How Big Data Analytics helps in the Real Estate Market?
Through techniques for managing large volumes of information, it is possible to carry out land studies, analyze the evolution of urban development in an area, and even optimize real estate marketing strategies, among other multiple uses.
By combining land data and maps, there are different types of analysis that help professionals and their clients to better understand the market and the factors that affect it, improve real estate predictions, find a desired location and observe the changes that occur there over time, and so on.
Thanks to GIS (Geographic Information Systems) technologies, it is possible to use satellite photos to detect certain types of surfaces such as roofs, objects, identify land use, measure pedestrian and vehicular flow, among other things.
Also read: “Geospatial data applied to the real estate market“.
Incorporating foot traffic analysis can become a real estate investment strategy to help find areas with the right number of potential consumers with ideal buying trends and income patterns.
Analyzing real estate competition by geolocating and tracking competitor locations also helps to gain relative insight into a competitor’s location patterns and decide whether to invest in a nearby property to capitalize on some of those consumers.
In conclusion, it allows retailers, real estate developers and other companies linked to the real estate market, to gain deep insights and drive strategies that improve results.
You may be interested in: “What is Geo-Construction?”
According to Jose Luis Cárdenas, R&D Manager at PREDIK Data-Driven, “To maximize the potential of any property, it is vital that the owner identifies the behavior and trends of the target audience. Point-of-sale data, pedestrian and vehicular footfall or even vehicle counts in a parking lot can provide solid information for efficient real estate intelligence analysis.”
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