Data science is unlocking new opportunities for businesses across the globe. The potential of data science tools such as predictive analytics models, Big Data, market mapping, geospatial data, and location intelligence analytics is proving to be a revelation within industries. The commercial real estate industry is undergoing a huge transformation as businesses increasingly seek to implement location intelligence solutions to make data-driven decisions.
Investors are now looking at modern techniques to identify lucrative sites and determine value swings through predictive analytics. Unlike conventional hedonic analysis, modern predictive analytics and location information provides real estate businesses with an opportunity to make impactful decisions. Let’s look at the potential of predictive analytics in site selection.
Data Beyond Regular Models
Conventional site selection models have always been based on factors such as the cost and availability of labor, transportation, quality of life, council rates, and other incentives. Data collected from these factors are given appropriate weightage and analyzed to predict sites that can be the most lucrative.
Site selection consultants increasingly use geospatial data and geographic information for further guidance. However, new sources of information aim to transform how site selection consultants collect and analyze data.
They are now considering collecting data from sources like social media sites and other modern means of data to make better predictions. These data can help real estate investors predict cultural fit, which is crucial to the success of their real estate projects.
It has been difficult for site selection specialists to apply such cultural data to their models. However, with real-time data and knowledge about popular amenities, restaurants, hotels, art galleries, and other cultural events, site selectors find it easier to incorporate this information in their predictive models to help real estate investors make better decisions.
Site Optimization Models
The potential of such analytics on real estate and site selection is huge. However, we need to see tangible results by including such models in our decision-making. Our algorithms must also be flexible enough to incorporate changes and optimize location decisions in light of new information.
A shift toward predictive models incorporating several modes of information promises to revolutionize the site selection process compared to rigid traditional models. However, you need expertise and quality predictive analytics tools to create models that result in impactful decision-making.
How Can PREDIK Data-Driven Help?
If you’re looking for a Big Data analytics company that can provide you with high-quality intelligence tools and research during your site selection process, check out the services provided by PREDIK Data-Driven. We give our customers an impartial view that will help you make better investments and business decisions.
Our predictive models, site selection techniques, and real estate data analytics software will help you uncover gems and lucrative business opportunities. We also provide predictive analytics tools, market intelligence software, geomarketing analytics, customer analytics software, and more. Check out our products and services today and contact us to get started!
