Today’s modern world is full of innovations; data analytics is the new power tool. Data comprises the totality of all information—everything that human eyes capture, hear, touch, and everything extending beyond sight, sound, and touch. A recently published report by McKinsey Global Institute suggests that organizations that leverage data analytics are 23 times more likely to acquire and keep customers. Encompassing data in daily operations benefits all sorts of businesses; the real estate industry is no exception either. 

The global real estate analytics market is poised for significant expansion, anticipated to climb from $5.5 billion in 2019 to a projected $13.4 billion by 2024, and one of the core reasons for this rapid growth is data analytics. The modern real estate realm understands the significance of data; therefore, it knows how to utilize it. Today in our blog we explore the benefits of data analytics and how the property development market can excel from it.

Better Insights with Customer Details Analysis

Understanding every nuance of the customers is a very important aspect of real estate. As soon as you've decided your customer's needs, you're ready to mold your pitch. Harnessing data analytics in real estate can empower real estate agents with the power of systematic knowledge. Data analytics offers a spotlight on individual preferences, buying patterns, and demographic trends. Previously, real estate practice did not have enough options for the executives to learn more about realtors and analyze customer data in detail. But now, with magical customer data analysis tools, real estate agents get invaluable insights. This not only guides tailored marketing strategies but fosters meaningful, lasting connections with clients.

Fair Evaluation with Performance Analysis‍

For a successful business, internal team evaluation is extremely crucial. As this lets the management take necessary measures on time and overcome shortcomings faster while strengthening advantages further. The real estate industry is known as a performance-driven arena; here, team evaluation is important to understand closer rates and the project’s success. The unavailability of real-time updates in previous real estate business practices made the performance evaluation method flawed. However, with current innovations, realtors know how to utilize real-time updates to analyze sales and marketing team performance internally. The data analytics tool can help from property valuations to internal team assessments with real-time updates. Analytics ensures fairness, accuracy, and data-backed decision-making.

Enhanced experience with customer behavior analysis‍

Understanding customer behavioral patterns is as important as collecting detailed information about customers. AI integration in real tech can help in dissecting buyers’ behavioral patterns. Through meticulous customer behavior analysis, real estate professionals gain a front-row seat to understand the journey of potential buyers. Predictive insights into preferences, interactions, and expectations create an environment where every customer feels seen, heard, and catered to with precision. A better understanding of customer behavioral patterns results in increased customer satisfaction. For example, a family with an elderly couple would look for a place that has the best medical access and inquire about things according to that. Imagine having access to all customer queries to understand and analyze their needs precisely. This is exactly the true power of data analytics, and you would be glad to know Relata’s analytical suite is specifically made for that. Relata’s analytics is surely more than just analyzing customer conversations. 
Next, we take a closer look into Relata’s analytical suite to understand how it can advantage real estate businesses.

Relata Analytic Suite

The powerful Analytic Suite from Relata is a magical weapon to analyze both customer data as well as internal team data. From understanding a lead source to differentiating between a site visit and a revisit, all the data can be extracted and analyzed with Relata. Executives using Analytics Suite can filter prospect sources, track site visits, and assess the campaign performance of digital marketing activities. The detailed analysis also covers revisits’ sources, counts, and the revisits-to-booking progression number. This helps in curating a more personalized, efficient pitch, which further increases the chance of closer rates. Customer journey progression tracking scene-by-scene VSG data helps agents discover customer preference areas.
Moreover, for a fair evaluation of internal teams, Relata Analytics is super beneficial. Evaluating sales and marketing teams' performance via multiple data pointers with real-time updates helps in finding shortcomings within the team and overcoming drawbacks faster. Relata's innovative tool sets also let realtors analyze customer conversations with AI chatbots, giving a superior peek into customer understanding.

It is evident how data analytics is redefining the real estate industry’s success every other day. To be the best in the area and always stay ahead of the competition, utilizing an analytics suite is a must. It harmonizes the intricate chords of market dynamics in a way that the industry is poised to play a melody of innovation, efficiency, and unparalleled customer satisfaction. To excel beyond boundaries and to become more efficient in the property development world, data analytics is the only answer to choose. 

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