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Prop-tech powered by AI & ML, VR and analytics is empowering real estate brokers, agents and developers with data-driven decision making.
Sample this real-estate analytics story. At a real estate company, acquiring customer leads proved to be a time and a labor intensive exercise. Now, with the AI-powered prop-tech, the company knows ‘whom’ to target with ‘what’ property to reach the right target at the right time. Thanks to the treasure trove of data, market trends, and online behavior entwined with AI – The company identifies potential buyers and makes the right property-people connection.
While analytics has transformed real estate, what matters most is the data and how to tap into data to reap intelligent decisions. What should we consider to leverage Prop-tech analytics?
Here are the 4 key details that can help you extract value from real-estate analytics.
- Tapping into Increased availability of data
- Reaping Benefits of analytics
- Choosing Ideal analytics solution & Implications
- Leveraging Embedded Analytics for faster time-to insights
Tapping into increased Availability of Data
For a real estate company, data helps understand emotional factors influencing buying decisions. Data from discussion forums, social media, popular websites, and data types including property type, pricing, room type, and location helps gauge house buyer sentiment analysis.
The increased availability of data is spurred on by big data supplemented by Internet of Things (IoT), social media, and cloud computing, with vast amounts of data getting generated every second. This deluge of data can be a treasure chest with opportunities when rightly utilized.
Here’s another data story! Property data, property transaction data, census, locational characteristics, and property structure features helps to get to automated property valuation. Furthermore, real estate companies can now lean on big data, data from search engines, social media, online surveys and non-traditional sources. Increased number of properties and the devices that power Smart Homes have made the PropTech domain richer with data points.
Reaping Benefits of Analytics
Every domain has a wealth of data that we can tap to unearth valuable insights. From business trends to product performance to revenue forecast to cost optimization – this data can help businesses to analyze and make crucial decisions.
Analytics has grown into a top priority for real estate companies to extract insights on customer behavior, market trends, and property values. Here’s a case in point. A prospective buyer’s path to his dream kitchen can begin and end by snapping a picture. Intelligent property search aided by AI and analytics can help the customer find the dream property of his choice in minutes.
For the PropTech domain, insights powering productive campaign types, customer trends, energy optimisation possibilities and preventive maintenance of smart devices are some of the potential trends. The possibilities are umpteen, and the data available infinite.
Choosing Ideal Analytics solution & Implications
Establishing an analytics platform can be a complex process. This involves choosing the right technology followed by the implementation and ongoing maintenance. This could turn out into a time, effort and money intensive process. While the cost factor may overwhelm some organizations, efforts or time might bog down others
The market offers multiple solutions. However, we can mainly categorize the process of picking an analytics solution into one of the following two ways:
Setting up analytics platform from scratch
All activities are performed in-house in this model – everything from identifying right technologies for each phase of the data lifecycle to implementing pipelines to transformations, data modeling and data governance till generating insights. For a real-estate operator, setting up a Data warehouse platform or engaging in data engineering activities may lay beyond the bounds of core business activities.
Utilize Analytics as a Service (AaaS) Offering
AaaS solutions with cloud services that connect to a backend data source allows the end-user to map data and select a choice of analytics to be performed – spearheading data-driven decisions. While AaaS solutions can promote faster time to insights when compared to setting up an analytics platform, costs involved are usually on the higher side. The additional costs can then be utilized on additional media and campaigns.
In effect, many organizations may not be ready for either of the models due to the efforts, time & costs involved.
Rently’s Embedded Analytics offerings to the rescue
Rently now offers the faster route to insights and intelligence. Empowering real estate companies with embedded analytics, here’s how Rently helps you achieve faster time to real estate insights.
- As a Proptech company operating on state-of-the-art technologies, Rently has a robust Data Warehousing Platform that sources data from multiple platforms and marketplaces, aggregates & transforms them and generates insights – not just descriptive but also augmented and cognitive analytics.
- Rently uses the analytics generated by this platform to understand customer action trends & behavior better and to extend personalized offers that would be beneficial for the customers. From Cost Per Acquisition and Agent Performance Metrics to Churn Rate and predicting future trends, you can get it all under one umbrella.
With Rently’s analytics platform, end customers can now reap faster insights without having to invest time, effort & money.
What it boils down to is that you can use Rently’s Embedded Analytics platform to gain access to key performance indicators, resource utilization trends, security parameters and many more through the same Rently portal and the same customer login. Setting up analytics will be an added feature where the customer can subscribe to this feature and takeaway dashboards/reports with these insights – all powered by Rently’s Analytics Platform.
Conclusion
In effect, this not only saves customers from setting up their own analytics platforms but also gives access to a wealth of insights that would help in critical decision making.
References
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