8 Ways Suppliers Can Boost Sales via Real Estate Data Services
Multifamily suppliers providing their products or services to various management companies understand just how challenging it can be to navigate the multifamily space without a reliable multifamily real estate data services provider. This market, characterized by its ever-changing nature and trends, demands that one keeps track of new properties, management changes and properties that may be in need of renovation.
Despite the abundance of data in the multifamily industry, it frequently suffers from inaccuracy and inaccessibility, contributing to the industry’s opacity.
Multifamily real estate data services—an amalgamation of technology, analytics, and deep market insights—serve as a beacon, guiding suppliers through the complexities of the multifamily market. These multifamily data providers offer a wealth of information that would prove invaluable to suppliers. Information such as:
- Properties in pipeline
- Property management changes
- Personnel and C-suite contacts
- New market entrants
With access to such a multifamily database, suppliers can make informed decisions, tailor their products and services to meet market demands, and, most importantly, boost their sales in a market that is as competitive as it is lucrative.
A snapshot of the multifamily market
As things stand, high mortgage rates and a limited housing inventory have made it more challenging for individuals to purchase homes, leading to a sustained demand for rental properties. As a supplier, this stability indicates a continued demand for products and services related to multifamily properties.
Additionally, 88% of respondents in a quarterly survey on the sector reported experiencing construction delays, with 79% facing permitting delays. These delays can have a cascading effect on the supply chain and project timelines. Suppliers need to be aware of these delays, as they can impact the timing of demand for their products, and the best way to do this is via multifamily data service providers.
In this post, we’ll delve into how suppliers can make the most of multifamily real estate data services and increase their revenue. We’ll also look at some of the industry’s best real estate data service providers and discuss the future of technology in this space.
So, whether you’re a seasoned supplier in the multifamily market or a newcomer seeking a piece of the pie, this article will provide you with insights, strategies, and real-world examples that will empower your business decisions and pave the way for unprecedented growth and success.
8 Ways Suppliers Can Use a Multifamily Real Estate Database to Boost Their Sales
Effectively leveraging a real estate database can be the difference between thriving and merely surviving as a multifamily supplier. Therefore, suppliers can adopt several strategic approaches to make the most of multifamily real estate data services, transforming insights into action and profits:
- Utilizing detailed apartment data: SMART Apartment Data’s Supplier software offers over 200 data points, including 40 high-value amenities. Suppliers can use this detailed information to tailor their products or services to specific needs. For instance, knowing the amenities of an apartment complex allows suppliers to offer bespoke solutions, enhancing their appeal to property managers.
- Exploring management portfolios: Understanding the scope of properties and units managed, along with the location of headquarters and regional offices, can help suppliers target their marketing efforts more effectively. This data is crucial for creating personalized pitches that resonate with property managers, demonstrating a deep understanding of their portfolios.
- Leveraging personnel and C-suite contacts: With our Supplier solution, multifamily suppliers gain access to detailed contacts across ten departments, including work history. This is a goldmine for networking and relationship-building. Suppliers can identify key decision-makers and tailor their outreach, increasing the likelihood of successful sales.
- Tapping into the pipeline: Information on proposed, under construction, pre-leasing, and canceled projects offers suppliers a sneak peek into future market trends. This enables them to anticipate demand and position their products accordingly, staying ahead of competitors.
- Monitoring management and ownership changes: Changes in management and ownership can signal new opportunities for suppliers. These changes often come with a shift in needs and preferences, opening doors for suppliers to introduce their products or services to new decision-makers.
- Keeping an eye on onsite and personnel changes: Onsite changes and personnel shifts can alter a property’s requirements. Suppliers can use this data to offer timely solutions that cater to these evolving needs.
- Tracking new constructions and renovations: Knowing about new constructions and renovations helps suppliers understand where their services are needed most. This insight allows for strategic positioning and targeted marketing efforts.
- Identifying new players in the market: Staying updated on new entrants in the multifamily market enables suppliers to quickly establish connections with these potential customers, offering their products or services before competitors do.
Basically, multifamily real estate data services do more than just provide raw data. They provide filtered, actionable information that can drastically improve a supplier’s sales strategy. By leveraging the wealth of information available, suppliers can make informed decisions, personalize their approach, and adapt to sudden management changes.
