to achieve all the above (and more) without much fuss. Reading through the article will help you understand why real estate companies must start using BI right away. Additionally, it informs readers about things they must avoid doing for BI to be effective for their business. You will also learn how to pick the right BI platform for your company.
Why Implementation of BI Is a Must for Real Estate Firms?
Speeds up the Process of Finding the Right Home: If you want to make it big in an industry, you must know how to keep the customer happy. Equipping your corporate website with BI tools will allow your potential customers to analyze real estate data quickly.
Suppose an individual looking for a rental apartment in a specific location in an Indian city wants to compare the area of his/her choice with other areas of the same city. BI tools will make the job more seamless for the person. Home seekers can use these tools even for comparing house amenities, nearby facilities, and more. Shortlisting homes according to budget and preferences also becomes much easier with BI.
Enables Better Property Listing: Real estate companies using corporate and business intelligence services ensure that potential buyers have access to information about properties that would eventually encourage them to make purchase decisions. Advanced BI tools know what exactly an individual is looking for based on his/her preferences, search history, and shortlisted properties. It makes it easier for the agents to come up with perfect offers for home buyers.
Enables Correct Pricing: Business intelligence tools allow real estate companies to track previous industry performance data such as sales performance of properties in a specific location. Analyzing those numbers helps sellers to set the right prices for their properties. Here, the term “right prices” refers to prices that are both competitive and realistic. Setting the right prices enables better marketing and ensures that the seller can close more deals.
Helps in Spotting the Market Trends: You may have access to a bag of data. However, you must understand that collecting data is not enough. Identifying all the important market trends is also crucial and it’s impossible to do it without professional help. Big firms have the budget to hire professionals for the job. However, the same cannot be said about start-ups and small (and some mid-size) businesses. BI tools are big boons for them. They are highly cost-effective and can do the job with supreme accuracy.
Things to Avoid When Using Business Intelligence
Using Low-quality Data: Data is the main weapon of business intelligence. If the data used is of low quality, BI will not be able to show the desired results. So, to enjoy the benefits of BI, you must ensure that you are only using high-quality data. This can be done in two ways:
- By having a quality control system that will stop poor-quality data from entering your enterprise
- By having a dedicated team to ensure that only data with a certain level of quality is taken into consideration
These two steps are enough to make data trustworthy and enable more effective implementation of business intelligence.
Hiring the Wrong People for the Job: The team you hire to work with BI must be highly qualified and efficient. If the team members don’t have any prior experience working with BI, you must organize training sessions for them. Additionally, these professionals must also have in-depth knowledge of the job they will be doing using business intelligence.
Restricting the Scope of BI: You cannot expect business intelligence to produce the desired results if you keep its scope small even after it has established itself. If BI turns out to be beneficial for one branch of your business, you shouldn’t hesitate to introduce BI tools to every other department of your company. It’s up to you how fast you want to make the changes. However, if you avoid making the changes, you will never be able to make full use of the technology.
Not Educating Employees about All the Benefits of BI: Don’t commit the mistake of not informing your employees about all the advantages of business intelligence. Knowing all the benefits of the technology will allow them to trust it even more. Additionally, it will also encourage them to explore the entire scope of BI.
How to Pick the Right BI Platform for Your Business?
You cannot expect business intelligence to show results if you don’t pick the right BI platform. The job should be easy if you know what features an ideal BI platform should have to be beneficial for your real estate firm. Here are the two features the platform must possess:
Metrics Relevant to Your Business Model: The BI solution you use must be based on metrics a real estate company would need for tracking and not on generic information.
Seamless Integration with Different Business Solutions: To enjoy the true impact of BI on your business, you must ensure that the BI solution you are using gets integrated with other business solutions. If that doesn’t happen, you will not get access to smart
Final Words
BI might be new for people associated with the real estate industry. However, the results it has offered so far are enough for users to believe that the technology will remain a constant part of the industry for years to come. Do your research well to ensure that the BI service provider you pick is trustworthy and has experience in serving real estate firms successfully.
