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How are Data Analytics Being Used in Real Estate?

New technology and big data analytics are reshaping how the real estate industry works. But how exactly are big data analytics being used and why?
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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 and retain your best tenants. Let’s talk how.

Predictive Analytics

Predictive analytics is a combination of historical and real-time data, combined with behavioral analytics. When used as a marketing tool, this 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 can pinpoint personalized preferences based off their trends and patterns while also supporting your own targeting strategies. The result? An instant impression among a potential resident that’s mutually beneficial.

 

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), 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.

Resident Acquisition and Retention

Big data gives operators the ability to find, attract, and retain their ideal tenants. With technologies like a digital leasing agent, operators can rest assured knowing that potential residents can 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

Big data is making its mark in the real estate industry, and companies are realizing the true benefit it 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 the apartment technology, which begs the question: How will you outshine your competition?

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