Big Data and Its Impact on the Real Estate Industry

 

Big data can help sustainable development. Recent surveys have revealed that buyers are looking for homes with sustainable features. This presents both an opportunity and a challenge for the builder. Builders who incorporate energy efficiency features into their projects will have an edge over others who still rely on the construction standards of the previous century.

But how can a builder understand what sustainable features are popular with buyers? When they analyze big data they will know.

What is big data and why you should care?

Big data is a collection of large data sets that can transform the way buildings are built and managed. It may even affect government policy.

The biggest USP of big data is its speed. Data is being generated at an alarming pace. Every interaction we have with digital technology helps create big data. And to keep pace with the speed with which data is generated, organizations need to invest in competent analytics tools.

Big data provides reliable information in a matter of seconds. A real world analytics firm may take weeks or months to publish a report on sustainable features.

By simply analyzing the information your users leave behind as they navigate through your website, you can understand their priorities and requirements. You can, for example, use this information to identify the most important factors you should consider while choosing a locality to build its project. Data analysis has revealed that most buyers are looking to invest in a crime-free locality with lots of good schools. Buyers also consider commute time. When realtors know what their clients want, they can promote their listings accordingly.

Big data uses current technologies in innovative ways. Data helps investors assess the existing real estate market conditions. The real estate market in the US is recovering. Home prices and sales have gone up. Inventories and foreclosures are going down.

Data helps realtors understand what their customers want. Take for instance the case of a real estate firm that leases space to tenants. Since tenants in real estate are not an organized lot, it is not easy for realtors to make trends. Data helps fill that void. It helps the realtor target specific groups of customers.

Big data makes information accessible to just about everybody. This openness of information will ultimately force government to update archaic laws.

Data and its impact on sustainability

Hurricane Sandy brought issues such as resiliency and efficiency to the forefront. In order to improve a building's resiliency, you should be able to measure it.

A real estate data company recently analyzed data gathered from Local Law 84. This law requires buildings that measure 50,000 square feet or more to submit an energy benchmark report. People often believe that newer buildings are more energy efficient. However, the findings of this data analysis revealed that this was not always true.

Many masonry buildings built during the 1930s have comparatively low energy costs. As data becomes readily accessible, energy managers will be able to take measures necessary to reduce their energy bills. Homeowners can also use data to measure the ROI on their energy efficiency investments. This may even encourage others to invest in green technology.

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