Real estate is a massive industry, with over 200,000 residential brokerage firms and 35,000 operating commercially. The industry touts an impressive $235 billion per year in revenue. Clearly if you’ve found your way up the ladder in real estate, you’re not regretting the decision. But what can the industry as a whole do to maintain that success?
It’s no secret that people buy property. Be it a house or an office space, it’s always going to be a necessity. But improvement comes in the form of refinement. Refinement in this case means targeting the right buyers when trying to move property. Properties on the market for years are doing nothing but taking up space, literally.
Data is an important element in refining the real estate process. Targeting the right buyers is a matter of knowing who they are, where they are, when they want to buy and how you can reach them. It’s an invaluable tool being used across multiple other industries. Now real estate is even feeling the effects of big data.
We’ve now developed our list of the top eight companies using data to disrupt real estate. Each company is taking a look at how the buying process works and seeing how they can use data to target the right clients and prepare them a more unique offering.
Bowery takes the load off of real estate professionals spending hours or more trying to simply price a property. Their system combines big data and human expertise to not only appraise properties, but do so more accurately than any other option. Bowery relieves the burden of the more time-intensive parts of the real estate process.
Real estate isn’t static. Buildings and homes change on a regular basis and at times, you might not even know it. Enertiv specializes in tracking and analyzing real-time building data to help keep portfolios up-to-date without the hassle of having to manually check and input data on a constant basis.
Coldwell Banker is a well known brand in the real estate space and they’re now proving their expertise in the field by taking it up a notch. Coldwell is implementing an application for their sales team that gives them more detailed information on buyers. They’ll be able to see who is buying, what they’d be interested, and what the proper approach to them is.
CrediFi exists more on the financial side of real estate but is crucial to the overall process. They’re using big data to collect financial information in the commercial real estate space. Their platform centralizes data crucial to lenders when making decisions about loans.
VTS is going firm to firm and making life easier on everyone. Real estate firms have tons of data as it is, but data is only as good as the system it’s kept in. VTS is collecting the data, compiling it into one source, and making it accessible by anyone in the company on any device.
JLL is making brokers more able to adapt to the dynamics of every market. Firms are in need of information about location. Whether it be where they’re located or where they’re selling, it’s crucial that they have that information on hand when making a sale. JLL gathers that data and centralizes it for brokers so they don’t have to spend ridiculous amounts of time hunting it down themselves.
Xceligent is working to make the buying process more research oriented. They collect listing information, tenant research and market trends, which are then used to identify potential buyers. When finding even a single committed buyer in real estate can be so time consuming, Xceligent makes it a much faster and much more rewarding process.
Real estate needs data, plain and simple. But even industries leveraging big data don’t necessarily have a data center that any industry professional can go to and find what they’re looking for. Now, Online Residential has brought mass amounts of real estate data to New York City, the capital of real estate. They have a dedicated team that processes and maintains all data on their platform. Any residential broker can use Online Residential to find what they need