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NEW YORK – Oct. 5, 2015 – Big Data reshaped the residential real estate industry, much to the benefit of agents and brokerages. Ten years ago, some of these functions took hours to complete.
There are five major ways the trend is changing the real estate sector:
Public records. Big Data means easier access to public records. More municipalities now publish real estate records online, making them easily searchable for Realtors, developers and private real estate firms.
Promotion. Online searches can direct millions of potential buyers to a website, where they can be pitched homes for sale without an agent’s physical presence. The key to optimizing this strategy is to keep the website up to date with high-quality information.
Consumer property information. Real estate ad websites such as Realtor.com provide consumers with instant property information. This allows the public to “fantasy shop” for favorite homes and use the systems to contact an agent.
Record keeping. Big Data helps property professionals track client data, enabling them to “laser target” marketing efforts. Realtors can now pinpoint exactly who is a first-time homebuyer, empty nester or a likely investor.
Neighborhood data. Most communities nationwide are featured online; and many come with demographic information, including populations and nearby home prices. Potential buyers can home in on a certain community and determine the area’s quality of schools, crime statistics and more without ever leaving their keyboard.
Source: RealEstateRama (09/25/2015)
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Source: Florida Realtors Feed