Big Data is not a new concept in the world of technology. In fact, it has been there for a while now. However, it is only very recently that other verticals are realizing the potential of Big Data. Real estate sector is one of them. Moving away from traditional methods of spreadsheets and reports, the sector is embracing Big Data for analysis and insight of customer behavior. This will help increase the accuracy of marketing initiatives. Additionally, it will assist organizations to capture, store, analyze, curate data, search, share, transfer, visualize, and update data while keeping the maintaining confidentiality of information.
Big Data as a tool helps the real estate players with customized service, decision making, and identifying lucrative markets. It is equally useful for agent and channel partners. They can not only increase their revenues but also reduce their marketing costs with Big Data insights. Earlier, location was considered as the most important parameter for real estate purchase. However, Big Data changed this perception. There are now several analytical websites and computer systems available to analyze Big Data (i.e. valuation and population trends, buyer and seller demographics, vacancy and home listing percentages, title insurance, and chain of title searches) for a swift one-day to three-day closing of prospective buyers and sellers.
Tools available with Big Data assist real estate professionals in boosting the sales by offering new ways of looking at development and community planning. With the use of information obtained through analytics, developers can now learn more about return on investment, target group in the specific city etc. With the help of business intelligence, data can be analyzed and also be presented in actionable information, enabling businesses to make informed decisions. Artificial intelligence (AI), Business Intelligence (BI) and data analytics have their own role to play in new business opportunity, as it provides useful insights for businesses. Gone are the days when buyers relied on human resources while buying home. Today, it is all about geolocation data and hyper local demographic data– a subset of Big Data-before taking a call on buying the dream home.
As conventional methods continue become irrelevant, real estate sector requires a newer, better and comprehensive system for decision-making process. Big Data is not only the right solution but the way forward for the sector to stay ahead of the curve, especially with the digital boom.
