4 Reasons Why Real Estate Companies Use Dashboards

No matter which segment of real estate you are in, you must be using KPIs to track your performance. If you have not used any KPI so far, you are making a grave error because you can't measure your progress without them. Like many other sectors, real estate also requires a strong relationship with customers.

Therefore, making sure that the business goals are met on time and performance is up to the mark is essential. Even if you work day and night, you can miss some minute details, which KPIs do not. So, let us see why successful real estate companies use dashboards.

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1. Business Overview, Data Analysis, and Decision Making

With the use of the right KPI dashboards, we can figure out multiple things for growth and expansion. We also discover many hidden trends and gain knowledge of factors that routine reports fail to explain.

In this way, we get a complete business overview at a glance. In comparison, analyzing the business reports and comprehending the results requires time, effort, and technical knowledge. Furthermore, making huge business data available to all employees is difficult. But, business dashboards make it possible.

Here, all kind of data is available at one glance. Therefore, the management of the real estate business uses it smartly. For instance, real estate finance teams can figure out the high commission properties for calculating the projected net sales for the coming month.

Additionally, many real estate agencies rely heavily on dashboards for decision-making. They do not believe in instincts and personal judgments. Instead, they believe in numerical figures gathered through dashboards. For instance, dashboards help in evaluating employee performance. This helps in making the future decisions of hiring or firing employees.

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“Flexible product with great training and support. The product has been very useful for quickly creating dashboards and data views. Support and training has always been available to us and quick to respond.
- George R, Information Technology Specialist at Sonepar USA

2. Strengths and Weaknesses

Just like strengths, knowing our weaknesses is equally important. Business dashboards not only show us areas of high performance, but they also highlight these weaknesses, which provides us room for improvement.

For instance, a real estate company was happy with its net profits every month. However, the KPI dashboard highlighted an issue related to customer data. Thorough analysis made it clear that the current CRM is not suitable for the company. Consequently, the company chooses the best real estate CRM for their business.

Similarly, knowing company strengths gives a sense of achievement to the company. This also helps in planning the core focus of the company in the future. For instance, if a real estate company knows that a high number of visitors for the rental is its strength, it can then think to move towards selling.

4. Enhanced Customer Service

When business processes and functions are accurately monitored, customers receive an enhanced level of service. Since chances of error are mitigated, there are fewer complaints and fewer negative feedbacks.

Besides, real estate firms need to gain the trust of clients. Therefore, they try their level best to enhance their relations with customers. Thus, dashboards serve as the best option to achieve this goal.

So, now you must have understood the importance of KPI dashboards. But, which ones will work for your real estate business? Let us talk about a few of them.

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Market Days

Knowing the number of days your property stays on the market provides a base for new strategies. Besides this, it helps in comparing different property categories. If you keep on reviewing these days, you get a clear idea about the pricing as well as the demand for properties. It helps you strategize for each property listing.

Occupancy Rate

One of the most useful KPIs for every real estate agent is an occupancy rate. This is highly important if you are working for rental properties. Real estate agents find out the real cause of a low occupancy rate with the help of dashboards.

For instance, if the occupancy rate is low, a real estate agent filters unrented properties in the dashboard. In this way, they can get to know the pattern or similarities among the unrented properties. It can be due to non-preference of a particular area, a high price, or a high advance payment.

Thus, data dashboards can help realtors figure out the cause behind the low occupancy rate.

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A critical analysis of an inventory reveals great things about a real estate business. For instance, real estate owners analyze how much more workforce is required if the inventory needs are growing.

Similarly, the evaluation of inventory informs decisions related to the additional requirement of marketing efforts, time, and technology. Furthermore, real estate owners are keener in knowing the current value of their property. If the value is growing in a particular area, they can plan to purchase more property.

Likewise, if the value is dropping, they can instantly plan to sell out their property. Just like these, there are many other KPIs like sales, revenue, commissions, etc., that help real estate firms.

Wrapping It Up

In short, the current market is giving a tough time to many new real estate firms. Therefore, many real estate companies have started using the best dashboards to stay competitive.