Real-Estate Data & BI Analytics – Transforming The Industry
The term and use of big data is nothing new. In fact, more and more companies, both large and small, are beginning to utilize big data and associated analysis approaches as a way to gain information to better support their company and serve their customers.
Let’s put today’s data in perspective. One study estimated that by 2024, the world’s enterprise servers will annually process the digital equivalent of a stack of books extending more than 4.37 light-years to Alpha Centauri, our closest neighboring star system in the Milky Way Galaxy. That’s a lot of data to gather or analyze – let alone understand!
According to Gartner reaserch, “Big data is a way to preserve context that is missing in the refined structured data stores — this means a balance between intentionally “dirty” data and data cleaned from unnecessary digital exhaust, sampling or no sampling. A capability to combine multiple data sources creates new expectations for consistent quality; for example, to accurately account for differences in granularity, velocity of changes, lifespan, perishability and dependencies of participating datasets. Convergence of social, mobile, cloud and big data technologies presents new requirements — getting the right information to the consumer quickly, ensuring reliability of external data you don’t have control over, validating the relationships among data elements, looking for data synergies and gaps, creating provenance of the data you provide to others, spotting skewed and biased data.”
With the use of big data becoming more and more important to businesses, it is even more vital for them to find a way to analyze the ever (faster) growing disparate data coursing through their environments and give it meaning.
Traditional property data is being commoditized every day, with data accessible and available to everyone. The value we provide to clients is delivering true market insights that are personalized to real estate investing.
Getting the Right Information for buying a home
The Internet of Things, which is using and transferring data over networks through a device and without human-to-human or human-to-computer interaction, will transform consumers’ experience of searching for real estate online. He shared big data examples, including mobile apps that are already revolutionizing the way individuals go about their day, such as tracking daily physical activity, navigating traffic in real-time and managing a home thermostat from afar.
A buyer could eventually ask an agent about how a home functions – such as how well it heats or the amount of electricity it uses during certain parts of the day – and receive an immediate answer with detailed graphics and analysis. That information may not be readily available to buyers today, but it’s coming soon as more individuals use their smartphone to connect their home to the internet.”
Everything from transportation to the healthcare industry are helping individuals make informed decisions about their lives based on data collected from their smartphone. These advances in mobile technology will make it easier for Realtors to communicate valuable information to their clients during the home buying and selling process.
IoT and predictive analytics are helping the real estate industry better understand transaction and market data to the benefit of the industry, agents and consumers. The amount of data collected will likely continue to increase and will be used more to predict buyer and seller behavior as well as trends in home preferences and neighborhoods. This includes highly-customized home searches that encompass factors such as proximity to work, public schools and restaurants.
Realtors should educate themselves about big data and be knowledgeable of how it’s being collected through mobile devices. Buyers will increasingly use their smartphone during the search process – often times before first talking to an agent. Realtors who adapt and embrace big data will add considerable value to their relationship with clients.
Estateya Big Data Analytics solution for real estate investors
As a social network focusing on real estate investment market, we get to generate data via location identification, semantic and statistical analyses. That Analytics tool is intelligence-based; our crowdsourcing engine makes predictive analysis by gathering data about the collective interests and market trends in real estate. You can then view that data on your dashboard and use it to better understand who your product’s or service’s target audience is, what they are looking for, and how to reach them.
- See which cities receive the most searches and which cities have the highest yields.
- View our heat map to see trending real estate opportunities around the world.
- Use our search history to learn where the market is heading.
To sum; Estateya’s analytics technology is set to deliver the power of big data, business intelligence, and predictive analysis, bringing us one step closer to turning our vision into reality: “Make the real estate investment market open, accessible, and simple for all”.