This week is the final chance to submit your startup to pitch at Expo Real (over 44,000 delegates) and for a FREE stand at REIN ( Real Estate Innovation Expo). Click below.
Last week, we covered the basics of Big Data. This week we will explore its direct benefits for the Real Estate industry in particular.
Big Data is a wide-ranging description of datasets that cannot be processed in conventional data bases, but when analyzed computationally reveal actionable trends, patterns and insights.
Potential of Big Data in the Real Estate Sector
With consumers demanding more and more information, and more data being available on consumer behavior than ever before, the use of predictive analytics—being able to accurately show buyers and sellers what their home will be worth in the future, backed up by data science—is the game-changer.
For investors, one of the key opportunities with predictive analytics, is having the ability to know the value of a property, and knowing where the value is going to go and thereby achieving better yield on investments.
Benefits of Big Data:
Smart buildings with sensors have the ability to measure aspects such as air quality and energy consumption through the whole building. This gives office users and owners better insight into the current use of the building. Besides the physical aspects, it can also give insight into where employees are and use of space.
With the help of Big Data, appraisals can be become a less complex affair. For example, analysis can reveal the worth of neighboring properties in a particular area which results in accurate estimates in shorter time spans.
Big Data helps to make decision making easier, as it offers some great insights on risk analysis of any asset type. It also helps to predict the worth of upcoming housing or building projects and helps determine realtors whether it is safe to invest or not.
MONEY LAUNDERING PREVENTION
Suspicious or abnormal activity analysis can alert property professionals and prevent many illegal problems like money laundering.
Agents & sellers can take advantage of noticeable trends such as gender, age, or geographical area, then they can avail this opportunity to find the best suitable properties for those people. Big Data analysis can deliver some great targeted marketing assets by predicting the trends, behaviors, and success factors.
Insurance companies are heavily relying on automated tools to make the best out of their insurance plans. A certain small area or larger geographical location can be analyzed with Big Data to determine what kind of coverage the people would need.
With the Internet of Things, another area Big Data is shaking up within real estate is maintenance. Sensors can let building managers know when there is an issue, like a fan that stops working or a water leak, which could turn into a much bigger problem if it remains unnoticed. Big Data flags those issues, saving everyone time and headache.
Big Data analytics can help in connecting needs of a buyer by identifying what is important to them. For example, if you are married with kids, your best choice would be a location with good schools and low crime. Parks, playgrounds and traffic and noise pollution around the house will be paramount. The more personalised the choice given to a buyer is, the higher chance of completing the sale.
Stay ahead of the curve!
Big Data is critical for agencies and brokerages of the future. Software developers around the world are creating new tools every day to make the Big Data analysis process easier and intelligent. Now is the right time to incorporate Big Data into your real estate business before it is too late.
Property Investment opportunities with the rise of big data!
Watch this short video on data centre investment
This expert panel (amongst other topics) will cover aspects of how property investors can benefit from Big Data:
The Evolution of Real Estate Investment
Commercial Stage: 9:30 -10:10am
The nature of how consumers (retail) & occupiers (offices) use real estate is changing. This is creating new business models that don't always fit with traditional methods of valuation. This panel will look at :
How are investors using more sophisticated data and innovative digital technologies to make smarter investment decisions ?
What valuation metrics are they using ?
What types of technology are most relevant ?
What can investors do in order to remain competitive and stay ahead of the curve ?
Some of our Brand Showcases that are using Big Data.
check them out whilst at FUTURE:PropTech
Safeguarding land and property ownership worth over £4 Trillion, Their registry contains over 24 million titles, covering 84% of the Land mass.
Datscha collects, matches, aggregates and visualizes data from the best public and private sources.
Realla combines a comprehensive search engine for tenants and investors with powerful agent tools for streamlining & tracking marketing.