{"id":23896,"date":"2020-01-26T08:00:54","date_gmt":"2020-01-26T16:00:54","guid":{"rendered":"https:\/\/insidebigdata.com\/?p=23896"},"modified":"2020-01-27T08:56:59","modified_gmt":"2020-01-27T16:56:59","slug":"proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry","status":"publish","type":"post","link":"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/","title":{"rendered":"Proptech and the Rising Tide of Technology in the Real Estate Industry"},"content":{"rendered":"\n

It is no secret that utilizing newer\ntechnology like big data and analytics can shake up and revolutionize nearly\nany industry. The real estate industry is no exception here, and has, in fact,\nalready begun reaping the rewards that big data and data-driven technologies\ncan provide. <\/p>\n\n\n\n

The huge amounts of data generated by the real\nestate industry can be leveraged to its advantage even further going forward as\nnew technology and ideas are pushing the envelope for the real estate industry\nat both the macro and micro scale.<\/p>\n\n\n\n

Analytics<\/strong><\/p>\n\n\n\n

One of the most basic and powerful data-driven tools that the real estate industry has at their disposal comes in the form of analytics. The benefits of data analytics in real estate extend to both the consumers and realtors because it allows for advanced property evaluation<\/a> across a huge spectrum of parameters from expected appreciation and depreciation rates to crime statistics, accessibility, and other factors. This not only allows for real estate companies to determine value more accurately and mitigate risk, but increases customer engagement as well, providing them with highly relevant information regarding potential purchases.<\/p>\n\n\n\n

The huge amount of real estate data available can, and should, be leveraged for maximum predictive impact<\/a> just as Wall Street uses the data available to model algorithmic trading. Through the use of data analytics, realtors and investors are able to keep up to date on vital market data in real-time, allowing for the ability to stay ahead of the curve on the rapidly changing market of commercial real estate. Accurate, timely market data can make a massive impact on a company\u2019s ability to turn a profit on a piece of real estate and empowers potential home buyers by providing a comprehensive view of the market even as it changes minute to minute.<\/p>\n\n\n\n

While these huge pools of real estate data are already being used by Artificial Intelligence programs to improve the customer experience through personalization and predictive home evaluation over time, AI can further change the real estate game. AI can help to accurately predict which locations<\/a> will be the most beneficial for developers to invest in, optimizing market-level profitability and revenue and revenue as well as helping to identify optimized spatial layouts of new developments.<\/p>\n\n\n\n

Virtual Reality<\/strong><\/p>\n\n\n\n

Though the real estate industry has been relatively slow in hopping on the big data train<\/a>, it has taken a short amount of time for the industry to see the massive value that data brings to the table. Data can show investors, developers, and potential buyers detailed and pertinent information about real estate without ever having to see it in person. While macro-level data like land valuation, crime statistics, accessibility, and traffic flow are incredibly important when looking at real estate development and investing, the data generated at the micro-level is now coming into play in a big way.<\/p>\n\n\n\n

Data comes in a variety of different forms, and while it can be easy to be tempted to shelf classic visual data for the more esoteric sets of data pertaining to a piece of real estate. Visual data, however, is actually at the forefront of one of the more inventive and exciting data-driven technologies being used in the real estate industry today. When enough visual data is available, realtors can implement Virtual Reality technology<\/a> in order to give prospective buyers a tour of the property, giving an in-depth look at the dimensions of any given building that a static photograph simply cannot provide.<\/p>\n\n\n\n

Again, VR is another new data-fueled technology that benefits both buyers and sellers of real estate. Realtors massively expand their market as they don\u2019t have to set up actual appointments to show a home and can actually show it simultaneously to many different potential clients. Additionally, homes can be staged virtually through VR<\/a>, turning an empty and visually cold, unfurnished home into a staged home in an instant with the ability to change any furniture or fixtures in the blink of an eye to appeal to any number of aesthetic palettes. <\/p>\n\n\n\n

