Increased access to data isn’t new to most industries. With enterprise adoption of big data at 59% percent in 2018, the word has spread about its value to businesses and their bottom line. Another great indicator is the billions of dollars spent every year on Google advertising. The lucrative power of search comes from the smart use of data to inform consumer targeting and in algorithms that decipher exactly what you are looking for – even when you don’t – to populate pages full of relevant results.
Access to data obviously has the power to transform industries and businesses in them. So, how are we seeing data transform real estate? One of the most obvious forms of big data that can be leveraged in this industry is real estate and property data. Real estate agents, brokers, and investors can all do better business when they can see the bigger picture with big data.
However, gaining easy access to property data can be difficult for real estate businesses, which explains why the industry has seen slower data adoption in its proptech than in others. Though the consensus is that the industry still has a long way to go in increasing access and transparency, digital transformation is finally hitting real estate and this demand is driving faster, better solutions to fuel innovation and new technologies in the space.
You once needed a lengthy contract and had to pay a hefty upfront fee to get any data – but this is no longer the case. Innovation in is full bloom and you can now get on-demand property data at a fraction of the cost.
See for yourself – check out the Estated API with our free 30 trial
Building proptech: I have the data, now what?
Real estate brokerages
Have you thought about making your website even more user-friendly with additional essential property data? Investing in new proptech can be a huge differentiator whether your business is 1 or 60 years old. The homebuying (and selling) process has changed drastically through the lifecycle of a 60-year-old brokerage and not adapting to these changes could mean trouble for the business.
We’ve all been on Zillow and seen its list of facts and features that make it so valuable to today’s informed and empowered buyers and sellers. Your real estate listings could look like this, too. By pulling in additional property data, your users will appreciate the added convenience of being able to reference additional –– and pertinent –– public information about your properties without having to navigate to other sites. By making it easy for a prospective buyer to search on and off the market properties by location before contacting an agent directly on your site, you will be winning the game –– and not only to your customers but to your agents as well.
Real estate agents
A real estate agent knows that buyers have specialized needs, like a backyard pool for a summer home, and need to leverage tools to cater to these demands. Additional residential data can help an agent be more informed and informative. By seeing both current listings and off-market supply for applicable properties, agents can give a homebuyer the bigger picture of what is possible in a chosen location. Providing more facts can lead to a more engaging buying experience, additional transparency and increased trust between customers and agents.
Real estate investors
As a real estate investor, you’re looking very closely at a few paramount areas of importance to your business, such as 1) finding sellers who have a strong need to sell and 2) finding properties that are leaking equity.
Property data insights provide a wealth of information for both. An experienced real estate investor can get mortgage and ownership data to find out who might be willing to sell a high-potential property at a good price. Check out even more data points that can help you make informed property-purchase decisions.
Improved access to business-critical data in real estate is here, so jump on board. What have you – and your customers – got to lose?