When we talk about data and knowledge here at Lone Wolf, we usually use a framework from four different phases. With this framework, we can determine where a broker is in terms of data visibility and how effectively it can help with decision making.
Level 1: intuition
This phase usually indicates a strong dependence on intestinal instinct and uses very little (if any) concrete quantitative data.
This is a broker’s most valuable asset, because without solid data, the experience you have gained is the best context for smart business decisions.
Level 2: reports
In this phase, in which the majority of the real estate industry slows down the data, the proverbial certificate is heavily dependent.
It uses descriptive statistics to explain what has already happened in brokerage and expects the reader to extrapolate from there to identify future trends.
It also depends on the reader’s ability to interpret numbers on a page or in an Excel file – not the strength of every business manager.
Level 3: Dashboards
Dashboards are becoming increasingly popular in the real estate industry and build on the information from reports to convert descriptive data into visualizations.
The main goal is to improve the readability of data so that it is easier to use and historical data shows how your brokerage is developing.
Level 4: data science
This is the final phase of our framework. In the past, a broker was typically required to access and use a data scientist or analyst. Data science includes both:
- Predictive insights, the ability to predict what will happen in the future
- Prescriptive Insights, the ability to understand what options are available to influence future events
Each of the four levels means additional value for placement, without affecting the value of previous levels. Even if you have data science solutions that will help you, there will always be times when reports are more helpful – for example, when you run financial reports regularly.
However, we have repeatedly heard from our customers and industry experts that reports do not meet all requirements.
Strategic leaders need strategic insights, and they need that insight to play an active role in improving overall business.
We heard you – and we have an answer.
We are in the age of data.
Nowadays, our world is based on data – and how you use your broker’s data to improve your business will determine your success. However, you shouldn’t have to be a data scientist to unlock the value of your data.
For this reason, we have developed a tool with which Stage 4 can be made available to any broker in our framework – data science without having to be a data scientist.
Much like the dashboard you use to imagine trends will never replace the detailed reports you send to your accountant at the beginning of the tax season, data science will never replace your broker’s intuition.
Instead, it supports your gut feelings – and shows you where you can best use it to affect your brokerage and overall profitability.
Here is my question for you.
Where do you stand in terms of data maturity? Do you rely on your gut feeling or do you spend your days decoding dashboards and reports? How will you develop
Let’s talk about how we can help.
Note: We are not the author of this content. For the Authentic and complete version,
Check its Original Source