Predictive analytics in real estate along with local Real Estate Maps is critical to real estate site selection, risk assessment, and real estate investing. Top quality local neighborhood Real Estate Maps is important to real estate specialists and real estate professionals. Without realizing what exactly is going on inside and around a provided local market, the customer and real estate investor are guess guessing and hoping, or relying on flipping either a fixer or paper, which is not really investing.
Predictive analytics in real estate – Enabling smarter decision making
- Demographic data is widely used for smarter decision making due to distinct preferences of different age cohorts – millennials and baby boomers.
- Unlike traditional methods, data captured through the internet, satellites, and sensors include peoples’ preferences and behaviors, often going beyond standard information such as age, income, and gender.
- The increased volume, velocity, and veracity of the available data provides more information to businesses.
- However, companies are also challenged to make sense of all that data.
- Companies can benefit significantly from the use of predictive analytics tools to analyze the past data and use algorithms and machine learning techniques to predict the future.
- Examples of existing applications in private domain include predicting demand for consumer products at a store level, and in public domain, to identify buildings that are most likely to catch fire.
At Growth Maps, we are passionate about quantitative data and developing some of one of the most sophisticated Real Estate Maps and Growth Maps, the modern and many innovative real estate maps and real estate analysis tool, uses fresh mapping technology to deliver agents, brokers, and investors with assured, targeted insights into local area real estate markets. Local real estate forecasts on steroids.
With better local real estate growth data, and big data maps, and predictive analytics in real estate, the investment in real estate, is a click away. For more information, download your FREE eBook titled: “What’s Next for Commercial Real Estate Technology: Leveraging Technology and Local Analytics to Grow Your Commercial Real Estate Business”
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