Data analytics can be a very powerful tool to empower commercial real estate businesses. A recent article inMondaq written by Joy A. Long, Head of Strategy, Infrastructure Development and Implementation of the Marketing Department at Orba, analyzes the way the Real Estate sector can increase its revenues by using analytics. The easiest part is to generate data. Businesses are constantly creating massive amounts of it. The hardest part can be harnessing it for profit.
“For example, commercial real estate businesses can tap a wide variety of data sources to increase tenant satisfaction and, in turn, improve lease renewals, occupancy rates and profits”.
Data collection can give businesses important insights to improve not only sales and tenant relations. For example, investors may use Artificial Intelligence to analyse patterns and understand how tenant’s preferences flow. Also, to organise and cross analyse data such as customer feedback, media information, tenant leads, databases, industry statistics and to create interesting inputs that can be very useful for the decision making process during the property development.
“For example, you could use data analytics to research different geographic areas to predict the demand for a project. Or, you could use the data collected from smart technologies that manage lighting, HVAC and security to identify usage patterns and trends to improve facility management and maintenance.”
The data analysed can be:
Descriptive (identifying trends and analyzing behaviors).
Predictive (forecasting the behavior of, for example, certain types of tenants).
Prescriptive (providing advice on features to include during development).
MKThink is working to help you collect important information to drive decision-making. Learn more by contacting us.
To read more: https://www.mondaq.com/unitedstates/landlord-tenant--leases/1064092/using-data-analytics-to-gain-a-competitive-edge-and-boost-tenant-satisfaction-