Estimated reading time: 2 minutes, 48 seconds

The digital universe is highly dynamic and changing quickly. After 2010, we entered a new era where social networks, mobile devices and wearable technologies entered into the equation. These are just a few sources that generate large amounts of data. By 2025 there will be hundreds of zettabytes of data. As massive amounts of data continue to be generated, big data technologies are taking shape. There are technologies, tools and data processing methods that aid in the extraction of all kinds of digital insights. The ability to collect, analyze and extract insight from big data sets has implications to all sectors of business. For example, big data can help companies protect their customers from buying items that are not up to the standard. With this in mind, what differences can big data bring to real estate market?

One industry positioned to reap big from big data is real estate. For a long time, this industry has been considered conservative when it comes to adopting or pioneering new technologies. However, most real estate agencies or companies are now embracing innovations. With new technologies such as big data, real estate companies are changing their business model. For instance, big data has made a huge difference in advertising. Due to the availability of information and insight, personalized advertising and marketing is possible. An advertisement can be targeted to an individual by name. In addition, the majority of people looking for homes do it online. These people know exactly what they are looking for. Big data analytics is being leveraged to find out what the site visitors are looking for, the language they speak, their location and other crucial information helpful in targeting advertising and marketing.

Increased insights

Big data analytics offers insight to players in the real estate business. For instance, it empowers real estate agents by providing information about their offerings. Real estate companies can increase their performance and identify aspects of their businesses that need to be fine-tuned. This improves their productivity in ways that would not be possible without data and insight.  

Big data has enabled real estate companies to realize efficiencies in their business processes. With data, agents can know areas that have a high demand and those that face a risk of withdrawal. They can identify issues that need to be addressed and opportunities that the company should take advantage of in the market. This increases profitability and minimizes losses associated with withdrawals.

Data also gives real estate agents a clear picture of their market. More often than not, these agents are given the ability to know more about their customers with regard to the tendencies of certain groups, what they want, what they dislike and the average budget of specific group of customers. With this kind of information at their disposal, real estate agents are able to target specific customers and fulfill most of their desires. Big data enables the real estate companies find out the kind of buyers that should be targeted, purchase priorities of individuals, the changes in pricing and the potential reasons why some leads are not converting as it should be the case.

Today’s real estate agents have a lot of advantages and resources at their disposal compared to the past. With big data and analytics, agents can answer questions that customers ask and address concerns in the market that may be damaging to profits. 

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Scott Koegler

Scott Koegler is Executive Editor for Big Data & Analytics Tech Brief

Website: scottkoegler.me/

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