Transforming Real Estate Through Power BI  


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After an all-time high in the Indian housing market in 2023, questions arise about what will happen in 2024, especially with the increasing reliance on Power BI visualizations to analyze and predict market trends.
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If someone is an end user or a first-time buyer, the first thing that pops into their mind is how to decide where to invest and whom to trust.
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A real estate agent can leverage client trust by showing economical and data-proven statistics graphs. The more concise and better-visualized data, the more effective they will be for the client.
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How can you create data visualization?<br/><br/>
Let us learn about how to transform real estate through the Power BI visualization tool:

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<h2 style="font-size:18px;">What is Power BI?
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<p  style="color:black;">A group of software services, applications, and connectors called Power BI Assemble to transform your disparate data sources into Integrated, Engaging, and visually striking insights. Your data may be stored in a hybrid data warehouse on-premises and in the cloud, or it may just be an Excel spreadsheet. With Power BI, you can easily view and identify what's important, connect to your data sources, and share that information with whomever you choose.
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<h2 style="font-size:18px";>Components of Power BI
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<p  style="color:black;">There are many components to Power BI, but let's focus on three fundamental ones here:
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<h3 style="font-size: 16px; font-weight: normal;">1. Power BI Desktop
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<p  style="color:black;">Power BI Desktop is an empirical BI and Power BI visualization program developed by Microsoft. It provides the users with an opportunity to interact with numerous databases, enhance, analyze, and model them, and generate effective and efficient presenting tools such as reports and dashboards. Moreover, these reports can be shared with other people within a given organization or published to the Power BI service.
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<h3 style="font-size: 16px; font-weight: normal;">2. Power BI Service
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<p  style="color:black;">The Power BI Service is an online software as a service (SaaS) provider. The Power BI Service is a cloud-based application from Microsoft that provides facilities to share the reports and dashboards generated from Power BI Desktop with other users. It enhances the functionality of Power BI Desktop by giving a single workspace where you can acquire, monitor, organize, and deploy analytic content.
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<h3 style="font-size: 16px; font-weight: normal;">3. Power BI Mobile Applications
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<p  style="color:black;">Power BI Mobile Apps are Microsoft Power BI apps specifically developed for iPhone, Android or Windows-supported portable devices. These apps enable you to use your mobile devices to open, view, and engage with your Power BI reports and dashboards as and when you want without necessarily being in front of your computer.
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 The Power BI desktop, service, and mobile apps are all designed to enable you to generate, share, and use business insights in the way that best fits your needs and your job.
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 <h2 style="font-size:16px;">How You Can Use Power BI Visualization Tool for Real Estate?</h2>
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  <li  style="color:black;">With valid datasets like properties, location, and market segmentation, you can easily compare and simply comprehensive datasets for your client. Visual tools like clustered bar charts or scattered plots can reveal the analysis that cannot easily be identified by raw data.
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  <li  style="color:black;">Adding different sheets containing distinguished sets of information in one dashboard can make it easy for the client to analyze their decision. This data can be customized according to real-time data, providing up–to–date insights.

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  <li  style="color:black;">Real estate is heavily dependent on location. Power BI’s mapping capabilities allow users to visualize properties on the map. Signifying key factors such as amenities, transportation, and geographical trends. 
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  <li  style="color:black;">One of the key benefits of using Power BI visualization in real estate is its ability to centralize data from various sources, such as CRM systems, property databases, and market reports, into a single platform for analysis.

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  <li  style="color:black;">By integrating Power BI with real estate management systems, agents can automate reporting processes, streamline workflows in real estate, and improve collaboration within their teams.

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 <h2 style="font-size:18px";>Power BI Trends in Real Estate 2024
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 <p  style="color:black;">Let’s discuss some Real estate trends that can be used in Power BI for real estate in 2024:
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 <h3 style="font-size: 16px; font-weight: normal;">1. Exorbitant Real Estate Prices
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 <p  style="color:black;">Given that this is an election year, there is little prospect of a market collapse. 50% of the GDP is impacted both directly and indirectly by real estate. Thus, the year to invest would be 2024.
 According to a report by Concorde on the prospects and patterns of the Indian real estate market, the industry is predicted to expand at an astounding rate (CAFR OF 9.2%) between 2023 and 2028.
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<h3 style="font-weight:normal; font-size:18px;" >2. Assessment of Luxury Homes
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<p  style="color:black;"> Mr. Anuj Puri, chairman of Anorak, stated in one of the reports that the luxury market is being pushed by consumers' growing desire for larger residences built by reputable developers in prime locations.
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 The new supply of homes also reflects the trend change. While the supply of affordable housing has decreased to 18% from 40% in the same period last year, luxury residences now make up 25% of new units, up from 11% in 2019. 
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 <h3 style="font-weight:normal; font-size:18px;" >3. Increase in Demand for Tier 2 and Tier 3 Cities
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 <p  style="color:black;">Just like in 2023, trends in real estate 2024 demand would also increase for these cities:
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  <li  style="color:black;">Tier 1: Cities like Mumbai, and Delhi have average property price evaluation has been around 3-5% per annum over the past five years.
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  <li  style="color:black;">Tier 2: Cities like Ahmedabad, Chandigarh, Coimbatore, Indore, Jaipur, Kochi, Luck Now, Nagpur, Seurat, Vadodara, and Vishakhapur.

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  <li  style="color:black;">Property price appreciation in tier 2 cities has been around 5-7% per annum.
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  <li  style="color:black;">Tier 3: Cities like Mysore, Bhubaneshwar, Patna, Raipur, Dehradun, Udaipur, Jabalpur, and Gwalior. Appreciation of property prices in Tier 3 cities has been around 6-10% per annum, greater than in Tier 1 and 2 cities due to lower base prices.  

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 <h3 style="font-weight:normal; font-size:18px;" >4.  Migration to Suburb Power BI </h3>
 <p  style="color:black;">Increase in demand for metro cities, in 2023 demand increased to 23%. The trend toward remote and hybrid continues to drive demand for suburban and peri-urban properties.
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 <h2 style="font-size:18px;">Conclusion
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 <p style="color:black;">In conclusion, the integration of various software tools, such as Power BI, has revolutionized the way real estate professionals analyze data and make informed decisions. As technology continues to advance, the use of advanced analytics tools will become increasingly essential for achieving success in the competitive real estate market Power BI visualization tool
Embracing these tools and leveraging their capabilities will undoubtedly lead to greater efficiency, profitability, and growth in the real estate industry.
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Remember, the key to unlocking the full potential of Power BI lies in continuous learning and exploration. Stay curious, stay innovative, and watch as your real estate business thrives in the era of data-driven decision-making.
 
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