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Big Data

Big Data is transforming the real estate industry by providing extensive data analysis that helps businesses and consumers make informed decisions. It offers benefits such as accurate predictions and insights into market trends, but over-reliance on data can lead to poor investments. The integration of Big Data will change industry dynamics, creating competition and challenges for realtors who may resist adopting these changes.

Uploaded by

Junaid Saeed (Jaydee)
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Topics covered

  • Business Benefits,
  • Data-Driven Solutions,
  • Consumer Trends,
  • Market Forecasting,
  • Data Accuracy,
  • Data Sources,
  • Industry Dynamics,
  • Consumer Insights,
  • Data Challenges,
  • Real Estate Investors
53 views3 pages

Big Data

Big Data is transforming the real estate industry by providing extensive data analysis that helps businesses and consumers make informed decisions. It offers benefits such as accurate predictions and insights into market trends, but over-reliance on data can lead to poor investments. The integration of Big Data will change industry dynamics, creating competition and challenges for realtors who may resist adopting these changes.

Uploaded by

Junaid Saeed (Jaydee)
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Topics covered

  • Business Benefits,
  • Data-Driven Solutions,
  • Consumer Trends,
  • Market Forecasting,
  • Data Accuracy,
  • Data Sources,
  • Industry Dynamics,
  • Consumer Insights,
  • Data Challenges,
  • Real Estate Investors

Big Data – Ready to Hit the Real Estate Industry

Big data and its use has not just altered but evolved the way people and organizations
do business; regardless of the industry they are working from! The sort of competition that
exists today in any of the markets is because Big Data has made things challenging enough. Big
data is something that has become an essential part of any business providing a whole lot of
cutting edge benefits but before we unveil how Big Data transforms an industry, it is important
to understand what Big Data is and how it works.
Basically, Big Data is a very large archive of information and data which is
computationally analyzed in order to find different patterns, trends, paradigm shift and a shift
in fashion; all relating to human behavior based on their interactions with the society. Big Data
could also be understood as a data analysis tool that is very complex in nature and could be
used for a lot of reasons. Industries however use this data to their benefit getting this data
analyzed to formulate patterns relevant to their industry in order to better target and market
their product.
Moving on to the benefits that Big Data provides, it is not just beneficial for the owners
of a business but could also very well be utilized by the consumers, specifically in the real estate
industry. There are a lot of investors and home buyers who have experienced investing in the
wrong estate or buyers who have been overpriced against what they got. This is the point
where big data could play its role and help consumer understand the dynamics of the real
estate industry but along with that, it is very much important to understand the fact that
relying too much on big data could lead to bad investments! Yes, this is possible because big
data speaks through the data that it contains and does not understand the market and industry
itself; therefore, you have to move with both hand in hand.
Another role that big data plays in the industry of real estate is to help people make
predictions that highly accurate. This is because previously people were dependent on their
own idea of how and what has gone in the past and the changing trends; now however things
are changed because big data brings with it accurate data of past years of what has happened
and the shift in trends, resulting in accurate future predictions!
One of the biggest hit that big data could make on the real estate industry, very much
like other industries that with the entry of big data in the industry, the whole dynamics of the
industry will change and everything will be measured through big data. However, with this
evolution in the market, there will be realtors who might be resistant to adopt the change or
might not even realize the need for the change. Big data is and would continue to bring a new
sort of competition in the market where doing the most accurate analysis of big data would be
the prime most challenge.

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