Till the involvement of big data in real estate, real estate had been using the same boring and outdated ways of networking. Not only real-estate, even other businesses carried on with old terms for accessing their transactions. But today the real estate industry is also welcoming big data. Like the retail market, banking sectors and health services who have been using big data to make advancements in their services and who have been using big data in solving their internal problems, in the same way, real estate have also started to use it for its own advancements. Still, real estate agents question whether big data can really offer better facilities than the intellectuals who knows the in and outs of property sales. But by analyzing all the records of big data in education, health, technology and other services, and by viewing certain examples we have come to a conclusion that application of big data can really change the real-estate game. I have already written blogs about big data’s influence on retail, healthcare, banking etc previously. This one is completely about big data’s influence on real estate.
Here are few of the ways how big data can bring a change in the real estate industry:
- Developing a Great Residential Society
- Providing the Real Estate Buyers with Standard Information
- Even Those Smart Property Agents Cannot Fool You Anymore
- Property Dealers cannot make Fool of the Investors Anymore
- Help Real Estate Developers to Satisfy every Need of the Customer
- Making Construction Administration Better
Developing a Great Residential Society
Not only with the essential information, but Big data is also helping real estate with newer and interesting techniques in planning a strategy for society building. In order to make a residential society, a proper planning has to be done. In this part, big data is helping a lot, by doing research and letting property developers know about the quality of the environment, a balanced atmosphere, and much more which is a must for the construction of a residential society. So the big data analytics provide the real estate builders with information regarding health care and energy competence needed for a proper construction development. Data even plays a big role in the engineering concepts, with the help of which, the civil engineers get better information to engineer those buildings with stronger basements and dig ups.
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Providing the Real Estate Sellers and Buyers with Standard Information
Today using big data, companies are able to build the perfect performance insights of businesses. Without the involvement of big data technologies, real estate businesses used to make use of unprocessed data which never really gave them completely accurate results. The application of big data has turned real estate into a completely clear business and along with such transparency, business analytics also gave them a new turn. The processing of the unprocessed data and other relations are advanced by using the big data analytics. Managing of the information extracted from the outputs of censuses, the consequences of consumer appraisals, catalogues of homes for sale and lease, data of the geographic information systems etc are all done by Big data analytics today. The big data analytic tools study about the patterns customers use while buying properties, and these data helps in improving the real estate sales and also helps them appreciate home-value fashions within a scrupulous environment. From the information generated by big data about the real estates, people come to know easily about the different buildings and houses available for rent as well as for sale within a place.
Learn how Big Data is creating disruption in the existing marketplace in our blog on how Big Data is changing Disruptive Innovation!
Even Those Smart Property Agents Cannot Fool You Anymore
You do not have to worry about paying those huge bulks of money hiring a broker to find out any property in your neighbourhood. All that you have to do is to check the websites which tell us about real estate houses and properties for rent, lease and also for sales. Big data has made all the information about all the sales in every corner of a region available on the internet. Even if you hire a real estate agent, you can always confirm with the prices by comparing it with similar properties on the internet. A quick survey in the World Wide Web will allow you to come to a better conclusion protecting you from the huge loss you might have gone through. A real- estate agent holds the complete knowledge of all the buyer incentives, exclusive offers going on in the market and all other insights. Hiring a good real estate agent is really helpful but do not forget to make use of a little of the internet to have a cross check of what the agent is taking you through.
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Property Dealers cannot make Fool of the Investors Anymore
With the help of information gained due to big data analytics, today even the investment sectors including the banks can find out whether the exclusive offers given by the real-estate businesses are really worthy. Today due to the transparency of real estates, which is because of the business insights big data provides to its users, people are too aware of which properties they should buy and which they should not. Even big data and data analytics in banking sectors has given the full rights to view the real estate insights, as a result of which, before investing any money, the investing sectors make sure that every rupee is worthy for that particular property.
Help Real Estate Developers to Satisfy every Need of the Customers
As big data helps customers in experiencing safe buying of the products, in the same way, it gives a complete idea of the search procedures customers follow while finding the properties. Taking the help of those search patterns of the customers, big data helps the real estate developers to promote their businesses the way the customer wants to see. The information from different sources allows the real estate developers to have a deeper understanding of what customers want and accordingly they can implement those requirements in developing their properties so as to satisfy the customer demands.
Read about the future and scope of Big Data in our blog at Future of Big Data.
Making Construction Administration Better
Big data has been forwarding its helping hand towards construction management also. As a result of which the real estate developers are able to keep track of all the projects related to construction. With the help of sensors and cameras, every moment in the construction place can be tracked resulting in secured businesses. The application of smart devices in the real estate projects seems to be a bit costly, but the results it gives seems to be worthy for such payments.