"If you don’t use data efficiently and effectively then you will miss a huge amount of value in your business/market. Others will not make this mistake and you will become increasingly uncompetitive. Ultimately the world is only going one way."
Data Science is a blend of various tools, algorithms, and machine learning principles with the goal to discover hidden patterns from the raw data (or, big data).
Property investors, developers and operators want to base their decision on high-quality data and insights, and data science is the foundation of this practice. As data science advances, stakeholders will be able to make highly accurate predictions for the properties.
Traditionally, these decisions have been driven by historical data, experience, and gut feelings. Data science enhances the decision-making process as it uses appropriate analyzing tools and large data sets (big data) that go beyond the traditional data.
In this article we covered different areas in real estate industry which will be benefited by implementing applied data science in coming years, namely, Pricing Indices, Improvised Forecasting, Automated Property Valuation & Instant bid sale, IoT: Using IoT to Improve Productivity and Lower Costs, GIS: Attaching location/spatial attributes to the property data, Smart Property Search Tools ,Prevention of frauds and Insurance.
The real estate industry is likely just at the beginning of a significant shift towards greater use of data and data-driven decision making. There are huge opportunities that are now starting to be unlocked by various startups and forward-thinking institutions.