Big Data Within Real Estate Means Enhanced Consumer Satisfaction

Big Data, a term we have been hearing for a long time now is turning out to be a huge growth driver for businesses, governments and even communities. The quantum of data available with companies nowadays is humungous and can be put to use to turn it into logical and filtered information which businesses can use to design future strategies. Being used across sectors with real time results, it is time that real estate should take a cue.

With big data available with the whole fraternity including developers, agents, financial institutions and even governments, making home buying a smooth process for both the fraternity and consumers may not be difficult. PropGuide talks about how Big Data can revolutionise real estate:

For consumers

While earlier homebuyers used to depend solely on acquaintances or traditional real estate brokers to look for a home in a limited area, today these homebuyers can look for a property online, consult an advisor and even make a choice in far-lying localities, too. All this on one platform you could access online. How? Thanks to Big Data. Had there been no Big Data, there would have been no filters that the real advisories would have created to help the consumer pick a property of their choice. Moreover, data analytics also help consumers know about the property and even the locality and understand how the pricing and buying trends have moved over time. 

For developers

Who will buy the apartments in my project? This is a question many developers ask before planning a project in a particular location. Here comes Big Data to help you. The data available about the buying trends collected over the years will help the developer know the kind of project that will work best in the locality.

Another area where Big Data helps developers is targeted marketing. Using various sources of offline and online marketing, the data analytics let you target the right audience based on gender, financial standing, location and behaviour, through the right medium. This allows you to achieve positive and targeted results.

Big data also keeps the developers informed about infrastructural developments in future and the impact these will have on future communities. This is an information that is a plus when selling your project.

For financial institutions

For a guided decision on evaluating a property, providing a home loan to homebuyers or even lending money to businesses, financial institutions are dependent on Big Data. With data about a homebuyer looking for a home loan, a financial institution in one glance can know all about the individual's financial movements and similarly in case of businesses, with the data available on credit history and growth of the lender could make a guided decision. Data also helps in evaluating the cost of the property in case of foreclosure.

For agents

Even though homebuyers are turning towards online platforms to look for properties, a human local agent is what they would need when making a decision. But, remember that this well-informed homebuyer will be looking for a well-informed agent. Data here becomes critical. An agent, who has studied data, would be able to tell a homebuyer about how the properties and prices are moving in a particular locality. The agent will be able to make a comparison between two localities, too. And not just the past or ongoing scenario, based on the existing numbers, you could also make a future prediction, too. This would help a homebuyer understand the future prospects of a property, especially for those investing in real estate for profits.

For government

With municipal corporation going online, the need of filtering Big Data is more than ever. Using the geographic information system (GIS) as a platform can help get raw data from maps, land records and agreements. This data can be layered based on different criteria and then used to create various records online, accessible to one and all. This data is also used by the government to plan future housing schemes and better implement the existing ones. The bigger picture, this data allows government is to plan cities and infrastructure therein. 

Also read: Why Big Data Application Is Crucial For Realtors And GIS Will Be A Game Changer