Interested in staying on top of the latest trends in real estate? Make sure you are aware of the impact that big data could have on this particular industry.
While traditionally, real estate relied on building relationships, the tide could be turning, according to Mashable. Not all real estate professionals subscribe to the idea that big data could change the industry, as some believe that human wisdom cannot be replaced by algorithms.
Increasing information availability
One way to get a good sense of how much consumers' access to information has changed is taking a look at real estate website Zillow, the media outlet reported.
"We've moved from raw data to information and context, and finally to real, actionable insight," Stan Humphries, Zillow's chief economist, told the news source during a phone interview. The company aims to "create complete transparency of real-estate info," he said. "We not only want to create complete transparency but also analytics products."
Impact of mobile technology
While the breadth and depth of information offered by Zillow may seem substantial, Todd Carpenter, managing director of Data Analytics for National Association of Realtors, stated at the recent 2014 REALTORS Conference & Expo that consumers might soon conduct real estate searches in completely different ways as mobile technology improves.
Armed with these advancements, Realtors and other industry professionals might be able to take their real estate marketing to a whole new level. To augment these efforts, it is crucial to have in-depth knowledge of the market where you are looking to work.
To increase the odds you will retain this important information, you can work with CRS Data, which will supply mortgage records, warranty deeds and other vital information. For more on CRS Data, click here.
Carpenter noted at the NAR conference that consumers will soon have a whole new experience as users become capable of accessing the Internet in a greater number of ways.
"A buyer could eventually ask an agent about how a home functions - such as how well it heats or the amount of electricity it uses during certain parts of the day - and receive an immediate answer with detailed graphics and analysis," he said. "That information may not be readily available to buyers today, but it's coming soon as more individuals use their smartphone to connect their home to the internet."
To stay on the cutting edge of the real estate market, be sure to stay abreast of the latest technological developments and know how they benefit the customer in particular. Doing so will allow you to quickly provide any prospects with the best experience as they look to buy or sell a home.