5 Reasons Why Real Estate Companies Use Dashboards
Running a real estate company requires the use of a variety of tools. One of those tools is a CRM dashboard. It allows you to keep track of your performance. No matter which segment of the industry you might be catering to, you cannot overlook KPIs.
If you do not use any KPI, you are missing out on countless opportunities. Measuring your progress is necessary for succeeding. Since real estate is an industry that depends on building a strong relationship with customers, you need to use a dashboard to monitor every interaction.
Anyone considering using a dashboard will find this post to be helpful as it takes a close look at the top 5 reasons why real estate companies use dashboards. The last thing you want is to overlook minute details. So, what are you waiting for? Let’s get started.
What Are Dashboards?
Before we cover the benefits of using dashboards for real estate firms, it is important to understand what a dashboard is. It is a business intelligence solution that allows you to review large sums of data daily. It tracks sales and revenue, the number of days each property has been on the market, commissions, and just about everything.
A real estate management dashboard makes every task easier by providing key information. For instance, you might want to analyze the number of visits on each listing and track data sets such as average sales prices in the neighborhood overtime at the same time. This is where the dashboard truly shines.
A business intelligence solution keeps track of many key metrics that would otherwise be impossible to track, such as the following.
One of the key metrics that you can monitor with a dashboard is market days. When you know the number of days a property remains on the market, you get to create the right strategy. You also get to use the metric for comparing different property categories.
Working for rental properties requires real estate firms to keep an eye on the occupancy rate. By analyzing low occupancy rates, it is possible to filter unrented properties and find out the reason behind those properties remaining unrented.
You can also use the dashboard to perform a critical analysis of the inventory to find out how much workforce would be needed if inventory continues to grow.
Now that you have an idea about what a real estate management dashboard is, it is time to uncover what it can do.
Related post: 8 Reasons Why Real Estate Is A Smart Investment For You
1. Intuitive, Comprehensive, and Straightforward
Gone are the days when real estate firms used spreadsheets. They have realized that there is just so much that can be done with a spreadsheet. Switching to a real estate dashboard is possibly the best decision that you can make. It is intuitive, comprehensive, and straightforward.
The main reason why dashboards have become very popular is that they provide a simplified and succinct version of important data. Rather than sifting through spreadsheet after spreadsheet, you get to review all your KPIs and metrics from one place.
Access updated information anytime you want with minimal effort. Review the progress you have made over the last quarter, check the individual performance of realtors, and more. Forget about digging up old spreadsheets when you make the switch.
Although you can use Google Sheets for building a dashboard, you will find the steep learning curve to be discouraging. Instead of learning the ins and outs of the process, you can use a ready-to-use tool to get started. Besides, it would eliminate the risk that comes with human error.
2. Allow You to Gather and Analyze Client Feedback
Another reason real estate companies use dashboards is because it allows them to gather and analyze client feedback to generate valuable insights. You can easily customize the dashboard to prioritize customer feedback data. For instance, you can use the dashboard to send surveys to clients to rate their experience after closing a deal.
The quantitative data you collect will help you understand how clients truly feel about your service. You can use this data for performance reviews and find out how each realtor is performing. The overall results can be examined at the end of each quarter to identify areas that can be improved.
A dashboard prevents personal bias, which means that the results do not get compromised. This type of data is essential as you need to connect with people and learn more about their experiences. Using dashboards ensures that your business has access to crucial information.
3. Aids with Decision Making
Since real estate dashboards obtain customer data and perform data analysis, real estate firms can use them for decision-making. When you measure the right KPIs, you get to figure out how to grow and expand your business. You will also get to discover hidden trends and gain knowledge that routine reports cannot explain.
Get a complete business overview with a dashboard. Besides, you cannot expect to analyze the business reports and comprehend the results on your own. Instead, you need to use a tool to dig deeper into the data to make the right decisions.
Business dashboards offer all the information you need to make strategic decisions concerning a variety of issues. You can use the tool to access all kinds of data. For example, your real estate finance team can determine high commission properties by calculating projected net sales for the upcoming quarter.
Rather than relying on your instincts or personal judgment, you need to use a dashboard for decision-making. Take advantage of the tool to find results that you would otherwise be unable to find. You can also use it to evaluate employee performance. It is just what you need to manage every aspect of the organization.
4. Determine Your Strengths and Weaknesses
Real estate dashboards help you determine your strengths and weaknesses. Knowing both your strengths and weaknesses is important. If you do not know what your strengths are, you will be unable to market them to your customers. Similarly, if you do not know your weaknesses, you cannot expect to improve and grow.
Learning more about your high-performance areas and weaknesses allows real estate firms to create the perfect strategy. For example, real estate firms that find their net profits to be satisfactory can use the tool to conduct a thorough analysis to identify areas where they can improve for increasing their revenue.
Moreover, knowing company strengths provides a sense of achievement to the organization. It allows the organization to plan for the future. Another example that you can consider is if your real estate website gets a high number of rental visitors. You can focus on the strength and move towards selling.
5. Enhanced Customer Satisfaction
Real estate dashboards also help enhance customer satisfaction. When you accurately monitor business processes, you can expect to better serve customers. As chances of error would be mitigated, there would be fewer negative feedbacks and complaints.
The only way a real estate firm can gain the trust of its customers is by enhancing its relations with customers. CRM real estate provides the ultimate solution for enhancing your relations with customers. Therefore, you need to use one to take customer relations to the next level.
Bonus: Analyze Which Channels Generate the Most New Leads for Preparing the PerfectMarketing Plan
Lastly, you can use a real estate dashboard to find out which channels generate the newest leads to prepare the best marketing plan. Lead generation is the backbone of every real estate firm. As you are likely to be managing multiple channels of communication, you need to find out which ones are the most effective.
Dashboards allow you to track traffic from every channel to find out each channel is performing and how you can improve the performance of each channel. Compare the performance of each channel to create a marketing plan that focuses on the most effective channels.
Engagement analytics provide a real picture of how your marketing channels are performing. Not only can you find out the open rate of email marketing, but also the number of visitors that visit the landing page through Google Ads. Thus, you can leverage all the information you obtain about engagement to craft a marketing plan that is highly effective.
Use a Real Estate Dashboard
Once you have finished reading our post, you will come to know why real estate companies use dashboards. From being intuitive to help enhance customer service, every real estate firm will find dashboards to be extremely useful. There is no limit to what can be achieved with its help.
As the real estate industry grows, it is crucial that you stay ahead of the pack by adopting the latest tools. Use the best real estate CRM to stay competitive and become a market leader. You will be amazed by the capabilities of a dashboard. Make sure to understand the requirements of your niche to choose a CRM tool that takes care of all the work.
Related: Real Estate Trends that Realtors need to look out for
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