Location Intelligence as key to data-driven real estate

This whitepaper delves into the revolutionary potential of harnessing the power of spatial data for the real estate industry. With daily data generation set to reach a staggering 463 exabytes by 2025, the paper underscores the critical need for a data-driven approach in the sector to stay competitive.

Highlighting the value of merging traditional real estate data with non-traditional information like Points of Interest (hotels, restaurants, etc.), demographic and macro-economic data, it states that up to 60% of variables in trend prediction could come from non-traditional data.

The whitepaper introduces the concept of Location Intelligence, which essentially connects diverse data types to uncover potentially profitable insights. It presents Geographic Information Systems (GIS) as a key tool that visualises this spatial data on a map, making decision-making processes more informed and accurate.

Detailing the spectrum of data analytics, the paper explores Descriptive, Diagnostic, Predictive, and Prescriptive Analytics, with an emphasis on the increasing benefits and complexities as we move up the analytics ladder. The interplay of real estate knowledge with data science specialties such as algorithms, business ruling, and machine learning in Prescriptive Analytics is underscored as particularly beneficial.

Finally, the paper addresses the challenges in harnessing Location Intelligence and offers viable solutions. One such suggestion is collaboration with technology companies that can provide diverse expertise. It emphasizes starting small, matching goals with an organization’s “data maturity level”, and gradually ascending the analytics ladder.

This whitepaper is an enlightening read for those working in the real estate industry looking to leverage the power of data for informed decision-making and potential profit maximisation. It also offers essential insights for those considering collaborations with technology and data companies.