What are the software needs of the real estate industry? Originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Every industry in this world can’t function without a software. At some point in their business one will feel the need for a software. Real Estate is one of the huge industries which relies on the software for regular functioning, to the extent of pondering over a software’s predictive analysis.
Real Estate in comprised of huge number of sub categorized worker, agencies and even enterprises. Every firm has its own needs. If a company is focusing on customer retention it will find a software like CRM to utilize its resources. For large enterprise employee records, transaction records would become a must buy. A creative or newly setup start up in the real estate would want to try unorthodox and out of the box ideas to deal with their customers, they might use enhanced and user friendly portals to connect with their potential customers. Every aspect and vision of a Real Estate can be defined by the way they operate and seek new opportunities.
However the basic needs of every Real Estate are same and they do seek software for these principal needs, quoting and using as a reference for my previous answer here, to a similar question (Why do we use real estate software?) :
- Transaction Management : These are helpful to the Real estate as it makes the high volume transactions and their leads easy to track.
- Enterprise Resource Planning : ERP software integrates these various functions into one complete system to streamline processes and information across the entire organization.
The central feature of all ERP systems is a shared database that supports multiple functions used by different business units.
- Data Procurement : There is huge amount of data for a developer to store. The various websites they have collected data from, primary and secondary collected data as well. A well guided system needs to be in place to utilize that information in a snap when needed.
- Data Quality & Integration : When such a huge amount of data is stored there are high chances of data being redundant and even unauthentic at times. In big data systems there is lot of repetition of data which just creates confusion and too much of expenses. This ultimately leads to misguided leads and unreliable aftermath.
- Data Governance : This is tool which which every business faces. One needs to be very legitimate and warranted under the law. Every country has different terms and conditions which one must adhere to. One can’t afford to swim with the sharks when diving deep.
Data and policies need to be in line within the law. It is arduous to be aware of all the laws which keep on updating time to time.
- Data Segmentation : There are times when a real estate agency wants to distribute their data based on numerous parameters, like, Gender, Age, Income Group, Location, Budget other ways are into customer segmentation, market segmentation, product segmentation etc. The segmentation is chosen based on decision tree technique, CART or regression based technique. This segregation is tedious and takes forever to sort.
- Data Modelling : Even if you have data but not the skill sets to interlink everything and come up with a conclusion, your data is futile. One needs to be well equipped to interpret the data from its conceptual base to take it a notch higher and connect the data with rest of the available intelligence.
- Business Intelligence : Mastering this area is a huge task. There is always a scope of missing out on some factors which doesn’t give the desired results of the measures taken. A complete analysis, keeping in mind all the parameters and factors and the possible errors in data, to predict the possible changes is a bit skeptical.
- Predictive and Prescriptive Analytics : This is the area where every firm would stumble upon and think thousand times before making any decision. Predictive analytics is biggest elephant in the room and no one has ever produced 100% precise results. If only one could be sure cent percent as to where to invest or where to pull back, nobody would struggle to keep their business sky rocketing.
All these challenge are faced by every type of firm. Size is just a number. Every enterprise, or even tiny, small, medium sized companies face various obstructions in this industry. Every company has their own sort of hurdles. They use different kinds of software according to their needs. Using a B2B software is very common for Enterprises. They know their shortcomings and where they are prone to error and use software or services accordingly. Even small to medium enterprise firms can utilize these available software in the market. It will help them cut their costs and push up the revenue.
The act of gathering and storing large amounts of information for eventual analysis is ages old. However, a new term but with an almost similar usage have come about, Big Data. It can be described by its name only, the large volume of data, which can be structured or unstructured. It has become very vital to be able to decode and decipher the key insights which one draw from it.
The ability to extract sensible intelligence from the big data has still been a challenge for many industries. One requires apt tools to be able to extract information out of the data lake. The extraction isn’t the only major trouble they face, it includes, storage, analysis, data curation, sharing, searching, transfer, visualization and even information privacy. If one can achieve high accuracy and precision in analyzing the big data then higher profits and lower input costs would become a mere matter.
This is the most crucial and prominent area where every Real Estate stumbles upon. Every firm needs the analytics tool to asses the market conditions and trends. In today’s world there is no survival in the industry without having the apt tools to work. Involving human power is a way, but it is slow and prone to error. Businesses are in a ground zero situation and have to be on point to succeed. This it the place where Data Analytics come into play.
