Big data has totally revolutionized the ways companies make critical decisions about their operations. Even though there’s nothing new about using data analysis to make better-informed decisions, what is new are some of the many amazing ways companies are using data analytics to get valuable insights from seemingly obscure data.
Analytics are being used all over the world in just about every industry, and the real estate industry is the rule rather than the exception. Millions of companies are using metrics uncovered by data analytics to increase their bottom line, grow their customer base, improve marketing tactics, and enhance best practices and customer satisfaction. Continue reading to learn some of the phenomenal ways big data is changing the real estate game forever.
Analytics helps companies improve customer service.
Excellent customer service is much more than mere service with a smile. After all, anyone can smile while providing terrible service.
Providing top-tier customer service requires an ability to discern what customers are looking for and facilitate their desires effectively.
With the information real estate agents get from business intelligence, they’re able to pick up on trends in the housing market and habits in individuals. By scouring various data sets to find patterns in customer habits, companies can build profiles around individual customers and tailor their solutions to individual needs.
John Foresi, Venterra Realty CEO, has always been a staunch believer in the importance of providing the optimal customer experience. To that end, Venterra realty uses analytic tools for looking at datasets to extract business intelligence from multiple sources and learn what prospective home buyers are looking for in a home and the home-buying experience. Using analytics software to gain an understanding of these datasets helps the Venterra team put smarter business processes to use.
Analytics helps realtors to enhance their marketing campaigns.
Marketing is an integral part of running a successful real estate agency. You must utilize every opportunity to connect with potential customers and convert them into actual customers.
Customer relationship management (CRM) software is one of the most powerful marketing tools ever invented. With this powerful tool, you can get to know your customers like the back of your hand and create special deals and promotions for individuals.
Thanks to artificial intelligence and machine learning algorithms, CRM enables companies to provide top-tier customer service by giving companies valuable insights into the mindset of specific customers.
Even though housing is a fundamental necessity, selling homes can be difficult simply because houses are expensive. However, with data analytic software like CRM, you can find use big data to find people in your area who are in the market for a new house and market directly to them. In other words, with all the insights you can get from big data you can master marketing like it’s what you were born to do.
Predictive analytics can forecast demand changes in the housing market.
As you know the housing market is subject to volatility, but when you use predictive analytics, it’s hard to catch you by surprise. Predictive analytics tools are so accurate that police forces across the United States use them to forecast crime sprees, so imagine what it could do for your business.
One of the most exciting ways real estate companies like Venterra use predictive analytics is to predict changes in the housing market before they occur. By using artificial intelligence, analytics tools can pull data from various sources that provide historical data that can be used for decisions about future events.
When you have a tool that can forecast changes in the market before they occur, you can put your small business in a better position to weather the coming storm. With these predictions on your side, there will be little that can catch your company by surprise.