How are Data Analytics Being Used in Real Estate?
Data analytics are transforming the real estate industry, enabling property owners and operators to make data-driven decisions and optimize their operations. As technology and data analytics continue to improve, operators and managers in the real estate industry are realizing the huge impacts it can make on their business. By utilizing data and technology, operators can make informed decisions that can lead to some serious bank while retaining residents.
What are Data Analytics in Real Estate?
Data analytics support the processes of examining, cleansing, transforming, and modeling data to extract useful information, draw conclusions, and support decision making. In real estate, data analytics identify trends, patterns, and relationships within large sets of data. This empowers investors, owners, and other real estate professionals to make more informed decisions and to forecast future market trends.
Use Cases for Data Analytics in Real Estate
Predictive Analytics in Multifamily Real Estate
Predictive analytic sets combine historical and real-time data, combined with behavioral analytics. When used as a marketing tool, it allows businesses to place relevant information in front of a person at the right time, and in the right place. Rather than assuming the appropriate space or floor plan for someone based off of their lifestyle, predictive analytics help pinpoint personalized preferences based off of trends and patterns, while also supporting your own targeting strategies. The result? An instant impression for a potential resident that’s beneficial to both parties.
Property Management Automation
In the real estate industry, automating processes and tasks might be one of the most important moves you can make. By automating building management technology, managers can save hours each week, and spend time on real needs. With Internet of Things (IoT) solutions, for example, staff can credential lock access of vacant units for vendors and maintenance, and even adjust thermostat settings right from their computer. But, automated building technology doesn’t just benefit your workforce – smart home functionality improves the experience of your residents as well.
Using Analytics for Resident Acquisition and Retention
Big data gives operators the ability to find, attract, and retain their ideal tenants. With technologies like digital leasing agents, operators can rest assured knowing that potential residents have their questions answered and tours scheduled no matter the time of day. With Quext Digital Human, properties have realized a 21% increase in completed tours, and an incredible 172% increase in leases. Additionally, the feedback from conversations is stored with an “emotional quotient”, a technology that grades the interaction based on various data points and can be used to shape future conversations.
The Bottom Line for Data Analytics in Real Estate
Big data is making its mark in the real estate industry, and companies are realizing the true benefit that real estate data analytics can have on their workforce and residents. The opportunities for utilizing this data are continually growing, and Quext remains at the forefront of navigating these complex technologies for apartments, which begs the question: How will you outshine your competition?