The Big Effect of Big Data on Real Estate
New technology is expanding into every industry and the Real Estate industry is no different. In fact, realtors and real estate agents can now benefit from a hot new technology that is commonly referred to as Big Data.
What Is Big Data?
Big data is a term used to describe the collection and usage of highly complex information in large quantities. However, traditional applications are challenged when processing this much data. A few of the challenges include capturing, analyzing, and storing. To solve these challenges special data centers are built to aggregate, visualize, and make use of the information. The most common type of big data machine is lovingly called HADOOP because of its cute little elephant logo. HADOOP is used by Internet giants like Google and Yahoo to collect and store huge amounts of data. The exciting news is that big data collection is now available for realtors and their agents. So What Is The Big Affect Of Big Data On Real Estate? One answer to that question is more profits. For instance, a realtor can drill down specific information about different areas or neighborhoods. They can also quickly identified lot sizes, dimensions, or understand various ordinances. They can also get detailed information about schools, utilities, or average cost of living in a specific area. They can even get the exact location of sidewalks and driveways. Realtors can use this type of information to better advise their clients and builders. For example, a builder may be planning to construct several three-bedroom condos on a certain street. Using big data the agent can show the builder how to make more money per square foot if they build studios. The realtor also knows that the studios will be a hotter commodity on that street. Consequently, the builder makes more money per square foot and the realtor quickly sells more units. This makes the builder and the realtor very happy. Agents Can Lower Costs Agents find they can use big data to work their market in refined ways. For instance, big data can give agents an insight on exactly what people are searching for when they go on line. They can process that information to better locate the right properties on the right streets. This allows the agents to spend their advertising dollars wisely because they can advertise the right houses to the right clients. They can even do this on a per street basis. Gennady Barsky is a real estate mogul from NYC.