There is no doubt that Big Data is one of the hottest topics of current times; yet, even though it’s been around for many years, it’s only in the last few years that its true potential has been fully acknowledged, accepted and adopted by the industry sectors that are now being transformed by its power. The property sector may have been slower than other sectors to adopt Big Data but now the smart people in property are beginning to reap the benefits.
Big Data has far-reaching implications for the whole property sector, from planning to building and from property management to marketing. Developers, sales agents, buyers and sellers are all able to tap into technological advances enabled by Big Data to create all manner of desired outcomes. For example, property developers can massively de-risk future development projects by tapping into the information to be gleaned from Big Data. By combining demographic and psychographic data, developers can make informed decisions not solely based on traditional information like the age and financial status of potential buyers, but also on their web browsing history, social interactions and interests.
Add some more Big Data about geographical and economic trends and it’s not difficult to see the enormous benefits for developers. Informed decisions based on the results of extremely complex algorithmic calculations make it possible to accurately predict the right type of properties for any given development in any location.
Property buyers also win with Big Data. Would be home owners can now be delivered much more relevant searches that tap into intricate preferences identified by Big Data. Sales and letting agents benefit too; they can provide a much more transparent and comprehensive service if they tap onto Big Data. The ability to deliver remote and authentic interactive viewing experiences satisfy time-poor consumers. So, in the words of the 1970 Yellow Pages advert, they “let your fingers do the walking”.
And this highly enhanced browsing experience is not just about the ability to quickly tap your way around multiple properties; potential buyers can be presented properties according to their particular taste in décor and finishes. Product placement based on a viewer’s actual buying history can show properties already furnished with items they have already bought! The virtual viewing experience creates an emotional connection between the buyer and the property that is powerful and enormously effective.
The possibilities with Big Data are endless, particularly when it comes to property marketing and predicting what the buyer wants. Pixel will be bringing you some more in-depth articles about the application of Big Data for target marketing, planning and financing in the coming months. We will be publishing these on our blog, but if you’d like to ensure you receive them, you should subscribe to the Pixel Email Newsletter here.