“Data is like the air that a company breathes. Just as humans cannot survive without oxygen, a company cannot survive without the data (air) necessary to its life. Without that air, the company would theoretically choke.”
By now, many of us have heard the terms “big data” and “data analysis.” Whether we work with it or not, they’re catchphrases that seem to have really caught on. But what do they even mean? And why are they important?
Big data generally refers to any large quantity of raw data that can be gathered and analyzed to show us trends in an industry and a company. Big data aims to solve new problems…and old problems, but in a better way. When data is gathered and analyzed, it provides value. It helps to minimize risks, it improves decision-making, and reveals valuable insights that otherwise have been hidden. Sometimes, even insights that a company hasn’t even thought of yet.
This data comes from not only the industry we work in, but from within our very own company. From finances to marketing to technology, from letter campaigns to auctions to 360° Land Tours, the data we collect provides an immeasurable amount of value and insight. That insight drives the direction of our company and maximizes our potential. It assists in the determination of issues and trends and doing that allows us to be more efficient and to determine and eliminate concerns before they have a negative effect on our business in general.
Here at National Land Realty, we utilize opportunities to enhance the way we do business. We look at the comparable sales in specific regions and track the number of sales, pricing, and acreages to determine dips and rises in the market. We study the efforts of our top performers so that we can see what works (and what doesn’t). We track the types of land our agents’ clients are listing and buying. We do this to not only improve our efficiency as a company, but to improve the capability of our agents, who then improve the experience of their clients.
Because of this data and analysis, we are developing an entirely new generation of services that we can offer. This is just another way that National Land Realty is taking the land industry to the next level.