Almost every industry today is driven by data. From production to pricing and promotion, practically every business decision is based on information and data analysis. The Real Estate industry itself relies heavily on data for measuring sales performance, marketing effectiveness, and operational excellence. The latest example that can be quoted is of the changing home buyer behaviour in the pandemic which identified the need for taking Real Estate sales to the digital space.
Data analytics, therefore, is critical to every Real Estate business. Capturing data is still relatively easy today, thanks to an increasingly ‘online’ space where a large customer base can be found.
What’s difficult is collating information from multiple sources and making it understandable or actionable in the form of a business analytics report. This is where a Real Estate CRM can be of assistance. CRMs typically have features that provide actionable data through in-depth reports for sales performance, calling, online-offline campaign progress, project performance, campaign spends and other such metrics for improving existing processes and implementing new ventures as well.
Here are some actionable analytics or metrics that are used regularly in decision making and their benefits:
1. Customer Insights
These are important for measuring the success of ongoing sales and marketing campaigns, and also for identifying opportunities in planning new project launches. With respect to ongoing campaigns, you can gauge how your target group is responding to the effort through in-depth sales reports, sales interaction tracking, lead qualification analysis and other such reports.
On the other side of customer studies is to help understand how to make a new launch.. Customer surveys, market reports and buying patterns can help identify buyer sentiments and preferences.
2. Pricing Analysis
Insights from this analysis basically help Real Estate companies in the price optimization process. Besides affixing the project pricing, this involves analyzing market rates, property appreciations, development costs, taxes, competitor pricing, and other such critical financial considerations.
3. Location Analysis
Real Estate data analytics vary significantly across projects and regions. Urban locations may differ because of factors like economies, employment opportunities, infrastructure, climate, and other such things. Narrowing down further, a few neighborhoods or suburbs are considered prime or lucrative in terms of connectivity and Real Estate rates. This further has an effect on the projects in that area. Location analysis thus contributes to the project performance reports by helping Real Estate developers identify the regions and projects that are performing better.
4. Individual Performance Reports
These reports come in handy while assessing the performance of your sales teams and Channel Partners. Incentive calculation is another aspect that’s simplified through the insights gained from reports like in-depth calling reports, connectivity reports, agent-wise reports, team-wise revenue analysis and other such metrics.
5. Marketing Analysis
Real Estate Developers put in a lot of effort in planning and executing marketing campaigns. Naturally, they need to know about the effectiveness of their campaigns which will help them optimize their marketing plans. Offline and online campaign reports, project or channel-wise campaign reports, sales interaction tracking, and other such relevant analytical reports, help developers make informed decisions.
Actionable analytics are essential for every Real Estate business for planning and decision making. Procuring all these reports manually can be quite overwhelming. However, with the availability of a dedicated Real Estate CRM software, real estate sales and marketing become streamlined and more accurate.
Sell.Do, one of the leading CRM for the Real Estate industry, helps Developers understand their performance and make changes accordingly. With years of experience in the industry Sell.Do has helped its clients sell more USD 5 billion worth of Real Estate to date.
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