Role of big data in real estate

Ask Amazon’s Alexa for your daily property report and schedule then use your smartphone app to automatically make your bed and get your coffee ready for the day, that is the kind of world we are living in. Real estate technology trends are having a major influence on the industry and changing the way real estate agents, brokers, investors, and managers operate as technology is constantly evolving and making our lives easier and more efficient. Real estate mobile apps and agent websites are becoming more and more popular as a means of searching for the right property with funding for real estate property technology – proptech increasing every year, more start-ups are emerging with new technologies. Real estate tech has been shaped by changing market conditions and consumer behaviors.

Over the last decade, technology has changed the face of the real estate industry, leading some industry professionals to fear what future advancement will mean for their careers and in addition, giants such as Facebook and Amazon have also contributed significantly to the evolving real estate technology trends. Those who are professionally engaged in this field and planning to expand their business should, in the first place, understand the market and look out for the latest real estate mobile app tech trends. It’s just a matter of keeping up with the times and staying informed about the latest technology trends as such awareness will allow you to make informed decisions embarking thus on the journey of lasting business promotion and development. With all the rapid changes in the real estate industry, you need to be prepared for real estate tech trends by adopting a culture of continuous improvement and change.

When it comes to real estate technology trends, big data is one of the most popular technologies and the future of real estate mobile application development is hard to imagine without business intelligence. Big data is a large amount of data that’s analyzed via algorithms to make predictions about purchase behavior and intent, based on past patterns, trends and associations. This is the technology companies such as Netflix, Uber, Facebook, and Amazon use to know what you want because successful app development should not be separated from data that generally tends to grow at an exponential rate. When it comes to real estate, big data could involve using CRM tools that show when a potential customer visits your listing or website and collect data based on their activity on the page which is why it’s the lifeblood of companies like Amazon, Facebook, Uber and Netflix. Big data is how Amazon knows what you want, even before you know it yourself and incorporate it in the items it displays for you on the app or website. Using big data is making the industry more efficient and the business processes are becoming an attainable outcome.

In the real estate realm, this might mean using a CRM or suite of products that knows when a lead visits your website or listing and collects data on what they’re doing on that page and buyers don’t always know what they want until they see it, which is why relying on clients’ search criteria isn’t necessarily the most effective way to find their dream home. Business intelligence derived from big data is already one of the biggest trends in property management and this data can then be used to help predict when a lead might be ready to purchase or sell their home, how many people might turn up at your next open for inspection or even how much a property would rent or sell for prior to listing it. Companies like SmartZip, RealAgile, and Revaluate cull public and private data to help you tailor your marketing campaigns to individuals who have the highest probability of selling or buying an investment property, or even how much a home would sell or rent for. Then, it is easier to give an answer to the question about what is going to happen.