Beyond Zillow: How Real Estate Uses Big Data to Track Clients in 2024
The real estate industry is no stranger to big data. For years, companies have been using data to track trends, target buyers and sellers, and make informed decisions. But in 2024, we're seeing a shift in how big data is being used. It's no longer just about crunching numbers; it's about understanding people.
Decoding Big Data in Real Estate
So, what exactly is Big Data in Real Estate? Imagine a vast ocean of information – web browsing behaviour, search queries, property views, demographics, social media engagements, and even offline transaction data. By harnessing this data through advanced analytics, real estate companies can unlock a treasure trove of insights about their client base.
How Real Estate Uses Big Data to Track Clients:
Here are a few ways real estate companies are using big data to track clients in 2024:
Personalization: Big data can be used to create personalized experiences for clients. For example, a real estate agent can use a client's search history and browsing behaviour to recommend properties that they're likely to be interested in. This can save clients time and effort, and it can also make the buying or selling process more enjoyable.
Predictive analytics: Big data can be used to predict what clients are going to do next. For example, a company can use data to identify clients who are likely to move in the next year. This information can be used to target these clients with marketing campaigns or to make sure that they have the support they need when they're ready to move.
Risk assessment: Big data can be used to assess the risk of a particular transaction. For example, a lender can use data to determine whether a borrower is likely to default on their mortgage. This information can help lenders make more informed decisions about who to lend to.
Fraud detection: Big data can be used to detect fraud. For example, a company can use data to identify patterns that are indicative of fraudulent activity. This information can help companies protect themselves from financial losses.
Real-Life Examples:
PropEquity (India): This Bengaluru-based startup uses Big Data to predict property prices with an accuracy of up to 95%. Their advanced algorithms analyze millions of data points to provide investors and developers with invaluable insights for informed decision-making.
Redfin (US): This national real estate brokerage leverages Big Data to identify hot markets and predict home buyer behaviour. Their "Redfin Competition Score" helps sellers understand how their property compares to similar listings, allowing them to price competitively and sell faster.
Beyond Tracking: The Ethical Considerations
Of course, there are also some concerns about how big data is being used in the real estate industry. Some people worry that it could be used to discriminate against certain groups of people. Others worry that it could be used to invade people's privacy.
It's important to remember that big data is a tool, and like any tool, it can be used for good or for evil. It's up to the real estate industry to use big data responsibly and ethically.
Here are a few things that the real estate industry can do to ensure that big data is used responsibly:
Be transparent about how data is being collected and used.
Give clients control over their data.
Use data to help clients, not harm them.
By following these guidelines, the real estate industry can help to ensure that big data is a force for good in the housing market.
Additional ways real estate uses big data to track clients:
In addition to the methods mentioned above, here are a few other ways that real estate companies are using big data to track clients:
Social media monitoring: Companies can track what people are saying about them on social media. This information can be used to improve customer service or to identify potential problems.
Location data: Companies can track where people are using their smartphones. This information can be used to target them with advertising or to recommend properties that are close to their work or school.
Public records: Companies can access public records, such as property tax records and foreclosure filings. This information can be used to identify potential leads or to assess the risk of a particular transaction.
The Future of Big Data in Real Estate:
As you can see, big data is being used in a variety of ways to track clients in the real estate industry. This is a trend that is likely to continue in the years to come. As big data technology continues to evolve, we can expect to see even more innovative ways to use data to track and understand clients.
It will be interesting to see how the real estate industry continues to use big data in the future. I hope that this article has given you a better understanding of how big data is being used to track clients in 2024.
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