{"id":5792,"date":"2023-02-28T09:30:45","date_gmt":"2023-02-28T16:30:45","guid":{"rendered":"https:\/\/www.realtyexecutives.com\/blog\/?p=5792"},"modified":"2023-02-15T09:53:49","modified_gmt":"2023-02-15T16:53:49","slug":"data-driven-insights-in-real-estate-analytics-the-5-key-drivers","status":"publish","type":"post","link":"https:\/\/www.realtyexecutives.com\/blog\/data-driven-insights-in-real-estate-analytics-the-5-key-drivers","title":{"rendered":"Data-Driven Insights in Real Estate Analytics: The 5 Key Drivers"},"content":{"rendered":"\n
\"A<\/figure><\/div>\n\n\n\n

The commercial real estate investment management\nindustry in USA and Canada is more dynamic than ever, and the provision and\naccessibility of data plays an instrumental part in its success, accelerating\nefficiency and profit.  <\/p>\n\n\n\n

Data has always been important. Real estate companies\nhave always relied on the collection and analysis of data for pertinent\ndecision-making, but up to date real estate analytics software and deal\nmanagement software allow investors to make decisions faster and more assuredly\n– in minutes, instead of hours or days, as it may have done in the past. Here\nare 5 key drivers of data-driven insights:<\/p>\n\n\n\n\n\n\n\n

1. Standardized data<\/strong><\/h2>\n\n\n\n

Not too many years ago, real estate businesses<\/a> in Canada and the USA would store their data on spreadsheets, usually using a variety of different formats. Then, when it came to analyzing the data, businesses would have to undergo the arduous task of converting everything into the same format, which was frustrating and long-winded. Now, current technology utilizes data standardization, allowing for fast comparison of – for example – cap rates on prior real estate deals of equable class or market, without the complications of different terminology or other variables. Data can be assessed efficiently and in a scalable way. <\/p>\n\n\n\n

2. Accessibility to real-time data & insights<\/strong><\/h2>\n\n\n\n

Data, by its very nature, is of no use when it\u2019s out\nof date, so how can real estate businesses make crucial investment decisions\nwhen dealing with data that\u2019s long past its benchmarks? For timely and relevant\ninsights, managers need real-time insights into historical and pipeline data,\nso this type of data analytics is paramount. Real-time data allows freedom from\nhaving to manually update data and affords flexibility when data can be viewed\nup to the minute. Profit and opportunity\ncan be seized due to the increased accuracy of market comps and other\nstatistics.<\/p>\n\n\n\n

3. Automated reporting<\/strong><\/h2>\n\n\n\n

Reports have traditionally been a very time-intensive activity\ninvolving diligent data entry, but real estate data analytics platforms have\nchanged things significantly, allowing stakeholders to keep a close eye on both\npipeline and market activity. Reports no longer need to be requested from team\nmembers, delaying the completion of deals, but team members can now automate\nall their reports, using filters to create a variety of data fields. Reports\ncan be segmented efficiently \u2013 into deal type, size, and markets.<\/p>\n\n\n\n

4. Digitized deal comps<\/strong><\/h2>\n\n\n\n

Taking a close look at historical deals and how they\nhave been achieved – from the same market, particularly – is a much-needed\nmechanism to assess the benchmark for pipeline opportunities, but past\nconventional storage systems have made the collection of all the right data\ndifficult. Real estate analytics software provides a great solution for this,\nenabling investment managers to make all those vital comparisons easily. As new\ndeals are entered into the system, all the variables of comps can be sorted and\norganized according to deal size, deal type etc. <\/p>\n\n\n\n

5. Long-term operational real estate deal analytics,\nplus strategic insights<\/strong><\/h2>\n\n\n\n

Not just for analyzing deals, data is also really\nimportant in long-term investment and strategic business decisions. Being able\nto standardize and centralize all deal data within the software systems of real\nestate investment analysis means insights are driven on which deals have been\nthe most successful and why, including factors like the time it took to\ncomplete a deal, location, type of property, and many other variables. By\nmanaging all of those deals in one central location, your real estate company can\nreally nail down what works and use it to herald growth.<\/p>\n\n\n\n

These five drivers of data-insight in the real estate business are key to streamlining the industry. Making sure all data is consolidated, standardized, and easy to obtain leads to faster decisions and more efficient planning. Data insight can only lead to higher future profits and the reaching of a firm\u2019s maximum goals. <\/p>\n\n\n\n

\n\n\n\n

Rebecca\nLeigh is a writer on marketing strategy for <\/em>Essay writing<\/em><\/a> and <\/em>Academized<\/em><\/a>. She contributes to tech\nand marketing conferences, is a business consultant, and writes articles for\nonline magazines and blogs like <\/em>UK\nWritings<\/em><\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The commercial real estate investment management industry in USA and Canada is more dynamic than ever, and the provision and accessibility of data plays an instrumental part in its success, accelerating efficiency and profit.  Data has always been important. Real estate companies have always relied on the collection and analysis of data for pertinent decision-making, … Continue reading Data-Driven Insights in Real Estate Analytics: The 5 Key Drivers<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[5651,835,285],"tags":[332,619,59],"yst_prominent_words":[7154,7148,7151,1193,7152,6010,6008,903,7147,7144,7149,882,7153,820,796,7145,7143,7146,7150,7155],"_links":{"self":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts\/5792"}],"collection":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/comments?post=5792"}],"version-history":[{"count":1,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts\/5792\/revisions"}],"predecessor-version":[{"id":5794,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/posts\/5792\/revisions\/5794"}],"wp:attachment":[{"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/media?parent=5792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/categories?post=5792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/tags?post=5792"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.realtyexecutives.com\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=5792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}