Real estate industry has seen tremendous changes in past few years. Price fluctuations have affected profit of many real estate companies. Real estate companies need to reduce their spending on building materials and in development of real estate projects and most important factor is to take smarter decisions before investing their money.
How Business Intelligence can help real estate industry?
Business intelligence solution (BI Solution) provides real time analytics for business users, which can help them make informed decisions. Real estate business owners can track visitors and buyers for their projects and discover property rate changes in different regions. From huge amount of data, business intelligence solution can provide business users valuable information about who can be their potential buyers and whom to target for better sales. Analytics also help in reducing cost of development of real estate projects.
With multi-level security feature, only authorized users can access confidential data of the company. Dynamic messaging allows business users to share their views with other users and collaboration helps in taking better decisions.
With ad-hoc reporting feature of business intelligence solution reports can be created within few clicks, allowing business user to keep track of present situation. Dashboard provides all KPIs available at one place in visual format (in form of charts, maps), making it easier for builders/real estate business owners to get answers to their business questions.
Not only real estate business owners, but brokers and customers/home buyers can also benefit from business intelligence solutions. Real estate brokers can get more sales by using analytics. Business intelligence solution can help home buyers find the best property which suits their budget and has facilities which they need for their dream home.
In future, more demand will increase for affordable business intelligence solution by real estate industry and success of any real estate business will be highly dependent on whether they are taking informed decisions or not.