RE Agents: Are You in Control of Big Data?

Or more importantly do you know what big data is? I admit that for a while I heard people talking about it but was afraid to ask what it was. Generally speaking, big data is a way of describing the explosive amounts of data being generated as a result of our lives becoming increasingly more digital and connected. It also has to do with increased availability of that data, and what we can now do with it to better understand the world around us.
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When it comes to real estate, we all have access to big data. What will set you apart from your competition is your ability to interpret that data and present it as expert knowledge to your clients.

Let’s break down big data and how you can use it to distinguish yourself from your competition by demonstrating your knowledge and creating a more tailored experience for your client.

Just Google it

What do you do when you want to find the best Chinese takeout or a dry cleaner nearby? Google it! Well, the same holds true when you want to find out how many people are visiting your website every day — just Google it. Chances are you’ve heard of Google Analytics, and you may not realize that you have access to it, but you do. Google Analytics is Google for understanding your website. It automatically gathers data on your website, and lets you analyze that so you can reveal meaningful patterns — everything from how someone got to your site, what they’re doing and how long they’re staying, to whether they come back and how often.

Measuring efficiency

Efficiency is important when you’re thinking about profitability. If you’re a broker who owns multiple offices and you’re already using dotloop, I like a tool called dotloop-DASHBOARD, which gives you one window into your entire business. For the first time, you can see where all deals stand at any time. DASHBOARD eliminates the friction of signing into several different online systems and gives you visible access to every deal being conducted by every agent across every office.

Interpret data for forecasting

Once you have tapped into big data, how can you interpret it? One way is by leveraging historical performance to forecast the future. Tableau Software is a great way to create visual representations of your data that can help with forecasting. It’s an intuitive forecasting tool that allows you to upload data — such as sales or spending numbers — and create charts, graphs and other graphical representations to compare offices across your brokerage. You can explore profitability, income-to-expense ratio, or hot market areas by region, ownership or length of time in business.

Are you using big data to distinguish yourself from your competition? We’d like to hear from you.

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  • RE_Insider

    From one of our reader:
    Big Data is not just a buzzword. It is real analysis of real data on a very large scale. But usable to even the small business sector. When we think about who is consuming what or buying what or selling what, and we can accumulate and use this information, we are talking Big Data. For instance, I am a California Commercial Real Estate Broker and I need to know what sectors of the Commercial market are improving or declining in sales in my company, or the world for that matter, Big Data can and does provide, store and assimilate this information if you have the needed tools. Obviously Google can provide a lot of data but you need to be able to move it into a usable database and access it. You will need tools to accomplish this. Big Data is the information and tools are what we work with to decipher the Big Data. I hope to cover more in upcoming updates.

    Best always,

    Lou Lollio Contributor

  • ArmstrongBruce35

    Although simplistic in its nature, this article is extremely informative and helpful. I can imagine that many professionals in business may miss the ship in capitalizing on big data! Controlling your big data can help with your financial analysis, as well as evaluations of your company, and your competitors. In my opinion, the importance of using the tools that are mentioned in this article will certainly play more dominant roles as real estate evolves.