Unlock the most comprehensive source of multifamily data and elevate your business insights by reaching out to us today.
SMART Apartment Data: A Leader Among Real Estate Data Companies
You now understand how suppliers can leverage a multifamily database to boost their sales. As a supplier, the next logical question would be: Which multifamily real estate data companies are the best to choose from? In this section, we’ll look at SMART Apartment Data and what you can expect should you choose to partner with us:
In the multifamily real estate data services space, SMART Apartment Data emerges as a leading player, offering a robust and innovative sales platform designed specifically for multifamily suppliers. SMART Apartment Data stands out from other real estate data services companies thanks to its:
- Modern sales platform: SMART Apartment Data is more than just a multifamily data provider; it’s a modern sales platform that empowers industry leaders to pinpoint sales opportunities, make data-driven decisions, and ultimately close more deals. This approach positions the company as an integral part of a supplier’s sales strategy.
- Extensive database: Boasting over 220,000 properties, 14,000 pipeline projects, 9,000 management companies, and a whopping 90,000 personnel contacts, SMART Apartment Data offers one of the most comprehensive national databases in the industry. This vast array of information provides suppliers with unparalleled insights into the multifamily market.
- Regular data updates: The Supplier solution ensures data accuracy and relevancy by updating its information every 30 days. This process is conducted by trained professionals who cover more than 200 data points, including 40 high-value amenities, management portfolios, and detailed personnel contacts across 10 departments.
- Detailed pipeline information: SMART Apartment Data’s pipeline information is a valuable resource, encompassing details on proposed, under-construction, pre-leasing, and even canceled projects. This aspect of the service gives suppliers a forward-looking view, enabling them to anticipate market trends and adjust their strategies accordingly.
- Helpful alerts for industry changes: The Supplier solution excels in keeping users informed about critical changes in the industry, including personnel, management, ownership, new constructions, renovations, and new market entrants. These alerts are crucial for suppliers looking to stay ahead of the curve.
- Innovative mobile app: The Smart Mobile App sets the company apart, offering location-aware services, integrated route planning with Google Maps, one-touch communication access, and intelligent search capabilities. This mobile integration ensures that users have powerful tools at their fingertips, even on the go.
- Integrated with other platforms: With over 300 third-party integrations, SMART Apartment Data allows users to seamlessly push data to various apps. This feature, combined with the ability to drill down into detailed data and export industry reports in formats like Excel or CSV, enhances its versatility.
- Trusted by industry professionals: This multifamily real estate database is trusted by over 10,000 industry professionals. These users rely on SMART for competitive insights, leasing tools, and marketing resources, using it to maximize rental revenue, track competitors, and manage property performance metrics.
Future Trends in Multifamily Real Estate Data Services Suppliers Should Know About
As we conclude on the topic, it is worth looking at the future of multifamily real estate data services and how suppliers may be affected:
- Data-driven real estate transactions: The traditional methods of real estate transactions are evolving rapidly. Nowadays, more and more deals are relying on comprehensive data analysis. This shift isn’t just about assessing property values or rental yields; it’s about leveraging data for sophisticated appraisals and accurate forecasts. This trend signifies a move towards smarter investment decisions, where data, not just instinct, guides choices. Suppliers should focus on providing robust and insightful data solutions to support these evolving needs.
- Entry of big data companies: There’s a new player in town: Big Data companies. These entities, known for their prowess in handling vast amounts of information, are likely to enter the real estate services market. Their entry could be a game-changer, as they bring their advanced analytical tools and algorithms to real estate, offering unprecedented insights into market trends, consumer behavior, and investment opportunities. For existing suppliers, this could mean heightened competition but also potential collaboration opportunities.
- Technological partnerships: Technology companies are increasingly eyeing the real estate sector for growth. Their interest isn’t just in selling products; it’s about building integrated systems for automation and data collection. These partnerships between tech companies and real estate firms could lead to innovative sources of data and fresh sales opportunities for suppliers. Suppliers who can provide these advanced systems will find themselves in a prime position to capitalize on this trend.
The multifamily real estate data services industry is heading towards a more data-centric, technologically advanced future. Suppliers need to stay informed, adapt their offerings, and be ready for collaborations that can help them navigate this exciting yet challenging landscape.
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