Big data is gradually transforming the way that real estate is bought and sold. We have been living in the era of big data in real estate for some time now. Homebuyers have more tools than ever and a vast array of data points with which to search for prospective properties. These data points are aggregated, and the insights are delivered by real estate platforms that look more and more like technology companies. Let us examine how big data is already changing the experience of homebuyers.
The Big Data Effect in Real Estate
For most of history, individual real estate properties were somewhat opaque to the people who were interested in purchasing them. Until a property was thoroughly inspected, various flaws and features might be impossible to know, and there might be a lack of clarity regarding the property’s history, place in the local market, neighborhood details, etc.
Now that more data points are known, big data applications can aggregate this information and make it searchable. If you know what exactly you are looking for, then you can search for properties with granular detail. Big data algorithms will bring forward the homes that best fit your needs and desires.
Big data can now go one step beyond fantastic search results. The tech can predict your needs and buying desires, sometimes even before you know them yourself. We are already seeing things being preemptively marketed to consumers who might need some items without even knowing it yet. Such an application of big data is already commonplace in e-commerce.
Besides big data bringing forth the “Amazon” experience, there are other technology trends such as blockchain tech for real estate, which significantly increases the efficiency and convenience of property transactions. Propy is at the forefront of this tech revolution. Its smart contracts are already reducing time, expenses, and fraud in real estate transactions, improving the property search process for those who want to be on the cutting edge.