Are you tired of reading about the billions of dollars being invested by technology companies to convert many of the real estate industry’s brokerages and franchises? Are you wondering how you are going to compete to recruit and retain agents and without killing your own bottomline?
WAV Group just released a case study highlighting a meaningful way that Daniel Gale Sotheby’s International Realty is leveraging their own historical data to do just that. This smart, tech savvy brokerage is leveraging 20 years of historical data to create a data warehouse that can be used to retain agents by providing them with actionable insights that lead to business success. Susan Poli, Chief Operating Officer and Jason Miller, VP Information Technology shared their insights about how they started on their own trying to build their own data warehouse. They ultimately partnered with TRIBUS for this initiative because of their depth of expertise in managing Data Warehouses and their ability to draw out unique insights that outline ways to improve agent productivity and office profitability.
Susan and Jason told us:
“We want to be able to look at our inventory of properties and find potential matches in our customer database. We also want to examine our customer database and predict when they might need us again as an example. Once we have a multitude of datasets combined in an easy to access way, we can pose all kinds of questions to help our agents be more efficient and effective at generating new business.
We are sitting on a ton of data and we don’t know how to sift through and analyze and make good use of it. That’s why we’re building a relational database that helps us turn our property history and customer data into workable intelligence our agents can use.”
Business Intelligence Applied to Brokerage
Business Intelligence tools are now emerging that will help brokers get a much more strategic look at their success triggers as well. Daniel Gale Sotheby’s International Realty explains their vision about how they are going to use Business Intelligence to increase profitability.
“We anticipate that our Business Intelligence tools will also be able to help us better understand how to maximize the profitability of each of our offices by sharing best practices.
If we can create historical data about how long it takes our agents to earn a decent wage, the relationship of training to business success, usage of technology tools related to closing deals and company compensation and incentive systems relative to agent transaction volume, we can create a much more effective method for creating productive, satisfied agents. A system that will help us accomplish that is worth its weight in gold.
Anybody can hire a real estate agent. We want to be the company that is the best at creating productive and profitable agents.”
If you want to learn more about how you can retain agents by deploying today’s Business Intelligence tools, Check out the Case Study HERE!