Big data is gradually transforming the conventional practices in real estate by enabling the stakeholders to make data-driven decisions.
FREMONT, CA: Big data has contributed to data-driven advancements across the industries. The ability of big data to process high-volume, high-variety, and high-velocity of data makes it a key technology for a plethora of data-intensive sectors. The real estate industry is not an exception in the above context. With a massive growth in competition, significant data capability can offer real estate decision-makers the insights to grow and stay competitive. Further, considerable data capability can combine data from diverse sectors and enable realtors to make better property decisions.
Conventionally, real estate decisions were primarily based on instincts and first impressions. However, data analysis forms the basis of the real estate decision-making process. Further, according to a report, 51 percent of the home buyers found their property via online search in 2018. The massive growth in the trend of online search for properties also results in the generation of vast repositories of user data. Such data can be processed to extract individual user preferences and expectations. Thus, big data and analytics capability can play a vital role in processing online data.
Various stakeholders can use significant data-driven insights to make intelligent investment decisions. For instance, predictive analytics, coupled with substantial data capability, helps investors minimize risk regarding property investments. Similarly, realtors can use significant data for property evaluations, while financial institutions rely on the capacity to determine loans and reduce losses.
Thus, realtors and property buyers are eyeing big data as the critical technology that can answer complex property-related queries, allowing them to make better decisions in the long run.
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