Data is all around us. And if you can use it wisely, you can beat the competition and gain vital insights. Big data is undoubtedly the most powerful tool for modern businesses. It helps them understand their customers and market to the highest degree.
No wonder 97.2% of companies are putting their bet on big data and artificial intelligence (AI), as per TechJury. It could empower businesses to make informed decisions and get closest to the consumer.
Like all industries, real estate can also leverage big data for countless perks. Most importantly, big data can leverage the right information to make property management more efficient. Here is how big data can be a game-changer for property managers.
1. Make Better Predictions
Big data contains information from a number of non-traditional sources. Property managers can analyze big data in special tools to generate insights and make better predictions. The forecasting will be more accurate, as you are using data instead of guesswork.
McKinsey used similar data to predict the rent per square foot of residential buildings in Seattle. The data came from non-traditional sources, which is the hallmark of big data. McKinsey also used machine learning models to improve the outcome of the predictions. What were the results?
The machine-learning models were able to predict rent with an accuracy rate of over 90%. Likewise, property managers can use big data to make predictions in different areas. They can rely on analytics to find better homes for tenants or predict the price of a property.
2. Improve Tenant Experience
Big data can help property managers provide tenants or buyers with a fantastic experience. Today, building automation systems collect a range of data from different components like HVAC or plumbing. The data can be fed into software that allows property managers to monitor their buildings.
Let’s say one of the fans in your ventilation system breaks down. Your building automation system will pick up this data and forward it to your interface. As a result, you can take steps to fix the fan before it causes any discomfort to your occupants. You can also keep an eye on your building systems 24/7 and prevent major breakdowns by spotting troubles early.
3. Suggest the Best Deals
Online users generate about 2.5 quintillion bytes of data per day, says TechJury. This data contains vital information about the user, including their habits and preferences.
Businesses can use this data and analyze it to the fullest to understand customers deeply. In real estate, property managers can use big data to learn what tenants and occupants want. They can also use the same to assess properties and suggest the right deals to customers for better conversions.
Additionally, big data can help buyers and tenants to find out more about a property or neighborhood. Through big data processing, property managers can enable customers to:
Look up schools and universities in an area
Access ratings on establishments and amenities
Assess the crime rate of the region
Learn about the potential price changes
4. Promote Sustainable Properties
Big data can help real estate agencies refine energy consumption and cut costs. Through data collection and analysis, managers can find out areas where it is possible to optimize energy consumption.
Additionally, data can help property managers reduce emissions and release of greenhouse gases. Real estate firms in the US implemented big data to become more sustainable. These organizations saw 10% higher Energy Star scores on a year-over-year basis. Moreover, the efforts reduced emissions that can be compared to driving 86 million miles by a passenger car. Additionally, the initiative lowered greenhouse gases that could be achieved by planting over 580,000 trees.
5. Improve Productivity
Big data can help property managers improve productivity and save time. Various technologies can come in handy for the situation, like a chatbot on the website to engage customers. You can mimic a human agent and provide all information a customer wants.
Additionally, big data tools can sort and analyze data with amazing speed. Your employees will be able to improve personal productivity and work faster.
Moreover, the insights from big data will help you zero in on areas of improvement. You can spot many issues that ultimately allow you to improve operational efficiency.
As per a survey, 59.9% of companies use big data tools to improve productivity. Your firm can also be on the list by embracing the power of big data.
6. Implement Proactive Maintenance
Modern buildings leverage different technologies to become smart. You have building automation systems based on the Internet of Things (IoT) to automate different aspects like climate control.
In addition, these systems help property managers monitor their building systems from close angles. You keep getting real-time data like the indoor temperature or HVAC fan speed. As a result, it is possible to predict downtime and equipment failure beforehand. The process can help managers implement proactive maintenance and prevent downtime for tenants. They can also save capital expenditures by avoiding costly replacements.
On average, proactive or predictive maintenance can save up to 12% more costs than preventive maintenance. Therefore, big data can even boost the returns of your investments.
Leverage Big Data with Assetsoft
Handling big data may be beyond the capability of many property managers. You need expert technical knowledge, the right technologies, and processes to get the best results.
Assetsoft can help property managers take advantage of big data. We can provide adept consultation and help you choose the right tools. Our services also include implementation, customization, and training for your workforce. Contact us today to unleash the power of big data for your properties.
Big data can transform your property management business - it improve the value and cut risks in operations. Additionally, big data can lead to meaningful insights and drive informed decisions. Property managers can look to reduce costs in the long run. Consider leveraging big data if you do your business online and have tech-savvy customers. Talk to our team today!