Uses of Software for Real Estate Industry

There are plenty of software that are used in Real Estate Industry. It all depends on what does an agent, firm, agency or even an enterprise seeks. Real Estate is a vast industry and comprises of numerous professions dealing in property, land, housing etc. Every person would require a unique or even similar software at times depending on the purpose of the development. However the basic needs of every Real Estate are same and they do seek software for these principal needs.

Transaction Management : These are helpful to the Real estate as it makes the high volume transactions and their leads easy to track.

Enterprise Resource Planning : ERP software integrates these various functions into one complete system to streamline processes and information across the entire organization.

The central feature of all ERP systems is a shared database that supports multiple functions used by different business units.

Data Procurement : There is huge amount of data for a developer to store. The various websites they have collected data from, primary and secondary collected data as well. A well guided system needs to be in place to utilize that information in a snap when needed.

Data Quality & Integration : When such a huge amount of data is stored there are high chances of data being redundant and even unauthentic at times. In big data systems there is lot of repetition of data which just creates confusion and too much of expenses. This ultimately leads to misguided leads and unreliable aftermath.

Data Governance : This is tool which which every business faces. One needs to be very legitimate and warranted under the law. Every country has different terms and conditions which one must adhere to.

One can’t afford to swim with the sharks when diving deep. Data and policies need to be in line within the law. It is arduous to be aware of all the laws which keep on updating time to time.

Data Segmentation : There are times when a real estate agency wants to distribute their data based on numerous parameters, like, Gender, Age, Income Group, Location, Budget other ways are into customer segmentation, market segmentation, product segmentation etc. The segmentation is chosen based on decision tree technique, CART or regression based technique. This segregation is tedious and takes forever to sort.

Data Modelling : Even if you have data but not the skill sets to interlink everything and come up with a conclusion, your data is futile. One needs to be well equipped to interpret the data from its conceptual base to take it a notch higher and connect the data with rest of the available intelligence.

Business Intelligence : Mastering this area is a huge task. There is always a scope of missing out on some factors which doesn’t give the desired results of the measures taken.

A complete analysis, keeping in mind all the parameters and factors and the possible errors in data, to predict the possible changes is a bit skeptical.

Real estate has and will continue to be a booming industry. People needed a roof to live in back then and will continue to demand till the mankind exists. Hence, conquering all the above areas may not make you a rich agent but will prove to be beneficial in the long run.

 

Rishabh Bora Written by:

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