With the advent of new technologies, particularly with the real estate sector becoming increasingly significant on the Web, a huge amount of data processed in real time, is now available for businesses. This unprecedented explosion of data is being referred to as Big Data. But how to deal with these data? How to analyse them? What could be drawn from them?
To cope with these issues, organisations were pushed to develop and change their data collection systems as well as information processing.
A simple database is a comprehensive collection of related data organized for convenient access about an activity. Business Intelligence consists of collecting data from different sources (website, social networks, CRM, API, etc...), modelling them into a data warehouse and optimally utilizing them to generate useful studies and analyses, essential to take decisions.
The advantages of Business Intelligence for the real estate sector
- Market’s observation (price evolution) and ability to draw analysis
- Monitoring behavior of prospects in order to know who are the people to contact and when.
- Rapid decision-making process thanks to the possibility of analyzing the market in real time.
- Use of predictive analysis to offer a more personalized and contextualized user experience.
What types of data are the most commonly used in the real estate sector?
- Market price evolutions
- Number of projects for sale within the property market
- Average price per arpent or square meter
- Supply analysis by project type (property offers)
- Demand and supply analysis
Examples of Big Data utilization worldwide
Data analysis is used by a number of estate agencies in the United States, such as the group Zillow which determine price direction in coming weeks. Opendoor promises to sell customers’ property within one minute, whereas Smartzip offers to real estate professionals to select prospects for them.
With our 8 years' experience in the Mauritian real estate sector, we are very passionate about this subject. Should you need additional information, stay tuned, we shall cover this topic once again very soon.
