If this is your case, today we will discuss some tips on how to take advantage of all this information for your benefit, regardless of the size of your organization. And it is not science fiction.
Until relatively recently, no importance was attached to the collection of customer data. They simply accumulated in real estate databases, without all that material having a clear destination outside the annual sales summaries.
Why use real estate big data and what is it for?
The first thing to consider is that today almost everything generates data. When you browse the web, operate with your online bank or make e-commerce purchases, relevant information is generated. All that amount of information is called Big Data.
Knowing how to transform that data into knowledge that helps make decisions about your real estate agency is the subject of a discipline that came to light in the 1990s.
Wal-Mart supermarkets were the pioneers in the creation of data storage centers at the end of that decade and one of the largest in the world today. From this decision important strategies have been derived that have led University Town Islamabad to know what to sell and to whom to sell it and to enter millions along the way.
To give you an idea of the scope of what Big Data has meant for companies, pay attention to the case of T Mobile. This American telephone company collected data from its customer service and complaints on social networks. Then they were able to assign a value to each client based on expectations and create personalized offers. With this strategy they managed to reduce the change of company by 50%, a total success considering that portability is one of the main problems for telephone companies.
In a very different area, New York City is a pioneer in a crime detection program based on data analysis. It allows to predict with enough reliability what moments and under what circumstances there are more chances of a crime being committed, such as during summer times or when major events are held in the city, such as fashion week.
Apart from these applications to various areas of our society, Big Data is not without controversy. The Orwellian experiment carried out by the North American company Nordstrom, which offered smartphones to those who allowed the collection of user data, is known. In addition, and using the security cameras of the shopping center where the program was carried out, traffic flows, type and quantity of purchases, money spent, etc. were analyzed.
Although this experiment did not collect personal data from users at any time, it was very disappointed by public opinion until its closure eight months later. It goes without saying that companies such as Amazon do exactly the same with users who access their website, but on the network it is considered that anonymity is guaranteed.
Although you may not be able to afford the necessary infrastructure to analyze all this data, there are some simple tasks you can do if you have a good real estate website on house for rent in Rawalpindi .
How to use Big Data in a real estate?
Although on the internet we often find the definition of Big Data as a huge amount of data that cannot be analyzed without sophisticated tools, in the real estate sector data is not usually generated at those levels.
The question would be more about how to get a picture of the consumer as a whole. Or what is the same, knowing who buys what, where, why and how. Only in this way can we advance decisions that will save time and money in our sector.
But Big Data for a real estate is not just data collection. It is, above all, analysis of them. Hence, concepts such as predictive analysis based on anticipating competition with the identification of potential business opportunities have emerged .
To give you an idea, an analysis of this type could locate and identify the houses and the owners who would be willing to sell, in order to get ahead of the competition.
Real Estate Big Data Applications
There are numerous online tools that can help you visualize all this data so that decision making is easier for you.
This data visualization web application has the ability to connect to a multitude of services, such as the client management applications (CRM) that you use every day in your work. In total, it has 26 integrations, covering services related to sales, marketing, ecommerce and many more.
Once you sign up, you can start collecting data that allows you to see at a glance where you are losing money, which commercial works best or which Adwords campaigns are giving results.
You have a wide range of prices available, it depends on the package you hire, since Data Hero offers marketing, sales, ecommerce services, even for digital agencies and companies in the financial sector.
It goes without saying that there are already applications that exploit this data collection to offer it to the final consumer or to the professionals of the sector that need it in the development of their activity.
This is the case of Tercero B, a company owned by Idealista, the number one real estate portal in our country. This website collects information from numerous databases, such as cadastre and Ministry of Finance data.
With this information, Third B prepares property valuation reports, with varying degrees of reliability, and makes them available to individuals and professionals.
To use it, you just have to register on the web and you will be able to access data on all the properties of the Spanish territory. If you are a professional, you can identify yourself as such and access complete reports with sales, rental, surface, etc. In addition, you will have access to information on the services of the area and an analysis of the environment in a very complete graph that will allow you to offer first-class information to your clients.
To give you an idea of the scope of real estate Big Data when it comes to helping us visualize data that we would otherwise be unable to process. You can see a graph of the data of a randomly chosen area of schools, green areas, shops and other services. At a glance you can compare different properties and deduce the one that best fits your client’s profile.
The services for professionals are offered by the Commercial Department of Sky Marketing and you should contact them to know the price plans or click here.
Big Data in the real estate sector: Twiddy’s success story
Like many other companies in the sector, Twiddy real estate had accumulated years of data from operations without any practical use. Focused on vacation rentals, for this American company the weekly price recommendations are part of its commercial success. That’s why Big data in real estate is so important.
From their marketing department they decided to implement a real estate Big Data strategy of customers, suppliers and collaborators. Thus, the company was able to optimize its recommendations, crossing its own data with those of the real estate market, trends, seasons and characteristics of the properties.
Thanks to this strategy, Twiddy has been able to increase inventory by 10% in a market with a downward trend, in addition to picking up turnover.
In addition, as far as internal operation is concerned, real estate Big Data has also benefited this company. The analysis has allowed them to locate errors in billing processes and service planning. In total, in the last two years, they have achieved savings of $ 50,000.
CRM for customer data management
If your real estate belongs to one of the large real estate franchises, you will be familiar with the client management programs or CRM. If this is not the case, there are simple tools that can help you manage the main tasks related to customers.
There are very cheap and even free basic applications such as:
This simple online tool will allow you to follow your relationships with customers and contacts. You can create offers, submit proposals and measure the results of your marketing campaigns. It is indicated for small companies that want to start handling customer data without a large outlay.
As a novelty, which is completely online and free. You will only need a device connected to the internet to manage everything related to your business process, from sending proposals, invoices, marketing and customer service.
Data analysis in your marketing actions
Real estate Big Data does not have to need expensive applications, you can also analyze data from your marketing actions such as:
- If you have a presence in social networks for real estate, Facebook offers very detailed reports on user activity. If you access the statistics page of this social network, you will know exactly what they prefer, the most successful formats and the busiest hours. In this way you can optimize your investment in the social network.
- Your real estate website is also a huge source of details about the behavior of your users. If you don’t have Google Analytics installed yet, it will be very useful. If you find it difficult to deal with these facilities, you can find a professional to advise you.
- Finally, remember that the real estate marketing actions that you put into motion will also generate interesting data that you should not neglect. We recommend that you keep track of business contacts. If possible, find out how they got to you, in order to establish a correct attribution to each channel.
For example, you can divide this spreadsheet into channels (social networks, web, business contacts, etc.) and then assign actions on each channel (such as email, local advertising, Adwords campaigns, Facebook, Twitter, etc.) so you know Where does each client come from? When you analyze this data, it will be easy for you to see which actions and which channels are generating the highest return on investment and you can make decisions accordingly.