Featured

4 minutes

BidX1 brings game-changing data intelligence to property market

Client

BidX1

Sector

Private Sector, Property Management

Technology

Microsoft Dynamics 365 and Power Platform

The Challenge

BidX1 is an international property company with an online trading platform that enables buyers and sellers to complete transactions with digital processes that are seamless, efficient and transparent.

The pioneering business, which evolved out of an auction house, is focused on transforming an industry that has been slow to embrace technology and remains relatively untouched by digital transformation. “We believe there is a better way to do real estate that involves technology.

Property sales is one of the last bastions of business not to go digital and online,” explained Tadhg Dolly, Group Chief Operating Officer. “It’s about investors agreeing on the price of an asset that they have made themselves familiar with at the front of the process.”

The company identified cloud-based technology as the enabler for its property trading platform, and Microsoft 365, Dynamics 365 and Azure as key components in its digital journey. Ergo had already helped implement the three Microsoft solutions and was called on again when BidX1 looked to improve its Business Intelligence capabilities.

With offices in the UK, Ireland, Cyprus, South Africa and Spain, and further expansion planned in 2021, the company was growing fast and wanted to make market insights a differentiator. With a unique ability to mine data from thousands of transactions and track supply/demand dynamics, there was an opportunity to provide buyers and sellers with unmatched market intelligence. Already unlocking insights from a bespoke CRM solution, BidX1 now wanted to harness Microsoft Power BI for better reporting.

The Solution

Power BI taps into a growing list of BidX1 data sources, including unstructured as well as structured data from across the markets where the firm operates. All of the data sources feed into the company’s customised Dynamics CRM solution, from where Power BI extracts it for analysis and a range of powerful insights.

With 100 licensed Power BI users and more to come, the intelligence it delivers is making a big difference to the business. BidX1’s online auction events provide multiple points of market intelligence for Power BI to analyse. Data around pre-auction engagement tracks interest in assets – residential and commercial – and shows the effectiveness of the marketing collateral. Post-event, bidder and buyer data can inform future marketing campaigns and geotargeting.

The growing database of transactions provides unprecedented levels of insight into different geographies, supply/demand dynamics and overall market trends. The company also captures all the ‘hygiene factors’ behind a property sale, routine but sometimes complex components, such as contracts, energy ratings, and photographs. All are virtually captured on a country-by-country basis in Dynamics 365, where they can be accessed by local users working on a sale or by the business for a big picture view of market trends.

An event catalogue is published on the web in the run-up to each auction and Power BI is used to gather insights around it that are helpful in selling the property, such as data on where interested bidders are coming from. After an auction, people and geographies can be identified for future events which informs how marketing budgets are spent.

The Benefits

BidX1 has worked with Ergo to become a data-driven real estate company, transforming the global property sales market with insights accessed from its online marketplace and ecosystem. It has given the company huge competitive advantage over more  traditional players who have limited access to data compared to the wealth of information captured in BidX1’s digital platform and processes.

“With Power BI we can share insights with clients that nobody else can, and we can manage the business across multiple jurisdictions,” said Tadhg Dolly. “Because all of our workflows are in Dynamics 365 and Power BI we can see exactly what is happening, day-to-day, across our business.”

Already on a spectacular growth trajectory, the business saw more demand from unexpected places during the Covid pandemic. Because of lockdown restrictions, other property companies have been forging new partnerships with BidX1 to get access to a global investor database and a digital platform that allows buyers to complete transactions online.

The company always recognised the importance of data for informing business strategy and engaging with clients, but Power BI has dramatically improved the depth and breadth of its reporting capabilities. In the process of implementing Power BI, Ergo helped define common data sets and data models that could be used across all its markets.

“Ergo helped us hugely in setting this up and putting in the foundations for Power BI. We like problem-solving but you can’t always do it on your own,” said Tadhg Dolly. “There are very rarely issues we can’t find an answer to with the help of the wider Ergo team. They help us keep moving at the fast pace we’ve set for ourselves.”

So close has been the partnership that Ergo Data Analyst, Kate Cunningham, was contracted to do a set number of days with BidX1. Niall Keogh, Head of Data Analytics at BiDX1, recognised the importance of her role:

“Kate has put great reporting in place for us. Everything else has been about building on top of that work and  bringing in new streams of data.”

Niall Keogh

Head of Data Analytics at BiDX1

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