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    You are at:Home»Real Estate»The Importance of Data-Driven Decision Making in Real Estate
    Real Estate

    The Importance of Data-Driven Decision Making in Real Estate

    Aaron ScanlonBy Aaron ScanlonJuly 30, 2024No Comments5 Mins Read
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    The real estate industry requires a lot of thought when it comes to different choices and decisions that need to be made. This is why you need to be informed when it comes to making decisions, to ensure future success for your real estate business.

    What is Data-Driven Decision Making?

    Whenever you make a decision in your everyday life, you put some thought into it, think about the other options – overall, you end up making the choice that will have the most positive outcome, through data-driven decision making in real estate. 

    In that same sense, apply that thinking to your real estate business, but instead of thinking overall, make sure that the decisions ultimately lead to the growth of your business.

    There are various types of data that can be collected in real estate to understand what needs to be improved.

    • Cost per lead
    • Number of leads in a month
    • Number of deals closed in a month
    • Number of leads per agent
    • Number of leads lost 
    • Amount spent on follow-ups
    • Amount spent on specific follow-ups (direct mail)

    These are just some of the specific points that you could look into to get a better understanding of your real estate business. However, to use an umbrella term, you need to focus on your business’ KPIs. Tracking KPIs is an important aspect of any business, and it stands the same for real estate.

    Using CRM for KPI Tracking

    With technology getting better and better and creating easier ways to conduct your business, CRM systems have become the norm for real estate businesses. 

    A CRM or customer relationship management system stores all the data your business has, from client details to property details, and even houses all of your employees within it.

    It allows for you to communicate with your team and your clients within the platform, allowing for your business to run smoothly and have access to everyone when you want. This is further helped by the fact that the best real estate CRMs allow for cell phone integration and have an app for your mobile devices. 

    Real estate CRMs also come equipped with KPI tracking systems and report or analysis creation tools. Using the features to track different KPIs such as the ones already mentioned or others, you can find weak spots in your business to fix them or find what your strongest suits are and focus on them more. 

    The financial and analytical reports can also be customized allowing you to make better decisions over the course of time, while also showcasing to everyone where the issues lie, and create a collaborative effort with the team. 

    Making Data-Driven Decisions

    All of the aforementioned tasks you can do with manual labor as well, although that will be quite tedious and will waste a lot of hours from your employees’ work times. There is also the chance of getting mistakes in there which will compromise the reports or analysis. 

    However, if you do get a CRM, it will ensure unbiased and error-free, objective data that will provide you with the chance to create a better workflow and work environment.

    Take Surveys

    Utilize all the data, convey the message to your team, and create a better work environment within your workspace by allowing all of the team to contribute in what ways they think the business could be improved. 

    Allow for them to offer you creative and analytical ideas, as long as they have an idea of what their goal is through the idea.

    Test The Ideas

    Make sure the ideas are well-constructed and taken into consideration in terms of how to apply them. If they are consumer-centric ideas, create a small testing group by focusing that idea on some of your clients to see if that works out. 

    Check how the idea impacted the work, the client’s satisfaction and the overall result of the transaction. 

    Show Leadership

    Showing leadership and taking the necessary decisions on your own, when you have noticed there being a lack on the employees’ end will allow for you to bring in changes within their attitude and motivation to work better.

    Conclusion

    Real estate businesses have a few different aspects that are essential to ensure there is proper growth. Lead generation to converting into clients and then closing a deal. However, it is important to ensure that the processes involved are always optimized and that the workflow is streamlined.

    It often is the case that many real estate firms end up spending excess on their marketing channels spending a lot of money on channels that barely bring them revenue, whereas there is not enough spent on a marketing channel that brings in a lot of revenue. Creating financial reports and having statistics laid out about which works best and where the faults lie, will help in creating more growth. 

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