Why Do Real Estate Companies Need Data Analytics?
Updated August 16, 2023
Data impact the real estate business model, allowing firms to transform strategies, approaches, and services. Firms that apply BDAs see an average 8% increase in profits and a 10% reduction in costs. Data can inform future decisions and detect problems at the outset.
About 83% of business executives implement big data projects to gain a competitive advantage. BDA-based software products, such as CRM, collect data on homebuyers and help predict their behavior.
Unlimited access to information about nearby infrastructure, home parameters and occupancy, neighborhood/city environmental and crime rates, and other data also helps customers make buying decisions.
Netflix saves $1 billion a year in customer retention costs thanks to BDAs. Think how much your company’s costs would drop in 2023 if you applied the approach.
