Use cases for Big Data in Real Estate

The impact of Big Data is huge today, and it is being felt in every sector and industry. The ability to process huge amounts of data is providing us with great insights that are then being put to use in providing customers with conveniences and resulting in better efficiency for the companies. The Real Estate market has also realized the potential of Big Data, and right now there are a number of companies big and small that are using Big Data and realizing a number of advantages. Companies like Zillow, Trulia, Redfin are all using this technology to make using their services much more convenient for their customers. Let us look at the use cases of Big Data in Real Estate one by one:

Just like any other industry the financial metrics of Real Estate are always fluctuating. Property prices can go up or comes down depending on the market situation. This inherent risk is one of the main disadvantages when dealing with the Real Estate market. But thanks to Big Data, people can predict market trends now. Using the information available and the various analytical and visualization tools that Big Data offers, Real Estate companies can predict trends and explain them to their clients in a visually attractive and easy to understand manner. This way Real Estate companies can improve their relationship with their clients as well as improve their reputation in the local market.

One of the most complex yet important aspects of Real Estate is providing customers with the correct price quote when helping them finalize a particular property. The real trouble here is that the property of prices depends on a whole set of factors. Prices can change in a very little time-window and can depend on a whole set of parameters that can include the location, the amenities available around, aspects of the house itself including the age, the various features available and much more. As such considering all these aspects to determine the right price can become a tough task for a human being. But using computer algorithms and Big Data, Real Estate companies can not only determine the ideal price for a property, they can also accurately predict the possible upcoming trends for the specific area the property is on. This means they can be a great deal of transparency when it comes to the property prices, which can be a great advantage for the buyers as well as the real estate companies in the long run.

Different customers have different requirements when it comes to property and homes. Although it is possible for companies to sit with their customers and go through the various listings to provide options according to the customers’ specifications, it can be a tedious and time taking process. Using technology, especially Big Data, on the other hand one can make this process simple and quick. Using the concept of filters, the various options can be analyzed in a matter of seconds to provide customers with options quickly and efficiently. Using Big Data and the various analytical tools, in this case, will save a lot of time and effort for the Real Estate Company as well as the client.

These days, thanks to technological advances, the requirement of company-client interaction is also eliminated. Companies are directly enabling filters on their websites so that customers can directly search listing of properties, according to their requirements online. Additionally, the availability of real-time data analysis tools is helping companies provide more accurate prices to their clients online.

The basic idea behind marketing is able to take one’s services to the people who need them. Using Big Data for Real Estate marketing can be a great way to realize this objective. Currently Big Data is an important marketing tool for many companies from different sectors. Digital companies like Google and Facebook are using Big Data to advertise the products people are thinking of buying or searching for.  This way Big Data can be useful to target the right people at the right time, making the Real Estate Company’s marketing endeavors more efficient and effective. As stated above, this concept is already being used by companies like Trulia to get the right product to the customer as per their search histories and other data available online.

When buying property, customers rely on Real Estate companies and agents to provide real-time data. They might need information on important issues like the existing crime rate, the availability of resources and services in and around the area, availability of schools, universities and other educational establishments, etc. All such information can be provided quickly and easily through Big Data. The data gathering tools, the advanced analytical tools and the data visualization tools available as a part of Big Data makes collecting and reading information much easier!