Monitoring a Real Estate Business and Market Trends
Real estate is one of the most significant sectors of the economy. It comprises buying, selling, managing, and investing in property. For a real estate firm, it is important to periodically monitor its sales, revenue, agents, commissions, and more to make the business more effective and productive. With a real estate management dashboard, all the key information the company relies on is gathered in one convenient location to help the business leaders make the right decisions at the right time.
Tracking all the activities involved in running a real estate company with a dashboard makes it convenient to view crucial data since it is updated in real time. Bold BI can be used to build a dashboard that showcases and highlights appropriate metrics and KPIs for real estate data, like tracking property sales and revenue.
This blog aims to inspire you through an example dashboard that handles real estate industry data.
Real estate KPIs and metrics
Using a real estate management dashboard, company leaders can easily track and monitor their sales summary (sale, rent) with important metrics and KPIs. Here are the metrics that are most helpful in a real estate business:
- Sales income
- Rent income
- Properties for sale
- Properties for rent
- Average days on market
- Average calls made
- Average meetings
- Average number of visits
- Property inquiry referrals
- Advertisement and promotion cost
- Sales by region
- Sales vs. target
- Advertised vs. sold
- Properties sold and rented by agent
- Recent property status
- Recent inquiry details
The following figure shows a complete real estate management sample dashboard.
Let’s see how to define key metrics and KPIs by capturing real estate data and visualize it using a Bold BI dashboard.
Sales income
This number card represents the total income earned by properties sold.
Rent income
This number card represents the total income earned through rental properties.
Properties for sale
This number card represents the total number of properties available for future sales and how many properties have been sold.
Properties for rent
This number card represents the total number of properties available for future rent and how many properties are being rented.
Average days on market
This number card represents how long each of the properties available for sale or rent have been on the market. This figure helps in pricing the properties by allowing you to monitor market trends and alter the pricing strategy if needed.
Average numbers of calls and meetings
This number card represents the average number of calls made and meetings held for a property sale
Real Estate Management Dashboard
Average number of visits
This number card represents the average number of times agents show a property to buyers
Real Estate Management Dashboard
Property inquiry referrals
This pie chart represents the inquiry distribution by referrals. It showcases the number of inquiries received based on referrals like television ads, calls, digital ads, website, marketplaces, emails, social media, and others. Such a chart will help management plan for future advertisements and promotions. Also, it helps showcase which types of referrals are most helpful for property sales.
Advertisement and promotion cost
This line chart showcases the amount spent on advertisements and promotions for property sales and rentals each month. It helps business leaders make decisions on future spending in these areas.
Sales by region
This choropleth map represents the property sales distribution in U.S. states. It showcases the number of properties sold and still available in each state, and makes it easy to monitor which state has the most unsold and sold properties.
Sales vs. target
This stacked area chart represents the actual sales against the target on a monthly basis. It showcases the target set by management and whether the target is achieved over the last 12 months. It helps in monitoring which month management achieved its target sales income
Advertised vs. sold
This bar chart showcases number of properties advertised and sold by each real estate agent. It visualizes the performance of the agents.
Properties sold and rented by agent
This line chart represents the number of properties sold and rented by each real estate agent. It helps the real estate company management validate the performance of the agent.
Recent property status
This grid represents property details, like ID, name, agent name, sales type (sale or rent), payment status, and price.
Recent inquiry details
This grid showcases the inquiry details of properties along with the inquiry source, customer name, and contact details. It helps track the customer details of those who have contacted the company about properties.
We have seen various metrics for real estate industry data that can be monitored in a dashboard using Bold BI. Using this dashboard, you can maintain data visualizations that provide enormous amounts of information at a glance that will help you manage your real estate business more easily and effectively.
Conclusion
With this example, you should now have an idea of how to utilize real estate industry data in a real-time business intelligence dashboard to foster informed decision-making and improve your business growth. We also provide various dashboard examples for other industries, departments, and data analytics domains to help you find the solution for data visualization that fits your unique scenario.
Get started with Bold BI by signing up for a free 15-day trial and create more interactive business intelligence dashboards. If you have any questions on this blog, please feel free to post them in the following comment section. You can also contact us by submitting your questions through the Bold BI website or, if you already have an account, you can log in to submit your support question.
Originally published at https://www.boldbi.com on March 28, 2021.
