Have you heard of the ‘new oil’? Yes, Big Data is the latest buzzword that has been doing rounds with the extensive use of technology and social applications. These are generated in terabyte quantities, get changed fast, and come in various forms that are difficult to process in one shot. And just like in any other industry, the real estate vertical is reeling into the new trends and avenues that big data is showing.
Big Data is a combination of structured (for example, tables in DBMS), semi-structured (XML files), and unstructured (like audio, video, and images) complex datasets that traditional data processing software cannot manage. There are conventionally 3 Vs that big data stands for– Volume, Variety, and Velocity. However, over the years two more of them have popped on the horizon, namely, Value and Veracity.
Data has an intrinsic value that makes it the ‘new currency’ and thus, the capital. It is a sustainable resource for valuable insights about the target audience that companies can leverage to refine their advertising and marketing strategies to increase sales and conversion rates. It helps you to become more responsive to what your potential customers need and want.
Now I can understand that handling voluminous loads of data is overwhelming. But having Real Estate Agency CRM makes your situation a lot more workable. It helps you manage your resources by streamlining your data, increase operational efficiency, expedited and smart-decision making, and hence, growth opportunities. While these were the immediate advantages of using CRM as your big data software, let’s dive into a more detailed look.
Properties are basically the products that you offer to your clients. As real estate professionals, you must evaluate the recent trends and perform a comparative market analysis. Depending on the factors like the proximity to schools, institutions, market, or other factors, you can correctly appraise the value of a home.
When you have a seller enlisted in your CRM solution, you capture all the details regarding the new property in a neat streamline. Along with that, you can also capture the geo-location of the property to check whether it fits the preference of your customer base. Such an intuitive solution even detects what stage the property is currently in, whether it’s under validation or a new property.
The second best feature of implementing quality CRM software is leveraging multiple available data points to create effective and efficient data-driven business decisions that can help both parties. McKinsey reports show that Big Data can predict figures with a 90% accuracy rate, using simple parameters like locality, area, and other data points.
Big Data extensively helps you before you pitch to your customers as it delivers all the information the latter can need. Such as crime rates, neighborhoods, and so on. Similarly, you can avail information regarding how the property is used, permits to the property, or past renovations, and capture every nook of detail right in the CRM.
A business has several sectors to look after but CRM data makes it much more manageable. You can easily identify inefficiencies in sales operations and even optimize your processes. Real Estate CRM helps you automate several repetitive tasks and improve overall efficiency, thereby reducing error scope and costs.
Real estate firms can target and pivot their strategy to focus on their best-performing assets, making the process much more productive and profitable by using actionable metrics such as deals closed per agent or the most effective customer segment.
You can introduce the gamification scope to ensure that your firm’s productivity reaches its highest potential. It helps you command a healthy competitive work environment for your teammates, making them feel appreciated and productive at the same time.
The trends are always changing. One day you think you finally got a hold of the behavioral pattern and the second day, it has changed. Big data plays a huge role in predicting customer behavior as well. You can easily assign a dashboard to track your consumers in terms of preference of properties (commercial/ residential), payment details, the current stage in the sales pipeline, etc. You can use this metric to understand and predict customer behavior, analyze potential leads, and increase the probability of higher-quality leads.
As a consumer, when you hear about a product, the first thing that you do is Google it to learn more about it, correct? The same applies to your customers. The National Association of Realtors (NAR) shows 43% of home buyers search for properties online before contacting a real estate agent. These numbers showcase that having an online presence is crucial for even traditional real estate firms in today’s era. And mind you, these numbers are only expected to grow bigger with them.
When we talk about a strong digital presence, the first milestone that you need to achieve is developing a website. Websites are the first point of interaction with your potential customers. This is where they discover the range of your properties, read about your goals, and expertise, and come across rich testimonies from your previous clients. Another important means of making a domineering online presence is through social media platforms like Facebook, Instagram, Pinterest, LinkedIn, and so forth. These platforms communicate your message across the globe and let your target audience discover more about you and your properties. Your main target here is to generate as many leads as possible.
By the end of the day, Real Estate CRM accurately drills down the lead-generation sources that work best for you and you can appropriately invest in them. By analyzing data on your customer engagement patterns, you can improve the brand’s overall online presence and even optimize it for higher efficiency.
Since customers remain at the center of your business, it is crucial to keep them satisfied. And their satisfaction is not only restricted to the properties you sell them. It is also important to make their purchasing journey smoother. You can integrate your Real Estate CRM with tools like Zoho Survey or Zoho Bookings to make it a power-pact solution to collectively improve your customer satisfaction.
Let’s take Zoho Survey as our first example. It is an effective tool that comes with 25+ customizable questionnaires including piping and skip logic that helps you get customer reviews. You can collaborate with your team to prepare your questions and send your surveys directly to the people in your social network or email lists. The best part of using this tool is, your customers can write about their experience in their own words, provide winsome testimonies and even help you improve your services.
Next, we come to Zoho Bookings. Since your sell properties as your products, site visits are a mandatory part of your business. Sure you can’t expect someone to purchase a property by just looking at the images. So as a leader, even though you can assign tasks to your team to persuade your clients, you can make it even more convenient for your clients by integrating Zoho Bookings. It synchronizes your CRM data and makes available slots visible for your clients so that they select a slot at their convenience.
Big Data concerns the whole of your business and not just parts. When you implement it, you can tailor your business strategies as per your specific needs, focus on targeted advertising, improve customer experiences, and build higher efficiency. Big Data in real estate drives end-to-end business transformation. Thus, it gives businesses solid returns on investment and even helps them increase their revenue.
In such a fast-paced digital world, data is your only reliable source of adding value to your business while refining and producing robust predictive models. With the Real Estate Agency CRM in place, you already have a streamlined database that you can utilize in every possible way. It extensively helps you improve customer relationships, and remarkable efficiency in sales, marketing, and customer support activity.
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