Using Business Intelligence to Expand Your Real Estate Business

Using business intelligence tools may assist realtors. In a culture where data is valued as gold, analytics, and data visualization have emerged as successful methods. 

Clients value your capacity to assist them in understanding the state of the market by obtaining datasets in real-time to assist them in making educated choices on purchases or sales. These tools may also help your organization by measuring production, sales, leads, and marketing efforts, identifying development opportunities, and providing research to assist data-driven decision-making.

Tableau and Power BI are agents' two most popular business intelligence products.

What exactly is Tableau?

Tableau is a well-known business intelligence and data visualization system. It allows users to create a wide range of graphs, maps, dashboards, and stories to show and analyze data in order to support business decisions. Tableau's data is easy to grasp for professionals of all levels because to its basic formats. You don't have to be an expert in Tableau to create a custom dashboard. Tableau data processing is speedy, and the representations are built using spreadsheets and dashboards. 

Pros 

•     Tableau provides online resources, tutorials, training, and a forum.
•     Tableau software updates are straightforward to install.
•     The program may generate several graphics in a single phase.
•     Tableau can handle a large amount of data.
•     Tableau supports advanced table calculations, such as Python and R tables.

Cons

•     It is expensive. Tableau Creator costs $70 monthly, while Tableau Pro costs more than $1,000 yearly. 
•     Because Tableau lacks an automatic tool for reloading reports, changing data on the back end necessitates extra manual labor.
•     Because Tableau does not support version management, you cannot return to a previous level of data in a subsequent software version after reports and dashboards have been published.
•     Users may have issues displaying data for larger tables since Tableau can only display tables with a maximum of 16 columns.
•     Tableau has static parameters that can only be used to choose a single value, and these parameters must be manually updated if the data is changed rather than automatically changed.

What exactly is Microsoft Power BI?

Power BI is a data visualization and business intelligence application that allows users to generate interactive dashboards and BI reports from various data sources. It provides several software connectors and services that allow information to be delivered utilizing a range of data analysis and visualization methodologies and processes. Power BI analyzes and organizes large amounts of data, searching for underlying trends and patterns. 

Pros 

•     The simplest version is completely free. To share reports in the cloud, you must pay $9.99 per user each month. Power BI Pro costs $13.70 monthly, while Power BI Premium costs $27.50 monthly.
•     It is easy to use. You may use this tool if you have moderate Excel skills.
•     Microsoft updates Power BI weekly with new releases and upgrades, ensuring that you always have the most up-to-date capabilities.
•     You may get data from several sources at any time and location.
•     Users may sort and emphasize features on interactive dashboards, among other things, with a single click.
•     You may make changes to the data files before importing them. 
•     Power BI enables quick adoption in a safe environment. 
•     Power BI can also connect with Python and R programming languages to create visualizations. 

Cons

    Power BI's desktop version is incompatible with iOS.
    Its interface is crowded with icons, which may conceal reports and dashboards.
    Power BI accepts files of up to 1GB in size.
    Processing larger datasets with complicated attributes might be difficult at times because Power BI may crash in certain conditions.

Tableau vs. Microsoft Power BI: key distinctions 

Tableau earns the top rank in terms of deployment flexibility since it provides more cloud-based and on-premise options. Tableau performs best when there is a large amount of data on the cloud. Furthermore, with both on-premise and cloud versions, Power BI is only accessible on Azure's cloud. As a consequence, Power BI can only provide so much flexibility.

Tableau handles massive data sets more successfully than Power BI. Power BI typically struggles to keep up with significant volumes of data and might be sluggish to respond.

In terms of integration capabilities, Tableau trumps Power BI. Despite the simplicity with which both applications incorporate external data sources, there is slight variation between the third-party data sources that Tableau and Power Bi can combine. Tableau mixes data from disparate sources, including Hadoop databases, while Power BI is limited to Google Analytics, Azure, and Salesforce. Users of Power Bi are unable to combine Hadoop resources. In addition, unlike Tableau, Power Bi does not detect resources automatically.
In conclusion

Real estate professionals will profit for years from data infrastructure, networks, and analytics investments. The more exact, current, and comprehensive the data, the more valuable it will be when you or your customers make critical choices. 

Tableau and Power Bi each provide distinct advantages. When picking between these two solutions, consider who will utilize the tool (agents vs. brokerages) and the volume of data used. 

There is undeniably some overlap between the two programs, but both are essential tools for growing your company.