Informed Decisions<\/strong><\/p>\n\n\n\n

The real estate industry has been long considered generally conservative, relying on more Luddite business methods and general entrepreneurial skills to operate quite successfully for decades. This is all changing with the rise of \u201cProptech\u201d<\/a>, technologies that capitalize on the huge amounts of data generated in the world of real estate, which is working to help both purveyors and purchasers to make more informed decisions.<\/p>\n\n\n\n

Quantifiable data, whether gathered from historical sources, social media platforms<\/a>, or any other number of sources, work to show a bigger picture than many are used to seeing. When investors, realtors, and buyers are all able to see the forest for the trees, everyone comes out ahead as they have the ability to make a better decision based on all of the available data instead of just historical data or gut feelings.<\/p>\n\n\n\n

In its raw form, much of the data generated by or relating to the real estate industry isn\u2019t all that helpful. However, with the power of data analytics, machine learning tools, and Artificial Intelligence, the heavy-duty number crunching is taken care of, leaving a distilled and very useable product<\/a>. In a way, these new technologies are really leveling the playing field when it comes to real estate, providing the same advantage to anyone willing to take the time to apply big data in an effective way.<\/p>\n\n\n\n

These technologies are unlikely to outright upend the real estate industry anytime soon, considering the industry\u2019s historically slow adoption of new technology. They will, however, revolutionize how properties are sold, evaluated, marketed, and even seen on a very real level. <\/p>\n\n\n\n

About the Author<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Avery Phillips is a freelance human based out of the beautiful \nTreasure Valley. She loves all things in nature, especially humans. \nLeave a comment down below or tweet her @a_taylorian<\/a> with any questions or comments.<\/em>
<\/p>\n\n\n\n

