Big Data Strategy

Real estate companies are beginning to realize the importance of big data. However, many of them still do not have a well-thought out big data strategy. There is more to data analytics than discovering how many people visited your site yesterday. In fact, data has no value if it does not provide actionable insights. Builders and realtors need to experiment with volume and variety if they want their big data strategy to work.

Forward thinking organizations are quick to experiment with their products and services. This helps them discover what the customer wants. By making big data analytics an important aspect of your marketing strategy, you can accelerate that discovery.

To make your company more adaptable, you need to experiment with the different aspects of data:

Big data provides a wealth of insights

Big data is available in high volume. When you have access to insane amounts of data, you should be ready to experiment with them. Your experiments must focus on finding that project, which will do well in the existing market conditions.

If you are a builder, you will want to know what kind of projects will sell well in a particular locality.

Execute rapidly

Ask your team to come up with innovative ideas. Let these ideas eventually become your offerings. Here the key is making experiments at a fast pace. You should be able to change ideas into offerings in the shortest possible time. Market conditions can change anytime. You can't take years to launch a project you conceived today after experimenting with big data. You should minimize the time you need to bring that idea into the market.

If all of your offerings are based on one theme, you will land in serious trouble when that theme is off. That is why you need to experiment with ideas.

Think about the kind of services and products you can offer. Make sure that all of them are not of the same kind. You should also think about the potential market these products or services could serve. At any given time, you must have a mix of these products and services. So even if demand for one product decreases, you will still have something else to fall back on.

Don't forget your existing customers.

They are the biggest source of referrals for you. Retaining an existing client is easier than finding a new one, so keep in touch with them.  A real estate company tends to do better when it has a market-driven sales strategy. In this case, it understands a market very well and experiment with projects that tend to do well in that market.

Summary

Organizations that adopt big data tend to have a competitive advantage over others. An organization becomes adaptable only when it is ready to experiment and data analytics is the key to rapid experimentation. It doesn't really matter whether you are a big real estate company or an independent realtor who only serves one market, you can no longer ignore big data. At any given time, you must be experimenting with a large number of ideas. This helps you find that product or service which will ultimately sell well.

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Big Data Strategies in Real Estate

Predictive analysis and data mining are yet to become a big deal in real estate, but big data is slowly and surely penetrating this segment. Some analysts might question the relevancy of big data in a business where the consumer/homebuyer typically ventures into the market every 5 to 10 years. We argue that this is precisely the reason big data should be used in the real estate niche.

Why Remaining Connected with Customers is Necessary?

Property purchase decisions are heavily impacted by the goodwill a business can generate and sustain. Here, consumer preferences don’t undergo overnight changes like those seen among fast-moving consumer goods. Real estate industry has a special space for references where past clients are invaluable. Having happy, if not loyal, clients can translate into feeding other lines of business like refinancing. If you can maintain a connection with your past clients, many more serious queries are likely to flow from friends, family members, office colleagues, and even neighbors.

Some folks argue that typical retail businesses, like apparel, have more to benefit from big data rather than real estate. Let us take an example to argue our point here—a young family of four with working parents is expecting another child. Such information is often announced in the form of social media updates. A retail business can use this data to send emailers and SMS with links to newborn clothing range. Now, how can a real estate business use similar data?

When a baby is on the way, it is most likely that the mother has taken temporary leave of absence. There is going to be lesser money to pay the bills. With the newborn retail niche overburdened with branded products, the expenses are also likely to rise. Limited to a single income and facing more expenditure, the family might seriously consider refinancing to save money. With three children, they might reconsider moving to a bigger property.

A real estate business can make relevant interaction by emailing pictures of bigger accommodations with more study rooms and better schools. This strategy is a combination of tracking social media conversations and hyper-targeted marketing. Here, a single Facebook update can lay the basis for a new sale or at least create a very serious home-buying or refinancing query.

There is more to tracking consumers’ social media behavior. Online experts now offer targeted social media analysis. They identify audiences whose recent shopping behavior suggests a definite buying capacity. Home purchases might be offline, but online consumer behaviors can help real estate businesses identify more, promising consumers.

Big Data Strategies Deliver but Be Patient

The strategies we discussed above take time. Signing up with a social data analysis firm doesn’t mean that you will be overwhelmed with a glut of serious queries. This is a gradual process where hurrying into decisions can mean disaster. Secondly, keeping past customers engaged isn’t easy. This is particularly true for real estate where the consumer-connect is soon lost after the transaction. This is where data-sharing practices can solve the problem.

If you are ready to share data about the payment pattern or the mortgaging history of past clients, you can get valuable information in return. For instance, some of your past customers might be avid environmental enthusiasts. You can start a small blog or a newsletter about green building practices. Here, you reason to seek an association is logical since you are in the housing niche. Among consumers, such information is less likely to be spammed because it is relevant to them. The e-mailer/newsletter can carry a small, hyperlinked logo, directing the browser to your parent website.

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