The real estate industry, like every other industry, has begun reaping the rewards that big data and data-driven technologies are providing
FREMONT, CA: The vast amounts of data generated by the real estate industry can be beneficial as innovative technologies and ideas are boosting the sector at both micro and macro scale. These data should be taken advantage of, for maximum predictive impact.
Visual data is at the forefront of one of the most innovative data-driven technologies being used in the real estate industry. Realtors can implement virtual reality technology after collecting enough data to give prospective buyers a tour of the property, offering an in-depth look at the dimensions of any given building that a static photograph cannot provide.
Realtors expand their market as they don’t have to set up actual appointments to show a home and can show it to many different potential clients at once. Houses can also be staged virtually through VR, by turning an empty unfurnished home into a staged home to attract any number of aesthetic tastes.
With the rise of proptech, technologies that utilize the huge amounts of data generated in the world of real estate are benefiting both dealers and purchasers to make better decisions.
Quantifiable data, whether collected from historical sources, social media platforms, or any other number of sources, function to show a bigger picture than many are not used to seeing. Much of the raw data generated by or relating to the real estate industry is not all that helpful. However, with the power of data analytics, machine learning tools, and artificial intelligence, the manual work is taken care of, leaving a filtered and useable product. These new technologies are providing the same advantage to anyone willing to take the time to apply big data efficiently.
These technologies are unlikely to upend the real estate industry outright, but they will, however, transform how properties are sold, evaluated, marketed, and even seen on an authentic level.
Analytics is the most basic yet powerful data-driven tool for the real estate sector. Its benefits extend to both consumer and realtors as it allows for advanced property evaluation across a considerable spectrum of parameters. It enables real estate companies to determine value more accurately and mitigate risks, increasing customer engagement by providing them with highly relevant information regarding potential purchases.
Realtors and investors can stay up to date on vital market data in real-time, thanks to the use of data analytics. Accuracy and timely market data can make a big impact on a company’s capability to turn a profit on a piece of real estate. It will also enable potential buyers by providing a comprehensive view of the market, even if it changes constantly
While these enormous reserves of data are already used by artificial intelligence programs to enhance customer experience through personalization and predictive home evaluation, it can further boost the real estate area. It can accurately predict locations which will be most beneficial for developers to invest in, optimize market-level profitability and revenue as well as helping to identify optimized spatial layouts of new developments.