But technology has come a long way since then and there are pioneers who have taken it upon themselves to push the boundaries of technology in real estate.
How is data analytics being used in real estate?
It’s being used in a lot of ways. One of the primary ones is in providing analytics on properties for potential buyers and renters
-if you look at Trulia and Zillow, as well as the Matrix NTREIS portal (I used this extensively to purchase my home) and other similar products, real estate professionals are getting more data on potential commercial / real estate properties as well as features about them that may motivate buyers- there’s a lot of data that can be mined about the property itself, as well as details about the neighborhood- how old, the sq footage, price per foot, amenities of the house that can be broken out into comparative data.
Every property that a buyer would make an offer
On also has houses you can include as a comparable peer set “comps” you can use to see if you’re getting the best price.
There’s also other external data to analyze –
how far is the property from the nearest luxury retail store? What’s the distance to the nearest park? What’s the crime like in the area? Frequency of dog owners vs bird owners (ok that might be a stretch)
A lot of this data is aggregated within Trulia, Zillow, real estate, and for commercial real estate I’m sure there are similar approaches being used.and other portals for