Data's Impact on the Real Estate Industry!
Unlocking the mysteries of hidden data is changing the real estate industry! From Dark Data to Big Data, all aspects of real estate, from residential & commercial - to - retail & investment sales, has shifted.
However, while Big Data, a term used to describe large and complex data sets, is altering the real estate industry, data is only useful if used to make an impact. "Impact Data," a hybrid of target marketing and raw data, allows real estate practitioners and marketers to positively impact any segment of their target audience. With the unearthing of data, all aspects of real estate will become more transparent and impactful.
Displaying analyzed data does help to breakdown and understand user activity in a particular market. Companies like Zillow and Trulia, which have a built-in proprietary databank combined with user analytics, can assist with a market overview for listing brokers. This "Google Analytics" type feel is only just the beginning.
Impact Data can assist with grouping of a particular market and/or target audience, separated by distinguishable aspects. Impact Data can be separated by; demographics, socioeconomic, psychographic, behavioral, and more. This approach assists with needs-based marketing, an approach to identify better target groups to market a building, apartment, home, office, etc.
Ultimately, Big Data...Dark Data...Impact Data... any collection of high dimensional datasets will impact traditional marketing within any industry, including real estate. While Big Data is simply a blank term that is currently a hot button topic, all aspects of the real estate is changing due to the unlocking of hidden data within large data sets, particularly Impact Data.