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.
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.
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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