- Friday, 11 July 2014 00:00
Everyone seems to be talking about "big data" - but what is it really and what does it mean for real estate professionals?
The sheer volume of data flowing all around us is a phenomenon that is increasingly gaining attention not just by IT nerds but professionals in all industries. The power that comes from being able to capture, analyze and act upon the invaluable knowledge that big data can provide is a competitive advantage for top-performing companies.
What is Big Data?
Adapted from Webopedia, "Big Data is used to describe a massive volume of data that is so large that it's difficult to process using traditional techniques. It is data consisting of billions to trillions of records of millions of people—all from different sources (e.g. Web, sales, customer contact center, social media, mobile data and so on)." The number of times you visited Facebook today? Big data. Your last Google search? Big data. The page on your website that customers visit the most? Also big data! Contrary to how it may seem, businesses like your brokerage already have access to some of this rich information! It is simply a matter of what tools you use to harness and reveal actionable insights.
How Can Big Data Help Real Estate?
There are already several examples of how big data has changed the real estate industry. Take Zillow, Trulia and Realtor.com for example. What these sites provide for consumers is essentially bringing together loads of big data (census information, listings, geographic data, customer survey results) and transforming it all into useful information.
But when we look specifically at its potential impact for brokerages and real estate pros we say: Knowledge is power. The bottom line is that using big data can help make smarter business decisions. In another great article from Inman News, Cary Sylvester, VP of technology innovation and communication for Keller Williams Realty International, talks about how firms in the Real Estate industry can use big data as a competitive advantage.
Big data is useful for learning:
- How customers are using your website and where they are coming from
- Patterns or trends in sales history
Which can help you to determine:
- How to segment and target customers
- What to improve on your website
- Adjust sales goals and agent assignments for better efficiency
Can you see how your business might benefit from having this type of knowledge?
How to Get Started
In her article Cary talks about different platforms that analyze big data for real estate including Google Analytics.
Google Analytics is freely accessible for your company's website, you just need to activate your account to start seeing reports. Setting everything up takes less than 5 minutes. Click here for a step-by-step guide to get started.
Google Analytics is a great first step, especially for those firms that do not have the resources to put towards another system.
How Real Estate Ally Can Help
Again - knowledge is power. That includes knowing what is happening not only outside your business but inside as well. Real Estate Ally provides you with actionable insights about revenue flows, agent performance, days on market and more - to help you make important decisions.
Check out the demo to click around the dashboard and see for yourself!
Real Estate Ally's mission is to empower brokerages to better understand their businesses through personalized business insights on a convenient cloud-based solution.