Every year, IT industry experts provide a forecast for the year ahead. Something similar happened this year too, but the predictions had something unique about them. Each emerging tech trend insisted that big data will prevail and flourish across businesses of all types and sizes. This includes the real estate niche that seems very enthusiastic about adorning a data-heavy approach to interacting with customers and identifying hidden markets.
Last year, it became very clear that the real estate industry was slowly moving ahead. As the current year set-in, the market displayed very promising signs about rising bottom lines. The optimism is found among consumers and real estate institutions alike. More mortgages are being sanctioned and rentals and home purchases are on the rise with businesses ready to become more tech savvy. We are confident that this will be the year of big data, where some data capabilities are expected to become a standard across the industry.
Traditionally, real estate has been a data-heavy segment without realizing the importance of silos of countless data it has been sitting upon. Until now, real estate data warehouses were highly ignorant. Businesses rarely depended upon data analysis to improve internal workflows or to engage more customers. The entire perception is now changing. Big data has become the most discussed term among real estate players, most of them acknowledging the critical role of data in driving greater business intelligence, expansion, and customer satisfaction.
Future real estate big data trends:
More managers & consumer-facing professionals in developing business intelligence—apart from having more data-driven decisions, we expect business intelligence will now involve more managerial talent. For too long, BI projects have been led by IT folks who are competent but not necessarily industry specialists. There is a greater call for business managers to become proficient at understanding big data and business intelligence requirements. This might mean recruiting new managers or undertaking skill update training programs at the workplace.
Letting go of the bigness of big data and concentrating on results—it is nice to see the real estate marketplace sensitized towards the advantages of using big data. However, the realization seems to be routed slightly wrongly where efforts are on gathering bigger data warehouses. Please note that having loads of data doesn’t make you a big data user. Simplifying silos of data into actionable information is at the core of big data usage. The industry is bound to realize this when ROI from data collating efforts fades in comparison to ROI on big data combined with better analysis.
Big data stimulating short-term or sustainable partnerships—as a norm, real estate businesses prefer don’t prefer partnerships. Every bit of consumer information is held with the utmost care about confidentiality. However, with more and more companies incorporating big data, owning relevant consumer data is more important than just hoarding customer information. For this, businesses might have to enter partnerships to exchange data. Seemingly irrelevant data for one business can form the basis of tuning marketing campaigns for another business. We expect the overall sentiment to be healthy and stimulate short-term, data-stimulated partnerships.
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