What is 360 real estate analytics?

Think of data like the GPS for your real estate agency. Without it, you’re just guessing which direction to go. With it, you’re navigating with confidence, knowing exactly where you’re headed and how to get there efficiently. That’s where 360 real estate analytics comes in - your secret weapon for making smarter decisions, generating leads, forecasting trends and staying ahead of the competition.

What is 360 real estate analytics?

At its core, 360 real estate analytics is a comprehensive, all-encompassing view of your business data. This involves tracking key performance indicators (KPIs), using business intelligence (BI) tools to analyse data, and turning those insights into action. The goal? To see every angle of your business.

How can 360 analytics transform your business?

1. KPI tracking made simple

Keeping track of KPIs is essential to understanding how your business is performing. But with so many moving parts in real estate, it can be tough to know which KPIs to focus on. 360 real estate analytics simplifies this process by giving you the tools to track everything in one place. Whether it’s monitoring the performance of your sales team or tracking how many leads convert into actual sales, you can quickly see where you’re succeeding and where you need to improve.

So, what should you be tracking? Key performance indicators could include:

• Sales conversion rates from leads,
• Commission earnings and upcoming payments,
• Agent performance on listings and sales closures,
• Sales velocity and time on market for properties,
• Geographical performance trends, tracking buyer sentiment and market shifts in specific areas.

2. Business intelligence for better decision-making

BI tools give you the power to analyse large sets of data and extract valuable insights. With 360 analytics, you can easily visualise trends and patterns, helping you make better choices when it comes to pricing, marketing and lead generation.

For example, imagine using BI tools to forecast buyer demand in a particular area. You could spot high-demand areas, tailor your sales strategies and even price listings more competitively to stay ahead of the market.

3. Lead generation and conversion

Did you know that you can use 360 real estate analytics to boost your lead generation? By analysing past client data, you can identify trends that help you target new leads more effectively. Maybe your data shows that specific buyer-related newsletters have higher open rates among potential buyers. Armed with this knowledge, you can fine-tune your email campaigns, sending targeted content to engaged buyers and increasing your chances of generating high-quality leads.

And it doesn’t stop there. With 360 analytics, you can also track how well your leads convert. Which marketing campaigns are bringing in the most promising leads? How can you nurture leads to improve conversion rates? The answers are all in the data.

4. Financial forecasting and planning

Running a real estate business is about more than just closing deals – it’s about managing your finances. 360 analytics gives you a detailed view of your financial health by providing insights into revenue trends, cash flow and upcoming commission payments. With the right BI tools, you can create detailed financial forecasts that help you plan for the future.

For example, you could generate monthly, quarterly or annual reports that track your team’s performance and commission earnings. This helps you reward top performers, stay on top of upcoming commission payments and even forecast future sales trends. With these insights, you can make sure your finances are as strong as your sales.

5. Combining sales and property management insights

One of the standout features of 360 real estate analytics is its ability to bring together data from both sales and property management. This means you can generate combined reports that give you a full picture of your business’s performance.

Imagine pulling up a client’s contact card and instantly seeing the properties they’ve bought, sold or listed for sale. Alongside this, you can also track the properties they’re currently leasing or have under management. This gives you crucial insights, like the purchase date, current rent and annual management income generated from their properties.

But it doesn’t stop there. You can also see which clients are making the most commercial impact on your agency, whether it’s through high-value sales or significant management fees. For instance, you can compare your clients average purchase price, sale price rent paid and even the commission your agents earned from these sales. You can use this data to identify key patterns, like which clients are repeat vendors or who might be a prospective landlord.

By combining your sales and property management data in one unified system, you can create powerful segmentation reports. These allow you to cross-reference your database, uncover hidden opportunities (like identifying vendors who are also landlords), and optimise your communication and marketing efforts. This unified view ensures that both your sales and property management teams are always in sync, driving strategic growth and maximising client relationships.

6. BI reporting: Making data work for you

With all this data at your fingertips, you need a way to share it with your team, clients and stakeholders. This is where BI reporting comes in. BI tools can generate easy-to-read reports that break down complex data into simple insights. Whether you’re presenting data to clients for a proposal or using it for internal strategy meetings, BI reporting ensures everyone’s on the same page.

Want to show a client how their property is performing compared to others in the area? Or perhaps you need a report to present at your next team meeting? BI reporting allows you to do it all, making your data work for you. 

How to leverage 360 real estate analytics?

To get the most out of 360 realestate analytics, here are some things to keep in mind:

1. ‍Invest in the right tools: Make sure you’re using a CRM that is specifically designed for real estate. This software should allow you to track KPIs, generate reports and create data visualisations tailored to your needs.‍
2. Train your team: It’s important to ensure that everyone in your team knows how to use these tools effectively. This means working with your real estate CRM consultant to get the right training started.‍
3. Focus on what matters: Don’t get bogged down by data overload. Focus on metrics that are most important to your business, whether that’s lead generation or conversion rates from inquires to closed deals.‍
4. Share insights effectively: When sharing data with clients or stakeholders, make sure your reports are clear and easy to understand. Avoid technical jargon and focus on actionable insights.‍
5. Stay compliant: Ensure that your data analytics and BI reporting processes are in line with industry standards, especially when it comes to data privacy.

 360 real estate analytics allows you to leverage the power of data, making smarter decisions that drive success. From tracking KPIs to generating leads and forecasting finances, the right BI tools in your real estate CRM can take your agency to new heights. And we’re about to make those tools even better…

At our Elevate '24 Product Release webinar in October 2024, we announced Analytics+ in Agentbox - an advanced business intelligence platform designed to streamline and enhance reporting capabilities for agencies.

This feature is still in development, but stay tuned for more information about an Open Beta Program coming soon. 

Watch Elevate '24 on-demand (or simply enter your details below), our exclusive product release event, where we unveiled brand new features in Agentbox that will change how you work with data – smarter tools, deeper insights and so much more.