In your day-to-day role, you will already use a variety of software solutions from email platforms to property management systems and each of these will have their own reporting features and functionality.
Real estate has historically relied on outdated and disparate systems, using spreadsheets and CRM tools to house mountains of data. But these systems don't talk to each other. That's a huge problem causing landlords, brokers and asset managers to waste countless hours digging through multiple systems to answer even one simple question. It also makes it near impossible to see the big picture.
That’s where Business Intelligence (BI) tools come in—giving landlords and brokers access to a high-level view of their entire portfolio from a data and performance perspective.
At their core, BI tools analyze data and allow users to glean actionable insights. The industry already enjoys access to massive sources of data, on tenants, comparable sales, portfolio metrics and more. Having so many data sources is great, but when these systems don't sync up, they aren't nearly as powerful. BI aims to add one more step of automation in the process of analyzing and aggregating data, helping landlords reduce downtime, close deals faster and increase tenant retention.