Traditionally Real Estate involved shoe-leather style hard work , which was mainly dependent on timings and detecting patterns .But in the 21st century , Big Data is changing the way real estate agents , buyers and sellers , think about transactions involving real estate.
Analytics is amalgamation of raw data and the algorithms that crunch it. Analyzing behemoth logs of information – much of it collected from diverse places and formats – big data claims that accessing the patterns locked up in a endless heap of real estate info could possibly change the game. The algorithms can deliver to consumer’s information about their property’s potential value and also help them understand home value trends within a PIN code.
Big data is not only providing new information to its users but also fuelling new ways of looking at developments. From the information gathered by the means of surveys, the real estate developers can have a positive impact on the tenant’s health, energy efficiency and other similar areas.
Sometimes the sellers have unrealistic expectation about the likely price of their home; Big data algorithms can come to their rescue. This would be improving the overall scenario of the real estate sector as the deals would close at a higher rate. The buyer would also be happy to find property at reasonable rate.
Big data lets the agent know, what the visitors are doing when they look for property online. This would eventually give; broker an insight as to what the buyer is exactly looking for. The buyer would end up in reaching the perfect property at his first enquiry. Finally it’s a win- win situation for all three sellers, agent and buyer.