The Future of Big Data in the Real Estate Industry
Why the Hype?
The term Big Data has attracted interest over the past decade; however, it has been in existence for a lot longer than that. The new-age revolution, preceded by the advent of mobile technology, paved for Big Data integration across all fields of industries. Big Data is the ability to access and manage massive data, analysing its insights to generate digital information for business intelligence and ease of human activities. See History of Big Data.
Big Data in the Industries
Industries worldwide are gearing up for the paradigm shift bound to happen as the trends begin to gain momentum with the introduction of Big Data to the mainstream. The emergence of the Internet of things, Machine Learning, Artificial Intelligence, Neural networks, etc., are gradually becoming the basics of everything – Human activities and existence.
Models such as the Search Engines, Fingerprints, Eye Scanner, Voice Recognition, Language translations, Robots, Drones are all made possible through the availability of data, and the Future of Big data offers more. More is not just more – more is technology being aligned with human activities and businesses to achieve improved productivity in homes, businesses, and society.
Industries will harness more data than ever to generate an increase in investments and revenue, a quantitative shift to create qualitative changes through practical applications.
Predictions for Big Data
It is agreeable that Big Data will take some time for society to accept generally and fully integrate new technologies into their daily living, institutions, and values. However, the many predictions and debates surrounding the future of Big Data suggest that new policies will emerge upon the institutionalization of its effects on the Economy.
According to data sources and insights from IoT experts, some of the predictions for the coming years are;
1. Data volume will continue to increase and migrate to the cloud.
2. Machine Learning will continue to change the Landscape.
3. Data Scientists and Chief Data Officers (CDO) will be in High Demand.
4. Privacy will remain a hot issue.
5. Fast Data and actionable data will come to the forefront.
Read more about The Future of Big Data: 5 Predictions from experts for 2020-2025
THE FUTURE OF BIG DATA IN REAL ESTATE
The real estate industry is no exception to the effect of the Big Data revolution experienced in enterprises globally. The availability of massive data has an immense potential to facilitate growth and improvement in the sector. Tools will get used in offering technological fuelled insights that will ensure efficiency and transformation of the industry, eliminating risks and uncertainties associated with property investments and acquisitions.
With the integration of Big data in real estate, the decision-making process of property investors will be made smarter and, to a high degree, the predictability of investment success. Big data offers information on relevant market assessment for proper evaluation of investments.
Data can be accessed to keep track of the best properties available, considering specific model criteria for projections on income, expenses, and investment returns.
Design and Construction
Building Information Modelling (BIM) is a digitalized construction model that has the potential to transform Architecture, Engineering, and Construction and Estate Management. It relies on integrating big data into design and modelling for accurate estimations on costs and improved logistics. It optimizes the construction schedule by analysing the weather, temperature, stress, and conditions that affect structures.
Transforming Big data into accessible insights by using BIM offers high efficiency that ensures for a reliable basis for decision making throughout the life cycle of the construction project. Improving active time on design and construction, risk of errors, and increase profit margin by reducing the cost of waste and project delivery time.
Real estate agents can leverage on Artificial intelligence tools like chat-bots to interact with clients, analyse facts, and solve complaints. Customer management software gathers Big data to provide call service centre solutions in Real estate, in time responses and assistance.
The real estate call service centre makes it possible to engage with property buyers and sellers and offer personalized support services remotely. Realtors can implement this to provide a flexible engagement platform that will improve customer satisfaction and increase sales conversion.
With a customer-centric approach, Voicelytics enables consumers to achieve exactly that. By unlocking big data to help business better understand their customer, Voicelytics has been founded on smart communication and is driven by providing better customer experience within the real estate sector.
Data gets continuously collected from several sources in the home network, with software and devices connected to communicate with each other in providing the consumer with a comfortable experience.
The technologies are not just to issue instructions to the home systems; it also lets the systems respond to the user and with each other. Through an intelligent network of devices, houses can now learn about the users’ habits and preferences and adjust behaviour accordingly.
The tracking of these data helps in understanding consumer behaviour, improve engagement and experience, thereby boosting sales of associated items in the industry.
Big Data analytics gives the industry an edge in the early identification of possible threats, risk evaluations, control, and mitigations. Leveraging this information to formulate better decisions and operation strategies will improve the business model and minimize Financial risk and associated losses.
The analysis relies on information like location, area demographics, topography, and environmental conditions. Estimates and decisions are made at the best minimal risk based on these assessments to ensure profitability.
Big Data analytics gets deployed to measure shared value, track the progress and results of operational strategies between real estate business owners and clients.Opportunities become available for innovation, growth, and sustainability. These effects will improve the buyer-seller attitude in the industry as data will be available to keep track of customer behaviour, identification of challenges, and monitoring of preferences. These, in turn, offer an avenue for infinite possibilities which will guarantee the profitability of the investment.ConclusionData sets that will affect the real estate industry include smart-home data, connected community data, social media, crime, businesses, environment, and the elements. There are concerns about the breach of privacy with these developments, but the technology of the future is solution driven.