Analyzing big data in real estate is helping businesses to stay on top of the latest trends in the market. It is displacing a few traditional methods, and the advantages of doing so are clearly outweighing the disadvantages, if any.
Real estate was completely unorganized, but with big data analytics it has been able to provide a clear and transparent picture of properties distributed across locations. Recently, about $21 million have been raised to speed up the process of getting feedback from tenants. Realtors are using big data to make quick and accurate business trends, associations, and patterns. Big data is allowing realtors to come up with a personalized approach and a unique solution for individual client needs.
Companies are able to build perfect business performance insights using big data. Real estate businesses have been using unprocessed data from a long time, which never gave them accurate results. Big data analytics has transformed the real estate business into a clear and transparent industry by processing the unprocessed data. It helps build catalogs of homes for lease or sale, tells about the data from the geographic information systems, and the consequences of consumer appraisals. The patterns and trends that affect customers while buying properties are shown by big data, lending a helping hand to real estate sellers.
Big data analytics is helping the investment sector, including banks, as they can determine whether real estate business offers are worthy or not. It helps banks make sure that every rupee is worthy for that particular property. Moreover, people have become a lot more aware of properties that are better to buy. People do not need to pay huge bulks of money hiring a broker to figure out any property in their neighborhood. They just need to check the websites that will tell them about the real estate houses and properties for lease or rent and can also compare it if they hire a real estate agent.
Not only does big data help customers feel safe while buying products but it also gives insights into customers’ search patterns while looking for properties to buy. Big data helps real estate developers boost their businesses in the way a customer wants to perceive it. Getting such information from various sources allows real estate developers to understand what sells more. Using this information, developers can incorporate those features and focus on them during sales and marketing processes. The aggregation of big data and real estate is the need of the hour. Big data not only decreases the risk associated with real estate business but also empowers it to make the correct decisions, based on solid facts and figures. It helps secure greater insights into markets and the trends that mould them.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.