Sign up for the free insideBIGDATA newsletter<\/a>.<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In this contributed article, freelance human Avery Phillips discusses how the real estate industry has begun reaping the rewards that big data and data-driven technologies can provide. The huge amounts of data generated by the real estate industry can be leveraged to its advantage even further going forward as new technology and ideas are pushing the envelope for the real estate industry at both the macro and micro scale.<\/p>\n","protected":false},"author":10513,"featured_media":22370,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[65,115,87,180,56,97,1],"tags":[314,280,742,96],"acf":[],"yoast_head":"\nProptech and the Rising Tide of Technology in the Real Estate Industry - insideBIGDATA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proptech and the Rising Tide of Technology in the Real Estate Industry - insideBIGDATA\" \/>\n<meta property=\"og:description\" content=\"In this contributed article, freelance human Avery Phillips discusses how the real estate industry has begun reaping the rewards that big data and data-driven technologies can provide. The huge amounts of data generated by the real estate industry can be leveraged to its advantage even further going forward as new technology and ideas are pushing the envelope for the real estate industry at both the macro and micro scale.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"insideBIGDATA\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/insidebigdata\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-26T16:00:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-27T16:56:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebigdata.com\/wp-content\/uploads\/2019\/03\/Analytics_SHUTTERSTOCK.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"300\" \/>\n\t<meta property=\"og:image:height\" content=\"215\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editorial Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@insideBigData\" \/>\n<meta name=\"twitter:site\" content=\"@insideBigData\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editorial Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/\",\"url\":\"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/\",\"name\":\"Proptech and the Rising Tide of Technology in the Real Estate Industry - insideBIGDATA\",\"isPartOf\":{\"@id\":\"https:\/\/insidebigdata.com\/#website\"},\"datePublished\":\"2020-01-26T16:00:54+00:00\",\"dateModified\":\"2020-01-27T16:56:59+00:00\",\"author\":{\"@id\":\"https:\/\/insidebigdata.com\/#\/schema\/person\/2949e412c144601cdbcc803bd234e1b9\"},\"breadcrumb\":{\"@id\":\"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/insidebigdata.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Proptech and the Rising Tide of Technology in the Real Estate Industry\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebigdata.com\/#website\",\"url\":\"https:\/\/insidebigdata.com\/\",\"name\":\"insideBIGDATA\",\"description\":\"Your Source for AI, Data Science, Deep Learning & Machine Learning Strategies\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insidebigdata.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/insidebigdata.com\/#\/schema\/person\/2949e412c144601cdbcc803bd234e1b9\",\"name\":\"Editorial Team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebigdata.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/e137ce7ea40e38bd4d25bb7860cfe3e4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/e137ce7ea40e38bd4d25bb7860cfe3e4?s=96&d=mm&r=g\",\"caption\":\"Editorial Team\"},\"sameAs\":[\"http:\/\/www.insidebigdata.com\"],\"url\":\"https:\/\/insidebigdata.com\/author\/editorial\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Proptech and the Rising Tide of Technology in the Real Estate Industry - insideBIGDATA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/","og_locale":"en_US","og_type":"article","og_title":"Proptech and the Rising Tide of Technology in the Real Estate Industry - insideBIGDATA","og_description":"In this contributed article, freelance human Avery Phillips discusses how the real estate industry has begun reaping the rewards that big data and data-driven technologies can provide. The huge amounts of data generated by the real estate industry can be leveraged to its advantage even further going forward as new technology and ideas are pushing the envelope for the real estate industry at both the macro and micro scale.","og_url":"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/","og_site_name":"insideBIGDATA","article_publisher":"http:\/\/www.facebook.com\/insidebigdata","article_published_time":"2020-01-26T16:00:54+00:00","article_modified_time":"2020-01-27T16:56:59+00:00","og_image":[{"width":300,"height":215,"url":"https:\/\/insidebigdata.com\/wp-content\/uploads\/2019\/03\/Analytics_SHUTTERSTOCK.jpg","type":"image\/jpeg"}],"author":"Editorial Team","twitter_card":"summary_large_image","twitter_creator":"@insideBigData","twitter_site":"@insideBigData","twitter_misc":{"Written by":"Editorial Team","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/","url":"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/","name":"Proptech and the Rising Tide of Technology in the Real Estate Industry - insideBIGDATA","isPartOf":{"@id":"https:\/\/insidebigdata.com\/#website"},"datePublished":"2020-01-26T16:00:54+00:00","dateModified":"2020-01-27T16:56:59+00:00","author":{"@id":"https:\/\/insidebigdata.com\/#\/schema\/person\/2949e412c144601cdbcc803bd234e1b9"},"breadcrumb":{"@id":"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/insidebigdata.com\/2020\/01\/26\/proptech-and-the-rising-tide-of-technology-in-the-real-estate-industry\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/insidebigdata.com\/"},{"@type":"ListItem","position":2,"name":"Proptech and the Rising Tide of Technology in the Real Estate Industry"}]},{"@type":"WebSite","@id":"https:\/\/insidebigdata.com\/#website","url":"https:\/\/insidebigdata.com\/","name":"insideBIGDATA","description":"Your Source for AI, Data Science, Deep Learning & Machine Learning Strategies","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebigdata.