Real Estate Valuation is one of the most important aspects of the real estate industry. Leave it out of the equation, and there would be no use for looking at property, let alone buying it. Why? Real estate valuation is estimating the value of real property for the purpose of financing, investment analysis, insurance, and taxation. Real estate valuation engines (or real estate analytics), however, is the software that facilitates those functions. It streamlines the process between the time a property initially goes up for sale and the time it is sold.
Other Functions of the Analytics Software
As important as appraisals and valuations of commercial and residential properties are to the real estate analytics software, that's not the only purpose it serves. It can also do:
Benefits of Real Estate Analytics
With the real estate industry increasingly embracing technology, the reliance on analytics software has reaped major benefits for agents and clients. There has been transformation in many ways:
Agents can Make Smarter Decisions
Agents and brokers can make more precise decisions when going through the buying and selling process. Real estate analytics provide customer insights, which shows information such as names of buyers, what property they bought, when they bought it, why and how. It can also predict who will buy and sell their properties in the near future. This allows for more accuracy in pinpointing and targeting customers, who intend to buy or sell their property.
Customers Get Empowered
Customers can also benefit from real estate data analytics. With unprecedented transparency and accessibility for buyers and sellers, they are provided information about their properties' value, and the best time for them to sell.
Better Understanding of Online Trends
Analytics gives the agent a better understanding of visitors' behavior online, that is, their search patterns. Advanced analytics can also produce information in real-time that allows for daily adjustment of organic and paid campaigns.
Agents will also be able to tell their clients exactly what to do to get the highest ROI on their property.
Why it's So Important
Precise real estate valuations is paramount to agents, brokers, buyers and sellers. Without real estate data analytics software, it would be difficult to make informed decisions on when to buy or sell property. Analytics in real estate is essentially one of the core elements of the real estate industry.
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