Amalgamation of technological innovations with the best business practices has changed the face of every industry, including the real estate sector and commercial real estate services. One of the tools available to the real estate industry is location software and data analytics. Application of location or spatial data sciences is no longer limited to GIS experts or scientists, and can be used in real estate where location data gathered through multiple, unrelated data points is processed using machine learning algorithm and modeled into insights and information, that can be further leveraged upon.
So, what do the current Location Data Intelligence Tools do?
- Help gather verified data about the real estate customers for business like mall lovers, shopaholics, restaurant lovers, home buyers etc.
- Understand the needs and taste of the audience and get deeper customer insights for better decision making on real estate site development.
- Check customer traffic to a particular location and mark their location preferences for neighboring amenities such as hospitals, metro stations etc especially for office space selection.
- Deploy enhanced mapping tools to visualize satellite images for site identification planning and territory management.
- Better spatial understanding to yield greater support for supply chain management.
- Advanced insights on the online search activity of the customers depicting their behavior towards location choices for real estate properties.
- Competitor analysis to keep an eye on the superimposition of similar marketing strategies & activities thereby protecting against any loss on investment.
- Data based decision making – which reduces wasteful efforts. This helps in lean management and provides greater returns on the investment.
- Creates a transparent system which is mutually profitable for both buyers and sellers. Buyers feel informed and empowered, and the seller can track buying behavior, thus customizing product offering to ensure higher conversions.
- Businesses can reach out to the customers effectively, thus minimizing expenditure on faulty geographic-targeting of marketing activities.
- Online marketing efforts are directed through these data insights to reach the right audience and figure out what they are really looking for. This helps boost the number of quality leads.
While these are a few benefits, what is required is agility to act upon the new business opportunities created, which in turn will help an organization stay relevant and meet the growing demands of today and tomorrow.