How Is Big Data leveling up the Real Estate Sector?

By CIOReview | Tuesday, November 20, 2018

Data is there in every move to lure the potential customers. But from these massive datasets, one needs to extract a shred of valuable data. Therefore, the analysis of these large datasets is troublesome and demanding to be done manually, and here come the computer algorithms for the rescue. Big data has a lot to offer and somehow is transforming industries, also the retail sector. It’s high time to consider the benefits of big data.

1. Reducing Risks: Enterprises have started adopting big data solutions to minimize their financial risks. With the help of predictive analytics, enterprises are analyzing multiple parameters such as the building condition, current owner information, and reconstruction records.  By using this data, companies can evaluate the property and provide their customers with relevant data and recommendations.

2. Client Engagement: Real estate agents may face issues of the ambiguous behavior of customers and most of the times they can’t figure out that what went wrong. A specialized software could solve this issue by conducting analysis and find out the needs of the customers thereby having a positive impact on the overall engagement rate.

3. Property Evaluation: Homebuyers expects the exact price of the property before taking their final call. However, the process takes a long time because precise estimation requires information like the condition of the house, area, availability of water and electricity and the list goes on. Big data-powered solutions can boost this process by automation the data collection process and hence make it convenient for real estate agents as they are provided with the most accurate price in a short period.

4. Decision-making process: The collaboration of AI and big data contributes to the development of smart algorithms that can help with the decision-making process. Moreover, real estate firms can make informed decisions faster and with high accuracy.

5. Marketing strategy: Big data also support the enterprises and guides their marketing efforts on the right customers. Organizations can also make use of social media platforms to get the necessary information about their potential customers and then try to target them. The joint forces of big data and machine learning can use the algorithms to identify individuals who are in need of a house and connect them with the real estate agents.

6. Insurance: With the help of big data, insurance companies can calculate the risk factors and comprehend the right type of insurance people need in one or the other region. Real estate insurance services are high in demand, and big data has marked its presence there as well.