However, is it possible to understand collective buyer requirements and preferences? You certainly cannot go to each and every buyer and inquire. So what is the solution?
A team of data mining experts and statisticians collect data from every nook and corner and present it in a statistical form. This data can be generated across countries and continents. Now the visual representation that you see when this data is analysed gives you a clear idea of customer behaviour, their spending capacity, preferences and more. Using these statistics, marketing strategies can be planned.
Firstly we shall discuss the capabilities of data mining for the real estate industry:
• It can provide a city wise study and ranking of properties
• Analysing and identifying specific design feature preferred in a particular region
• Micro level trend analysis using market strength indicator, investment analytics, home price index etc.
Now using these trends, one can gain a thorough understanding of customer behaviour and preferences to answer questions like...
What happens with this understanding? This understanding of customer segments, its behaviour and preferences can answer all the above mentioned questions and these answers can be used as a guideline right across the process from the stages of design and planning, to real estate development and further to market the property.
Additionally, as you identify customer preference, you also identify the customer base and its traits. Hence marketing to this segment becomes targeted and takes on a successful turn as pitching is more accurate.
