How Businesses Can Leverage Big Data

Data is just as valuable as fuel was in the industrial age in our modern technological world. What is the best way to monetize data? If there was only one universal answer, everyone would do it!

Each industry has its own best practices, and no two companies are alike. In the real estate sector, disruptors create tech platforms that help customers get better rates and services.

Let’s check out how the best prop-tech is leveraging big data to change the game permanently.

Agents Compete for You

Millennials and other first-time homebuyers are embracing real estate technology like Nobul created by innovator Regan McGee. Imagine having real estate agents vying for your business to the extent they’re willing to give additional complimentary services and even cash back!

With Nobul, homebuyers can define the search criteria in the app to describe their budget and the home they’re looking for, then pick whichever real estate agent best suits their needs. People buying property in the same city may have very different requirements.

For example, not everyone looking to buy a home wants to compete on price. Some agents proudly maintain rather than lower their commission rate because they have a sterling track record.

Many homebuyers today are accustomed to smartphone technology delivering personalized services. Businesses would be wise to meet or exceed their expectations. They can do this by leveraging big data in numerous ways. Sometimes, big data can help you connect with the right agent: old and new technologies meeting halfway. 

Algorithm Works Wonders

You can manually trawl through home listings or have curated listings sent to you as soon as they come on the market. Prop-tech puts the home listings you want into your hands and makes it easy to browse and share them with friends.

The algorithm on prop-tech sifts through all the data and filters it based on what you’re looking for. Businesses need to have algorithms working for them and their customers or risk becoming quickly obsolete.

Selling the Home

Leveraging big data in real estate works for sellers too. People rely on their home’s appreciating value over the years as a nest egg that helps fund their retirement or whatever else they do in their golden years.

Big data can help people determine a home’s value by comparing it to the price of properties nearby on the market. A platform that combines the raw power that algorithms bring to processing big data with the manual help from vetted real estate experts is a winning combination.

Whether you’re buying a new home or selling your old one, don’t do it without taking advantage of every way to benefit from big data.

There’s a lot more to data than just its size. You want to analyze all the data out there, not just a piece here and there. It’s essential to leverage information intelligently for the maximum benefit possible. If you can leverage data in your business the way prop-tech has managed to, you should succeed in the future.