How Big Data will impact Real Estate Buying, Selling, and Developing

Blog #4
Website : https://www.mansionglobal.com/articles/how-big-data-will-impact-real-estate-buying-selling-and-developing-210771
Writer : Dima Williams
Name : Willy Erico 謝洪標
Student Id : D0726476

How Big Data Will Impact Real Estate Buying, Selling and Developing

A New Kind of Data
The customary type of market and property information— such as lot size, price, area population growth, nearby schools—resides on multiple-listing services and is being democratized through websites such as realtor.com, Zillow and Redfin.

In real estate, big data is relatively novel, non-traditional data that illustrates granular insights not before gleaned. Examples include the amount of light a home receives throughout the day, the level of noise pollution in a neighborhood, residents’ preferences for gym equipment and the popularity of nearby entertainment spots. “It’s not just about when [a property] is built; is it made out of wood; how many stories is it; how many bedrooms and bathrooms does it have,” said Zach Aarons, co-founder and partner of MetaProp, a venture capital company in New York City focused on real estate technology.

How to Market and Sell a Property
the reach and strength of agents’ connections in the world of high-net-worth personalities easily break or make real estate deals. Austin, Texas-headquartered AI-powered brokerage REX, which does not advertise on multiple-listing services, has discovered is that technology might better market luxury properties than agents themselves. Through direct advertising and traffic on its own website. So, in this digital era, agency use to make an advertisement in social media and it will bring a buyer to the agent. 

Boosting Real Estate Profits?
Also, Big Data can be use to help build the homes of the future too. “Data allows us and our competitors to try to fine-tune our strategies as to where we want to build and what types of products we want to build and what sort of amenities and features we’re going to need to put into those new buildings,” said Jared Sullivan, vice president of research at Chicago-based residential and commercial real estate investment and development firm, CA Ventures. Also, with the data that Real estate have, it can use for reduce the development cost.

Comments

  1. Kelly June 3, 2020 at 8:08 AM

    By reading this article, it made me realize that big data create a lot of opportunities and influenced various type of sectors in the world. Even on real estate, the so-called late adopter in tools and technologies, admit that the adaptation of data and analytics is no exception. For business students like us, real estate might be a good choice for investment in the future, that is why I enjoy reading this article. In this article, the author showed how big data advantages both sides, real estate agents, and clients. First, it can help agents serves clients efficiently by not just providing information like lot size, price, area population growth, nearby facility but also about the amount of lights a home receives throughout the day, level of noise pollution in the area, the right temperature for the rooms and etc. Also, big data and machine learning able to settle the best price for each house by examining features then calculating the quality and sale value. Moreover, AI technology can help agents to market and sell the property. It can reach a bigger range of customers and connect clients from all over the world even with other languages. Also, important benefit using big data, AI, or machine learning is they can provide potential clients with a bigger picture of their house in the future even nearby development of the neighborhood. This will help clients to firm their decision before agreeing to buy the house, so they won’t regret it later. Overall, it was a good article and made me acquire new insights especially in the real estate sector.

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