Data and AI Can Optimize Real Estate Revenue
Revenue growth is a key indicator of competitive success. This is a given, yet for many within the real estate industry, competing successfully is becoming more difficult. There are new competitive forces in the market that are pressuring access to real estate based on location and availability. Additionally, the buyers themselves are more informed now, and able to use the internet to research real estate partners before engaging. To find revenue success in this new world, companies in the real estate industry need to adopt an approach that ensures the customer’s journey is proactively managed, from first engagement and throughout the entire buying life cycle.
This is best facilitated by a common platform that supports an integrated revenue management approach. Technology and data should be part of that process because they are, after all, integral to any modern sales and revenue organization playbook. The goal in data utilization is to ensure that all aspects of the customer journey are managed, and that a variety of data sets are utilized, including both internal and supplemental external data. Furthermore, the data should enable all revenue-supporting teams—sales, marketing and brokers—as effectively as possible in order to maximize both revenue and customer retention. This kind of data preparation and integration will lead to opportunities for expansion and cross-sell while also encouraging customer renewal and retention. A strong data foundation will allow teams to track customer purchasing preferences and to predict local market trends, and a smooth handoff at each point in the real estate buying journey is important to ensuring the best possible customer experience. Informative data related to demographics, location and intent can also assist in the update to revenue optimization strategies.