In today’s hard-pressed business environment, a majority of agencies in the real estate sector are moving toward digital transformation. Driven by the fourth industrial revolution, real estate companies are rapidly embracing next-gen technologies to streamline their operations and boost profitability. Business intelligence is one such technology that has gained extensive adoption across the real estate industry over recent years. That said, there has been a sharp rise in the demand for BI application development services for real estate management.
BI application development for real estate management involves the use of advanced analytics and visualization tools to help enterprises gain valuable insight into business data. Besides, it enables enterprises to keep pace with the latest market trends and effectively respond to customer demands.
In this blog post, we highlight the importance of BI application development for real estate management with a focus on the key areas where BI tools could be applied. Subsequently, we shall get familiar with the nitty gritty of the ideal execution strategy for BI tools as well as the ETL methodology.
The Importance of BI Application Development
Evidently, BI application development has transformed the real estate industry, enabling companies to access and analyze large volumes of data quickly and more accurately. Real estate agencies can use BI tools to gather data from multiple sources such as property listings, broker profiles, customer logs, and financial records. Furthermore, this data could be analyzed to gain insights into the most crucial KPIs, customer behavior patterns, and the latest market trends.
Property Valuation
Property valuation is a crucial aspect of BI application development for real estate management that is particularly useful to sellers. A couple of years earlier, property valuation involved manual processes that were both time-consuming and error-prone. Nevertheless, the availability of advanced BI tools helps determine a property’s value in real estate with sheer accuracy. It includes analyzing critical factors such as the property’s size, location amenities, and recent sales prices in the area.
Property Management
Property management is yet another area where BI application development could be increasingly beneficial. Real estate companies can use BI tools to track maintenance requests, monitor energy usage, and analyze occupancy rates. Furthermore, these companies may use this data to efficiently manage various property listings with increased tenant satisfaction and maximum profitability.
Effective Marketing
BI application development for real estate management also provides a number of benefits from a marketing standpoint. Real estate agencies may use advanced BI tools to analyze customer behavior patterns such as search queries and property views. This data could be used to tailor marketing strategies to specific customer segments, thereby delivering personalized customer experiences. As a result, it significantly improves the overall efficiency and effectiveness of real estate marketing campaigns.
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The Execution Strategy
Developing a BI application for real estate management involves several steps. First, real estate companies need to identify data sources they want to analyze. It includes both internal data, such as financial records and maintenance requests, and external data, such as market trends and customer behavior patterns. Real estate companies also need to identify the key performance indicators (KPIs) they want to measure, such as occupancy rates, maintenance costs, and customer satisfaction.
Once the data sources and KPIs have been identified, the next step is to select a BI tool that meets the company’s needs. There are several BI tools available in the market, such as Tableau, Power BI, and QlikView. The chosen BI tool should be easy to use, have robust data visualization capabilities, and be able to handle large volumes of data.
After selecting a BI tool, real estate companies need to prepare the data for analysis. This includes cleaning and transforming the data to ensure accuracy and consistency. Real estate companies also need to define the data models and visualizations they want to create, such as dashboards and reports.
Finally, real estate companies need to deploy the BI application and train their employees on how to use it effectively. This involves creating user accounts, setting up access controls, and providing training on how to use the BI application to gain insights into real estate operations and market trends.
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Closing Thoughts
As of today, BI application development has become a requisite need for real estate companies to stay competitive in today’s cut-throat market competition. By leveraging data analytics and visualization tools, real estate companies can gain valuable insights into key performance indicators, customer behavior patterns, and market trends. One apt example of BI application development for real estate management is Zillow, a popular online real estate marketplace that uses that provides property valuations and personalized property recommendations. In a short time span, the latter has become a leading online marketplace for real estate with over 200 million monthly visitors.
We, at Oodles, provide end-to-end BI application development services to help businesses enhance their operational efficiency. Our 360-degree BI software development services enable enterprises to capitalize on their customers’ data and boost productivity levels through intelligent decision-making. To learn more about our business intelligence app development services, drop us a line at [email protected].
