Today, technology’s role in data management has lead to tremendous improvements in business expansion and cost-saving opportunities. Every field of work is adapting big data capabilities to find patterns in the past and accurately predict the future. And real estate is no exception. Big data solutions have enabled realtors to analyze the market and provide tailor-made solutions that fit the requirement of each client and achieve personalization. Even aspects like finance, appraisals, insurance, and marketing are also being impacted in a positive way with the applications of big data in the industry.
Finance being the backbone of an industry, decisions based on it cannot be vague. Big Data helps simplify the process by providing insights on risk analysis on the assets in question. This helps the experts determine the value of the property. Similarly, with appraisals, the data pool of the factors that ascertain the true value of an asset is analyzed and the aid the realtors in fixing a price over a property based on its location, development, crime rate, proximity from basic necessities, etc. In addition to this, marketing of a property can be targeted at a particular demographic of people which not only saves time but also reduces the cost of marketing.
While big data is a big help for realtors, insurance agencies leverage this technology as well. It helps them to analyze risk factors and let insurance agents customize their insurance policies and provide coverage based on the asset’s geographical location. Lastly, investment funds that are involved in illegal activities like money laundering can be traced and tracked through big data analytics and prevented.
Many industries have seen major improvements in functioning after adopting big data analytics and it can be said real estate business is one of them.