MyNew Real Estate is a real estate data analytics firm, which means we analyze data from local multiple listing services and other other data sets across the country.
We publish existing industry data and offer additional data sets upon request.
Using the tools on our data services page, you can visualize and download housing market data for metropolitan areas, cities, neighborhoods and zip codes across the nation.
Real estate market is tightly connected with risks, and it is very important for specialists not to let their customers down. Reduction of financial risks ranks one of the first positions in this list.
Predictive analytics comes to the rescue. Real estate companies can use predictive analytics to analyze the condition of the building considering all nuances, its age, information about the owner and so on. Given all the capabilities, specialists can provide a buyer with detailed information about a house without any dark spots.
Customers become more engaged
Predictive analytics helps real estate agents understand customers better and provide them with services they really need. Special algorithms can collect the data and requirements of each customer to provide all of them with a personal offer. Thus, customers’ engagement becomes stronger and trust towards real estate companies increases.
Unfortunately, when people buy a house, they can receive not complete information about a house, and then it leads to misunderstanding and deal non-starter. Analytical tools that use big data help agents make accurate appraisals and show customers a real price for that or another building. Also, big data allows agents to collect other useful information about a district, neighborhood, so customers will have all the information they want to know. As a result, if the price is real and it is estimated considering all the factors above, both parties get their profit. Bingo!
Artificial intelligence that can make decisions
Machine learning algorithms also improve the processing of data and accelerate it in a few times. Business processes become more transparent, light-fingered real estate agents will have to quit the game. AI-enabled algorithms select actual information for the indicated period of time, and artificial intelligence makes an optimal decision based on all possible options. AI algorithms should be integrated during real estate application development. So unfair game is impossible, fair business comes first, and it is implemented due to new technologies.
Improvement of a marketing strategy
The marketing side of a real estate business also becomes improved. Real estate agents often monitor social networks to collect more information about a customer and big data algorithms help them extract all information faster and more precisely. When agents get all the information they need, they can contact a person at the right moment and make a profitable and tempting offer. In addition, real estate agents always have all actual prices that are real for a current period time period, and big data plays not the last role in this process.
A new level of insurance services
Some people use insurance service to ensure their houses and it is a widespread process. So, no wonder that insurance companies also apply big data to analyze what insurance plans are better options for different regions. For example, big data analytics help insurance agents offer dwellers in various regions the right kind of insurance type, depending on specific particularities of that or another place. And both parties benefit again.
Revolution in real estate
One of the ways data analytics can drastically change the real estate field is the way specialists build a business model, manage human resources better and optimize expenditures. The commercial real estate market would go to a completely new level. With a new and different set of services provided.
In fact, quite a few countries have already started to apply big data and analytics technology to manage, evaluate and monitor the real estate field. The new process automates the analysis of volumes of data. Which are received from multiple sources?
There are many ways of how big data can be used in the real estate sector.
First, big data helps customers and real estate agents quickly find an appropriate building with indicated parameters;
Also, big data makes it possible for customers to appraise how profitable the purchase of a house or apartment will be for them;
Also, machine learning capabilities come into force as well – a huge amount of data now can be analyzed and processed much faster.
In fact, big data in the real estate field makes the workflow faster and more efficient. By the way, new technologies also allow real estate agents to find a good location for building a new house from scratch.
It will be a better option if we single out each advantage separately to define a total benefit of big data usage in the real estate.