The real estate industry has always attracted investors because of its potential for high returns, as real estate values tend to increase over time. As with any investment, there is a level of risk, which real estate investors manage by analyzing trends, and monitoring their portfolio, and making sensible judgments. However, analyzing data and gaining insight into it has become a major interest for many institutions. Applied to business, embedded analytics helps maximize profit and minimize risk. With embedded analytics, you can quickly compile and analyze data in your own business applications, illuminating business insights in real time, which helps you stay one step ahead of your competitors. In this blog post, I am going to give you an overview of embedded analytics, and how Bold BI can help you enhance your real estate business.
What is embedded analytics?
Benefits of embedded analytics in the real estate industry
Embedding analytics in your company software helps you identify the essential trends within your market data and enables you to gain insight into important key metrics easily without any professional assistance in a more cost-effective and efficient way. On this topic, I am going to discuss the areas in which embedded analytics can improve your real estate firm. The key areas are:
- Improved operational reporting and analytic capabilities.
- Gain a competitive advantage.
- Increased revenue with proper financial administration.
- Ease the sales process with enhanced marketing techniques.
Improved operational reporting and analytic capabilities
Embedded analytics assists in budget analysis, expenditure tracking, property maintenance schedules and updates, and periodic sales, rent, and lease operations comparisons. Monitoring these metrics closely helps you optimize overall operations, cut down unnecessary spending, and increase profitability. You can also get timely alerts whenever a preset threshold limit is reached in any metric. All of these tools work together to help you track important performance KPIs and motivate your team to achieve their targets.
Gaining a competitive advantage
To gain an advantage over you competitors, your approach to customers should be more appealing by using attractive advertisements, providing periodic discounts, and more. To keep up with evolving client expectations, you’ll need to make sure your analytics solution can consistently evolve and receive valuable enhancements swiftly. Embedded analytics helps you track your customers’ interest using metrics like the average number of visits per property, customer behavior, purchasing trends, feedbacks, and more. Using these insights, you can provide special offers to customers, which helps you close more deals over your competitors while growing your company.
Increased revenue with proper financial administration
Embedding analytics in your company app helps you monitor income earned via sales and rentals, the average time spent in calls and meetings with customers, the average number of days to sell a property, the number of inquiries and referrals, and gives you insight into your company’s financial activity in real time. Also, you can monitor the cash flow of the company, money spent on closing deals, agent payroll details, and more. Tracking these metrics helps you assess operational costs, identify top performing agents, and work with specific agents to help them to achieve the targets. With this data, you can also uncover more sales opportunities, increase referrals from satisfied customers, and more.
Easing the sale process with enhanced marketing techniques
When it comes to marketing, there is no one-size-fits-all concept. Embedding analytics in your applications enables you to track key metrics like advertisement and promotion costs, property sales and rentals per agent, and sales versus targets that help you obtain insight on customer purchasing patterns, regional property values, and more. From this information, you can introduce custom marketing campaigns specific to regions based on customer interest, and in turn boost your property sales. You can also forecast market trends using predictive analytics and set market-competitive prices, which not only helps you close more purchases, but also improves your marketing campaigns.
How to embed analytical tools into real estate apps
Let’s see how analytics can be embedded into real estate web applications. Bold BI helps you embed your dashboards in more than 10 web application platforms, including ASP.NET Core, ASP.NET MVC, Angular, ASP.NET, Ruby on Rails, and more. In this blog, I am going to explain how to embed dashboards into ASP.NET MVC applications. Consider a scenario where your real estate company has a website like the one shown in the following image.
You can embed dashboards easily using Bold BI Embedded and avoid building an analytics or BI solution yourself. Follow these steps to embed your dashboard successfully.
Step 1: Creating an ASP.NET MVC application
To successfully embed a dashboard in your application, first you need to create an ASP.NET MVC application. So, open Microsoft Visual Studio and click New Project. Then choose ASP.NET MVC Web Application, enter the project name, and click OK.
Step 2: Configure embed properties
After the ASP.NET MVC web application is created, you need to create a Model class called EmbedProperties under Models and provide the dashboard RootURL, SiteIdentifier, Environment, UserEmail, and EmbedSecret.
Property Value Descriptions
Bold BI dashboard server URL. For example: http://localhost:5000/bi, http://dashboard.syncfusion.com/bi.
For Bold BI Enterprise, it should be something like “site/site1.”
For Bold BI Cloud, it should be an empty string.
Bold BI application environment.
For Bold BI Cloud, you can use “cloud.”
For Bold BI Enterprise, you should use “enterprise.”
Bold BI server will use an email to authorize the authorization server.
Step 3: Generate embed secret
You have to set the EmbedSecret for authentication. You can get the embed secret from the Bold BI server. Then, navigate to the Settings icon in the left navigation bar and click the Embed tab. Click Enable embed authentication and then click the Generate Secret button to generate the embed secret. On clicking the button, a secret key will be generated, and you can paste it into the application. For more details on how to do this, you can refer to this documentation link.
Note: Save the secret key, as it cannot be retrieved again. If you do not save it, you will have to generate a new one using the Reset Secret option.
Step 4: Create authorization server
You need to implement an authorization server in the ASP.NET MVC application to get authenticated before embedding the dashboard from the Bold BI server. You can also configure the single sign-on (SSO)-based authorization server, which is an authentication endpoint that enables users to securely authenticate multiple applications using unique embed secrets. This prevents the need for the user to log into different applications separately.
Step 5: Create Bold BI instance
Step 6: Run the application to embed the dashboard
After creating the ASP.NET MVC application, you need to run it. It will be launched successfully with the dashboard details. Finally, you can see the dashboard created in the Bold BI server is embedded in your web application, as shown in the following image.
Bold BI real estate dashboard example
Real Estate Management dashboard
This Real Estate Management dashboard demonstrates a dashboard that helps real estate company admins monitor their sales on a monthly basis with important metrics such as properties for sale, properties for rent, average visits per sale, average days on market, average meetings held, and average calls made per property sale, properties sold and rented by real estate agent, sales by region, and advertisement and promotion costs. Also, it shows property inquiry details, property inquiry referrals, and real estate agent sales summary.
Key metrics and KPIs:
Average days on market: Shows the average number of days a property remains in inventory.
Average number of visits: Shows the average number of times agents show a property to buyers.
Sales vs. target: Shows the difference between actual and target sales numbers for property sales.
Sales: Shows the total income earned through property sales.
Rent: Shows the total income earned through rent.
Sales by region: Shows the sales of properties by region (in U.S. states).
To learn more about the metrics and KPIs used in this dashboard example, refer to the Real Estate Management dashboard demo.
Bold BI Embedded helps you integrate dashboards in your applications written in React with ASP.NET Core, React with Go, WinForms, Node.js, Vue with Go, Vue with ASP.NET Core, and more, seamlessly. It will save you time by helping you avoid redundant work. Click this link to explore its features. To learn more about embedding dashboards into your application, refer to this blog and our help documentation.
I hope now you have a better understanding of Bold BI and how it can help companies in the real estate industry to be more successful. You can create a dashboard any way you like with Bold BI Embedded’s 35 widgets and 130 supported data sources.
To get started with Bold BI, schedule a free 30-minute demo with our experts about creating dashboards and any other features you would like to learn more about. You can contact us by submitting questions through the Bold BI website or, if you already have an account, you can log in to submit your support question.