5 Ways Big Data is Changing Real Estate for the Better
WASHINGTON, D.C. – September 25, 2015 – (RealEstateRama) — Big Data is reshaping the real estate industry, and for industry professionals the change is so good. Real estate agents are seeing dollar signs again; finally, for the first measurable way since the housing bubble burst in 2008. The market is recovering and optimism is on the rise, and it has a lot to do with Big Data.
Here are 5 ways Big Data is reshaping real estate, and bringing some stability back to the previously unstable market.
1. Big Data Means Easier Access to Public Records
Brokers know the banes of searching “dusty tomes” for public real estate records. Now, many administrations, including New York City’s Bloomberg Administration, are publishing public real estate records online, which has “made them easily searchable for brokers, developers, and private real estate companies,” according to The Real Deal.
2. Big Data Helps Real Estate Professionals Better Pitch Themselves
Imagine pitching yourself to more people all at once. Online searches can result in millions of potential buyers visiting your website daily, and thus being pitched your properties without your physical presence. The secret to tapping into this online wealth of potential investors and property consumers is to keep your website up-to-date with high-quality information.
Glenn Philliops, the CEO of Lake Homes Realty, told Mashable that “Big Data lets us know what visitors are doing when looking for real estate online… and we adjust our paid and organic efforts based on this data almost daily.”
If someone signs up on your website to be contacted, you’ll be treated to an extremely detailed glimpse into their search habits; thus, you’ll be treated to knowing exactly what interests them. Keep in mind, hackers are going to come for this data. If you aren’t protecting yourself with high-quality network security, you’re inviting hackers to steal this sensitive data and use it to manipulate your customer base. Keep in mind, you’ll be blamed for any lack of security, so don’t leave yourself unprotected; otherwise, you could lose all the Big Data you’ve mined, and future customers won’t trust your abilities to keep them safe.
3. Real Estate Websites Provide Consumers with Instant Property Information
Real estate websites, such as the ever popular Zillow and Realtor.com, provide consumers with instant property information. Consumers can fantasy shop, favorite the homes they like best, and use the systems to contact whomever they need to. The sites come equipped with the details consumers need to contact property managers, real estate agents, and property brokers.
At the 2014 REALTORS Conference & Expo, Big Data was a big topic. The Managing Director of Data Analytics, Todd Carpenter, advised brokers, agents, and real estate portals to engage mobile computing and Big Data. The web marketing portal is creating a vast new landscape, and real estate professionals are encouraged to embrace this portal. Mobile technologies, especially, are evolving to better engage consumers, and professionals are encouraged to put themselves online and embrace all the new tech by listing their properties online, as well as their personal contact information.
4. Big Data Helps Professionals Keep Track of Client Data
According to the Wall Street Journal, Big Data is helping real estate companies “laser target” their marketing efforts. Professionals are now capable of pinpointing exactly who an empty nester may be, or who is a first time home buyer or an investor.
Big Data is capable of creating profiles of customers, which improves a real estate professional’s ability to reach out to the right people, and thus close more sales. Some of areas Big Data can target and categorize are:
· Newlyweds
· Death notices
· Birth notices
5. More Neighborhood Data for the Discerning Customer
Finally, more neighborhood data is being collected and organized than ever before. All communities are featured online, and many come with demographic information, including populations and nearby home prices.
Potential buyers can look at communities all over the country, and determine area economics, as well as the area’s education systems and crime statistics. This instant access to demographics is making it easier for professionals to sell an area. Thanks Big Data, that’s just the data needed to help the market recover.
