As customers share more data about their home buying decisions, their social conversations and online browsing patterns gain more value. However, they shouldn’t feel threatened. This kind of data tracking pays back in the form of better packaged products.
For instance, people with slightly improved credit performance in the recent past are now being re-looked by mortgaging businesses. With greater data association and analysis, the buying behavior can be better understood. Those with previously damaged credit histories could be performing rather well in the current scenario. Regularity in online bill payments is one such indicator. As a result, real estate institutions are offering smaller loans with limited risk exposure to such previously neglected consumer factions.
Some people might opine that data expertise is more relevant to the retail niche. However, social media conversations and online home loan enquiry trends make sense for the real estate niche too. Can region specific phone interactions give important indications about buying preferences of interested home buyers? Yes, they do — you just need to have data and analytical tools needed to reveal the usually hidden sets of useful information. With highly targeted data, desirable results can be achieved really quickly.
Key Performance Indicators
Always have your KPIs in place. Big data has to be used like an organizational tool. It isn’t just another software application—it yields measurable results. These results should be quantified and scored with respect to your KPIs. Information extracted from big data should be themed around KPIs. This makes it easier to execute changes necessary for sustaining and growing profits.
Don’t Get Confused with Business Intelligence
This is a common point of confusion for businesses contemplating the utility of big data—they confuse it with business intelligence. Big data is more organized, precise, and actionable than BI or business intelligence. Big data strategy involves segmenting and hyper segmenting data and then systematically analyzing it. This provides accurate solutions for different organizational challenges. Business intelligence reports are more generalized. They are concerned with all types of organizational data. If you are looking at infinite silos of data, big data is the more sensible and immediately relevant approach.
What does this mean?
As a consumer, you need to understand that big data isn’t trading data security or privacy for better market services or products. Different data pools come together as a part of big data so that they can better correlated. Based on such conclusive information, real estate businesses can offer more appropriate products. Eventually, the benefit is passed on to you. With your renewed interest, the market grows, further curtailing interest hikes and engaging more probable homebuyers.
As a real estate business, you should value consumer data and treat it sacredly. The emphasis should be to use big data to deliver better consumer services and create more market friendly products. When consumers will get more value, the next cycle of renewed consumer interest, more home purchases, and robust business activities will take shape.
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