Business Intelligence (BI) Reporting for Real Estate Executives
What Is BI?
BI consists of many different practices and techniques, but in general, it employs digital data gathering and analysis to gain insight into specific business decisions.
For instance, a financing company might set up a computer application that tracks which of its loan customers pay their bills on time and use the results to come up with more workable lending terms or improved collection practices. Because BI is highly customizable, organizations and individuals can decide exactly what kind of key performance indicators, or KPIs, they want to monitor.
Helping People Find Properties with Business Intelligence Analytics
BI offers huge advantages.
For those who want to analyze real estate data, business intelligence analytics is precise data. For instance, someone who performs a search for a condominium for rent on ZipMatch may also want to see how their chosen Manila neighborhoods compare to those in the rest of the city.
Tools that let home seekers chart floor areas, amenities and other critical factors could help them make decisions they feel more comfortable about. Listing properties using platforms that embrace data is a good way to provide potential buyers with more information that might influence their choice.
Why use big data in real estate?
Many real estate companies already use big data for their business, and we will consider the main use cases and a couple of real examples.
Transparent data democratization
It means that all real estate companies want to provide their customers with transparent data and work on data democratization. Companies like Trulia, Zillow, Redfin, and many others fill their website with all topical information like recent surveys, lists of homes for sales or rent, and other info that can be important for sellers or buyers. All information should be real-time and authentic, so big data processing is performed by many companies to let customers perform real estate operations efficiently.
We can single out Zillow company as the one that applies big data processing. Zestimate tool makes it possible for customers to estimate the real value of that or another apartment or house in a specific region. In addition, the Zestimate tool will be able to predict a possible potential price of selected property in future due to artificial intelligence algorithms.
These are the filters that allow buyers to find a property in the region they need and find out everything about that region. You may imagine that it requires processing of huge amount of data, so big data processing comes to the rescue.
For example, customers may find out everything about the neighborhood, what universities are located nearby, high schools and other educational establishments. Moreover, it is possible to filter these establishments by rating to see what universities or schools are more prestigious
Big data processing is also used to detect the crime rate in the region, so users may learn in advance how criminal the district is.
Do you probably know what the Internet of Things is? When one device is connected with others and they together can implement many useful operations. Home with IoT is called a smart home. So many sensors around house collect different information and then big data is used to process this data quickly and efficiently.
So big data in real estate plays a very important role and it simply cannot be ignored.
Real estate companies use big data also to understand their customers better, and in turn, it helps them gain more profit and achieve new heights. Trulia provides its customers with Trulia Insight service that helps analyze customers’ preferences, financial status, purchase history and so on. Thus, real estate companies can offer their buyers and sellers the best conditions and tempting offers, and it leads to higher trust and customers’ loyalty to the company.