Data are now woven into every sector and function in the global economy. These days all work is becoming “data-informed” or “data-driven.” Big data enables better demographic insight into how products and services are used by enterprise and competitors.
The presence of big data analysis has revolutionized the way industries operate. It is no wonder then that the real estate sector is also affected. Big data gives the ability to shift from expense to opportunity.
Three different kinds of data that are important to the real estate industry: property data, customer behaviour data and market data. Customers who would benefit from big data analysis include brokers, banks, and insurance companies, housing corporations, investors, authorities and real estate project developers.
Now it’s time for the real estate industry to tap into the Big Data phenomenon. Up till now, real estate has been governed solely by brokers. But with big data, now it’s all about taking the power back from the broker. The rise of Big Data means brokers are no longer the gatekeepers of all information.
Be it residential or commercial, real estate is largely affected by big data. It has already begun to shape the real estate industry all over the world. For example, in New York, the local government has brought a host of dusty tomes of public real estate records online and made them easily searchable for brokers, developers and private real estate companies.
Companies like Trulia and Zillow have come up to fill the information void for real estate agents. Their online databases provide a treasure trove of knowledge — everything from information about whether consumers are prequalified for mortgages to home-purchasing intent gauged by analyzing online search patterns. Apart from this, there are a host of apps like Dataquote, a Dutch startup that delivers market insights to real estate professionals. These apps are designed to cater to the vast real estate sector out there.
Now a new crop of real estate start-ups is growing. Companies such as CompStak, a commercial leasing database, and BlockAvenue, which collects lifestyle data on micro-neighborhoods, are flourishing.
IntelligenceNODE believes that big data in the real estate sector leads to a phenomenon called connected Data for a connected world. Everything and everyone is digitally connected. The ultimate goal of personalization is reached thanks to massive amounts of predictive data.