The increasing rise in the importance of data analytics in recent years, if properly harnessed, can be a valuable asset in the property market. The property market is a huge and complex one, and most of its valuable potentials may not be realized if the data being generated in the industry on daily basis are not put into productive uses.
In today’s information age, it is obvious that the property market, like many of its counterparts, such as consumer goods market, sports analysis, political trends, medical research institutions, and financial market, can benefit immensely from the steady rise in the importance of data analytics. Data can provide a vivid understanding of the many aspects of activities in the real estate industry. This understanding can help real estate stakeholders to drive growth in the industry.
For instance, real estate investors can use the data provided by notable online real estate firms like CoreLogic and RealEstate.com.au to drive decisions concerning their investments. The data provided on such platforms can help homeowners to estimate as well as predict the values of their properties for a given period of time.
In layman’s terms, Data Analytics equips buyers with facts and knowledge about properties in a particular neighbourhood, its people, going rates, and market trends. These details help buyers to reduce investment risks. Data Analysis can also be used to predict expected changes in home values for potential buyers with regards to specific time in the future.
All these show the extent to which Data Analytics can help shape the property market in the nearest future. In fact, the opportunities for data analytics in the real estate are truly endless. Thus, if you’re looking for specific possibilities, here are 5 predictions of how data analytics will help shape the future of the Property Market:
1. Optimises Consumers Search
Data analytics is already revolutionizing the property market by optimizing consumers search. Platforms like Realestate.com.au and Domain.com.au provides potential home buyers and sellers with real time information that can help them make educated decisions about their property needs. With Data Analytics, it is now possible for real estate agents to match customers with their desired home, including the number of bedrooms they need, desired neighbourhood, affordability, recreational facilities available, schools, and crime rates, among other important indices. All these details will empower you to make the right decision.
2. Risk Mitigation
The real estate industry is loaded with a lot of investment risks. Data Analytics, however, opens a wide range of opportunities for real estate investors to mitigate risks since it gives room for comparison. Property-Information giant CoreLogic provides useful tools to measure market trends and obtain estimated forecast on property values for a period of 1 to 10 years. This can help you to make important decisions concerning your real estate investments. Property investors can extract data and cross-analyse them before making valuable decisions.
3. The “Internet of Things” (IoT)
With the huge drop in the cost of IoT devices and increased access to self-service analytic platforms, location-specific information about properties can now be obtained. Geospatial analytics about certain properties can be obtained using mobile devices. When you combine this data with other information, it will be easier for you to make specific decisions concerning your real estate portfolios. As an example, IoT can enable Real Estate agencies to better understand traffic during Auctions or Property Inspections to establish repeated interest by individual consumers.
4. Embraces New Trends in Artificial Intelligence
Artificial Intelligence has been of a huge importance in business transactions and communications across different industries, including Real Estate. In fact, with the aid of artificial intelligence, stakeholders in the real estate businesses are now unlocking a vast amount of data that can be used to drive growth in the industry. Artificial intelligence can be used to generate useful information about popular housing trends and market value. It can also be used to deliver information about real estate transactions and trends to consumers, including how many people are already interested in a property and available offers.
5. Emerging trend in Voice Analytics
Conceptually, Analytics is not new however the combined delivery and synergy between traditional bricks and mortar Voice Services and Analytics is relatively new to the Australian Market. Voice Analytics looks to leverage raw call data converting the bits and bytes into actionable intelligence useful for Business Owners. Information of this nature also helps to improve a company’s internal Quality Management Systems, thus enhancing the overall customer experience from the very first moment they answer the phone. Voice Analytics takes a customer on a Journey to enable Business Owners with multiple opportunities along the way to improve or alter undesirable destinations such as ‘missed calls’ or ‘long wait times by customers’. Click here to learn more
ConclusionIt is important for businesses operating in the Property Market to adapt to today’s technologies and trends or risk being left behind. A poor craftsman will blame his tools. Mobile Phones have become ‘Smart’ Phones. Don’t let your Business fall behind the competition by employing ‘Dumb’ Telecommunication Systems. Data Analytics tools are being deployed across industries and now is the prime time to get ahead of an already cut-throat market. Drive Business Growth through Strategic Decisions based on Analytics and discover the undiscovered. The market is dominated by digital natives, millennials who are accustomed to technology use in day-to-day life. Steve Jobs changed the world when he introduced the world’s first touchscreen Smart Device, at a time where giants such as Nokia and Blackberry were being complacent as industry leaders. Today’s consumers are fast, tech-savvy, capable of research and are able to make swift decisions utilising technology. Consequently, there will be an expectation of businesses they interact with to show the same level of technical finesse. Your customers have changed, when will you?
Analytics is not a new concept, however, the combined delivery and synergy between traditional bricks and mortar Voice Services and Analytics is relatively new to the Australian Market.
