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Big Data in the Real Estate

Surely in the last year you have heard about Big Data, but do you really know what Big Data is? Can Big Data be applied to the Real Estate sector?

What is the big data?
Big Data is called the storage and management of an immense amount of data from different sources, with the aim of examining a sector and making intelligent decisions through the analysis of objective data.

The rise of Big Data is unstoppable and it is estimated that, in a not too long period of time, data storage for exploitation will become the oil of the 21st century. Today, most companies are still unaware of the power and short-term benefits that data management can bring to their business.

What is truly important is not having the information but being able to access and analyze it.

Advantages of Big Data
A real estate company that develops a good data analysis strategy will be able to discover the key points about the needs of their company and act with an advantage over competitors. Therefore, and through improvements in technology, decision making will be streamlined and risks in business operations will be minimized.

Thanks to Big Data, a company will be able to improve the products it has on the market, analyzing, in hitherto unusual detail, what measures it should take to launch or improve its products.

Another of the great advantages of large-scale data analysis is the personalization of all types of commercial actions. And that information obtained through the data will allow real estate agents to work more quickly when searching for assets.

Big Data in the real estate sector

How to apply Big Data to the real estate sector
Thanks to data analysis, a company in the real estate sector can know what, when, how and where the properties are sold, simply by analyzing large volumes of data.

The corresponding algorithm will be in charge of analyzing and segmenting this data, and with that information, precise indicators of the real estate market will be obtained. This will serve to act more quickly, knowing the purchase opportunities, speeding up decision making. With this data in hand, you can choose where to invest with little risk of any kind or geographical limits.

Knowing before the competitors which areas are experiencing an increase in property prices, either due to an increase in demand, due to the appearance of new services, or simply because it is becoming fashionable, will be a very important factor in time to assess the investment strategy and recommendation by real estate agents to their clients.

 

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