Sectors

Big Data changes the way real estate companies make better decisions

26th Aug `14, 01:01 PM in Sectors

Real estate accounts for roughly 17-18% of the US GDP through private residential investment and spending on housing…

BDMS
Guest Contributor
 

Real estate accounts for roughly 17-18% of the US GDP through private residential investment and spending on housing services. That’s a lot of money. Where there’s a lot of money involved, people work very hard to gain a competitive, or rather any advantage at all. Real estate brokers, companies and regular people too use processed data sets to make better decisions when selling, buying or working on behalf of clients.

Realtors

Realtors leverage Big Data to better market their services. Predictive real estate marketing is made possible with, e.g., SmartZip, a tool that helps realtors find houses about to sell. The gist is that people move from starter homes at a certain point, and SmartZip uses data to determine when that point might be. Essentially, they predict human behavior with data. Realtors can use tools like these to push their advertisements at the right time, making for an extraordinarily powerful marketing message.

Planning & investments

Banks are among the few that can already use Big Data to the max. Knowing the market price of a property in advance, they can wait for a genuinely interested buyer instead of letting the property be acquired by a smart investor. Banks seldom settle for a penny less than the market value, because they know the price of a property beforehand.

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