Big Data has transformed the decision-making process in many industries today. This didn’t spare the real-estate industry. Deals in real estate are now made easier and faster. And they are getting more precise and accurate.
In the past, real estate professionals decided to use their hunches and gut feelings. That is why many of those decisions didn’t turn out right as expected. Big Data eliminates the factors that jeopardize the decision-making process. That includes the human factor. And that’s one of the biggest disruptions that Big Data has inflicted on the real estate industry. Let me explain.
One of the possible scenarios in the future of real estate is less need for realtors. Today, anyone with the inclination can be a realtor. All the tools and information that he needs are accessible. There is Google Search, social media, and the help of analytics tools. He can make sense of all the real estate numbers that he can crunch to produce whatever results he wants to show.
Add to that the state of the real estate market today. It was stronger about 10 to 15 years ago. The competition now has been fiercer than before. But the biggest disruption is Big Data. Currently, YouTube, Google, and other websites came out with how-to guides in everything. Every Tom, Dick, and Harry is now able to do anything that he doesn’t have any knowledge before. That includes the process of real estate marketing.
Big Data can picture and project market trends like no other. A real estate professional must convince his buyer to buy now and not later. To do this, he needs to consult a multitude of graphs. He also needs to review historical data and market trends. In all these, he also relies on his own gut feeling and experience to make the recommendation.
On the part of the buyer, he relies on his gut feeling that this is the right time and this is the right property. Big Data spares both of them from this ambiguous process of decision making. With Big Data, you can now predict what will happen to a certain real estate property. If the numbers are positive, you have the confidence to make the buying decision.
Big Data will be a boon to realtors because it will make their job easier. It is very difficult to appraise a property. You need to consider a lot of variable factors. With Big Data analytic tools, you can now simplify the process. This will also enable you to give your property appraisals faster. This means you can close sales faster if the appraisal is acceptable to your buyer.
Big Data can’t help but disrupt the outdated processes of the real estate industry. It will negatively disrupt some of the elements in the industry. But its positive effects will overshadow the negative ones.