Data analytics is the process of examining data sets in order to draw conclusions about the information they contain. It enable organizations to make more-informed business decisions keeping all the aspects of analytics in mind. There is a step by step process in Data Analytics which assists the business to know their existing strategies’ loopholes and lapses. Data Analytics can act as a tool for the Data Analysts rather than a trouble. The depths of Data Analytics can amaze you to the extent of starting your own business with Data Analytics as your partner. To realize and accept the true nature and power of DA we have dwell into it.
Advanced types of Data analytics include data mining, which involves sorting through large data sets to identify trends, patterns and relationships; predictive analytics, which seeks to predict customer behavior, equipment failures and other future events; and machine learning, an artificial intelligence technique that uses automated algorithms to churn through data sets more quickly than data scientists can do via conventional analytical modeling. Big data analytics applies data mining, predictive analytics and machine learning tools to sets of big data that often contain unstructured and semi-structured data. Text mining provides a means of analyzing documents, emails and other text-based content.A crucial segment which has caught air is Social Media Analytics.
In the age of Facebook, Instagram and Twitter we can’t just ignore these platforms. People praise and and post negative criticism on Social Media without any second thought. It becomes crucial to give if not more, then equal importance to it. There are many software available in the market for Data Analytics. They provide a lot of services embedded in them. They might have produced a scare for the independent service providers who charge these big firms a fortune for every service. For eg : if a firm wants to extract Data from a particular website and also use social media analytics, they charge them separately for each service. There are times when one service provider may not even have the other analytics software. In that case the personnel has to approach a whole different Software company to get their job done. This creates multiple software clients, it costs a fortune, troublesome to manage so many providers. There were companies that spent over billion dollars on employing these services annually. In 2010 data analytics industry earned billion of dollars for providing these services as a separate entity. Big data will continue to stay growing, and introducing more and more servers is not the best solution as it will just add to the expenses of the company. If only there was a single compact solution to every need of every Industry, the world would be a better place to live.
I came across a similar question and I would like to provide reference and quote for the answer I shared there for a complete knowledge (What is the best software to use for real estate?).
I take this opportunity to introduce all of you with this amazing software product created on Blockchain Technologies. It is the compact solution to all of the world’s industry’s for Data Analytics. This product colludes all of the Data Analytics possible in each industry and presents itself in form of a Dashboard. With a click of a button you can have all the analysis possible on a screen in pictorial forms. It has eliminated the system of various Data analytics service providers and collaborated these services under a single software product. It has a customized option to fit into every industry of the world and provide solution to their specific problems.The specification list is so dense and self explanatory that it will prove its credibility in a second :
Objective Defining: In this process we define the objective of Data analytics work, for example: a real estate company wants to know prices available on various portals OR a Waffle machine manufacturer wants to know price fluctuations of the produce and weather condition. The Objective will be defined before hand to make future analysis simple.
Identification of Business levers: This means focus areas a business has, the defined zone a firm wants to focus on. since almost all businesses want more profit which can be achieved either by increasing sales or reducing costs.
Hence Business Levers are always surrounding this.
- Measurement of Priorities : Priorities are set afoot by the business model, but each business has different priority based on their pain points. somebody wants to up their revenue, somebody aims to cut their input costs.
- Custom Dashboard Creation : We create custom dashboard for the client based on their plan and priorities. Selection of custom features and priorities is available.
- Social Media Analytics: Basic Social Media reports are provided in itself, in this step deep social Media analytics are performed, for example: In case of a Real Estate firm showing reports of their accounts and who has commented or tweeted on their name is just basic social media reporting.
We even do social media analytics in much more advanced level like, defining apt platforms and mediums which are relevant to industries, scans similar hashtags like chocolate, photos, scanning of relevant photos, scanning of tweets of competitions, ranking, sentiment analysis, using patent level image recognition techniques to assist in the best results.
- Descriptive statistics: Data is split among various parameters, then groups of these models are created, our statisticians make sure to provide the best data knowledge on these parameters for your better understanding.
- Data Visualization : Creating graphs and dashboards is about data visualization but in this we plan to go the next step and give option of choosing any graph of choice, 2D or 3D or even multi-dimensional as preferred by the business firms.
For Real Estate we can show the pricing fluctuations over time.
There numerous other features which would require a lot of space to explain and present.