As with any business venture, decisions should be made on well-curated, informed and analysed data, with the rate at which the price of properties are skyrocketing and the average income of a middle-class Nigerian (40,000 – 43,000 naira ), there’s a negative correlation as to if the target market for these properties is the average Nigerian.
In this article, we will give a list of simple and effective ways real estate companies can collect the right data for their businesses from data collection, curation and simple statistical methods they can apply to make sense of the data collected.
Data Collection and Curation for Real Estate Companies
Surveys and Questionnaires
A survey is a research method used for collecting data from a predefined group of respondents to gain information and insights into various topics of interest. They can have multiple purposes, and researchers can conduct them in many ways depending on the methodology chosen and the study’s goal. Real estate companies can have a target audience, either by demography, geographical location, or simply their existing customers. Surveys are a good way to get insights into what type of housing needs is suited for a particular location, what affordable prices are, and so on.
Open Data Repositories
Open Data is the idea that some data should be freely available to everyone to use and republish as they wish, without restrictions from copyright, patents, or other control mechanisms. Various open data repositories online real estate developers can collect data from. Examples of such open data platforms are Google data search, Google trends Statista, Data World and many others.
Government Website and Data Portals
The Nigerian government also have local data readily available on their various websites for public use, and these datasets are subject to updates. Nigerian Bureau of statistics (NBS), Federal Ministry of land and housing Lagos state lands and bureau and other states.
Data Analysis Tools
Data analysis tools is a term used to describe software and applications that data analysts use in order to develop and perform analytical processes that help companies to make better, informed business decisions while decreasing costs and increasing profits. Below are some of the free and widely used data analysis tools real estate companies can leverage on
- Google sheet/forms
- Microsoft Excel
- Microsoft PowerBI and many more here.
Conclusion and Recommendations
The above are simple ways real estate companies can leverage data to better their process and make better business decisions. Real estate developers in Nigeria should endeavour to apply data because foreign Companies such as SmartZip and Buyside use big data to help real estate agents target leads.
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Article was written by Shamsudeen Suleiman