This analysis enables real estate companies to make data-driven decisions on issues that define the success of a real estate business, from acquisitions, leasing, investments to marketing campaigns and operational processes.
Location analytics provides an unprecedented vision of the real estate market, analyzing real-time mobility data such as foot traffic, makes it possible to know the updated prices of economic areas and properties of interest, the development of construction processes, to optimize the real estate agents work routes, identify risk areas, etc.
You may be interested in: “Geospatial Data for Real Estate market“.
By observing pedestrian flow patterns, real estate companies can know where their audience is coming from, allowing professionals to create an accurate picture of their customers behavior, and having huge implications in terms of how to spend marketing budgets, analyze a competitive landscape, choose the next property, know which areas to invest in, etc.
Also Read: “Predictive Modeling: The New Real Estate Journey.”
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Why has location analytics become essential in the real estate industry?
- It allows to maximize the financial performance of projects by optimizing the processes of identifying market gaps, investment properties, and low and high yielding assets.
- Minimizes investment risk by making objective decisions on what, when and where to invest by analyzing different sources of information to find hidden patterns and gain new insights into the market.
- Increases the efficiency of real estate agents in property management by allowing them to streamline the viewing process by understanding and finding possible delays due to deviations, traffic, events, strikes, etc.
- Improve marketing campaigns by adding demographic data, satellite images, property reports and foot traffic maps.
- Analyze competitors and benchmark their performance by understanding the behavior and trends of a target audience, gaining deep insight into the strategies that drive competitive results.
- Generates valuable insights into customer behavior, which are then used to optimize marketing and sales processes to achieve a better close rate.
At PREDIK Data-Driven we generate intelligence solutions for the real estate industry to maximize its financial value by implementing location-based strategies.
Do you need Business Intelligence solutions in the real estate market? Contact us!