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/insidebigdata.com\/#\/schema\/person\/2949e412c144601cdbcc803bd234e1b9","name":"Editorial Team","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebigdata.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e137ce7ea40e38bd4d25bb7860cfe3e4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e137ce7ea40e38bd4d25bb7860cfe3e4?s=96&d=mm&r=g","caption":"Editorial Team"},"sameAs":["http:\/\/www.insidebigdata.com"],"url":"https:\/\/insidebigdata.com\/author\/editorial\/"}]}},"jetpack_featured_media_url":"https:\/\/insidebigdata.com\/wp-content\/uploads\/2019\/03\/Analytics_SHUTTERSTOCK.jpg","jetpack_shortlink":"https:\/\/wp.me\/p9eA3j-6dq","jetpack-related-posts":[{"id":32722,"url":"https:\/\/insidebigdata.com\/2023\/07\/02\/artificial-intelligence-real-estate-revolution-or-evolution\/","url_meta":{"origin":23896,"position":0},"title":"Artificial Intelligence: Real Estate Revolution or Evolution?","date":"July 2, 2023","format":false,"excerpt":"Artificial Intelligence (AI) is increasingly becoming the most important topic of the year. From data centers to financial services to technology, every real estate sector is involved in AI in one way or another, as it can help improve real estate outcomes for both investors and tenants. Commercial real estate\u2026","rel":"","context":"In "AI Deep Learning"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/insidebigdata.com\/wp-content\/uploads\/2023\/06\/AI_shutterstock_2287025875_special-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":19495,"url":"https:\/\/insidebigdata.com\/2017\/12\/01\/using-reliable-timely-big-data-will-transform-real-estate-industry\/","url_meta":{"origin":23896,"position":1},"title":"Why Using Reliable and Timely Big Data Will Transform the Real Estate Industry","date":"December 1, 2017","format":false,"excerpt":"In this contributed article, Misha Ghosh, GM & DVP at ADP Ventures, Big Data, discusses several key areas where timely and accurate big data can make an impact on the real estate industry. There are many tools that draw from public and private sources that aggregate and anonymize information, creating\u2026","rel":"","context":"In "Big Data"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/insidebigdata.com\/wp-content\/uploads\/2015\/01\/BigData_real_estate.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":12644,"url":"https:\/\/insidebigdata.com\/2015\/01\/24\/c-suite-will-demand-real-estate-data-2015\/","url_meta":{"origin":23896,"position":2},"title":"The C-Suite Will Demand More Real Estate Data In 2015","date":"January 24, 2015","format":false,"excerpt":"More than 95 percent of companies have a formal data and analytics strategy in place with many favoring product development, IT and marketing over corporate real estate\u2014until now. A new, independent study conducted by Forrester Consulting, commissioned by JLL, says that 75 percent of firms see corporate real estate information\u2026","rel":"","context":"In "Analytics"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/insidebigdata.com\/wp-content\/uploads\/2015\/01\/BigData_real_estate.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":16295,"url":"https:\/\/insidebigdata.com\/2016\/10\/22\/what-does-the-future-hold-for-big-data-analytics\/","url_meta":{"origin":23896,"position":3},"title":"What Does the Future Hold for Big Data Analytics?","date":"October 22, 2016","format":false,"excerpt":"In this contributed article, tech writer Linda Gimmeson take a close look at the potential growth of big data analytics and the top 4 industries that may benefit from it.","rel":"","context":"In "Analytics"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20377,"url":"https:\/\/insidebigdata.com\/2018\/05\/11\/24-trillion-industry-thats-fashionably-late-big-data-party\/","url_meta":{"origin":23896,"position":4},"title":"The $24 Trillion Industry That\u2019s Fashionably Late to the Big Data Party","date":"May 11, 2018","format":false,"excerpt":"In this contributed article, Min Suh, CEO and Founder of Assess+RE, discusses how as decisions are made faster, and are informed by a much wider range of highly accurate, timely data, we\u2019ll see the benefits of a more robust and responsive CRE industry spread to just about every other business\u2026","rel":"","context":"In "Big Data"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/insidebigdata.com\/wp-content\/uploads\/2015\/01\/BigData_real_estate.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":19408,"url":"https:\/\/insidebigdata.com\/2017\/11\/20\/big-data-shaking-real-estate-industry\/","url_meta":{"origin":23896,"position":5},"title":"How Big Data is Shaking Up the Real Estate Industry","date":"November 20, 2017","format":false,"excerpt":"In this special guest feature, Matt Murphy, CMO of Chime Technologies, observes that for decades, the real estate industry has chugged along without too many big changes in how things were done. Information was generally fragmented, if it was accessible at all, and processes were paper-based. Big Data has shaken\u2026","rel":"","context":"In "Big Data"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/insidebigdata.com\/wp-content\/uploads\/2017\/11\/Matt-Murphy-Headshot.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/posts\/23896"}],"collection":[{"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/users\/10513"}],"replies":[{"embeddable":true,"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/comments?post=23896"}],"version-history":[{"count":0,"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/posts\/23896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/media\/22370"}],"wp:attachment":[{"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/media?parent=23896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/categories?post=23896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insidebigdata.com\/wp-json\/wp\/v2\/tags?post=23896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}