We are all familiar with the term “big data.” The tech industry has increasingly turned to big data, specifically property-related data, because it serves multiple industries in both the public and private sectors. Three emerging trends in property data, Artificial Intelligence (AI) and Machine Learning, Data Security versus Access and Augmented, and Virtual Reality promise to elevate the role of data even further. DataTree has tools that allow savvy land professionals to take full advantage of the power of data in serving their customers.
Artificial Intelligence, Machine Learning, and Virtual Reality: An Integrated Trio
The trio of AI, machine learning, and big data work hand in hand in identifying trends and patterns that might otherwise go undetected. Big data allows for synthesizing large amounts of information while artificial intelligence and machine learning aid in its comprehension. Chat bots provide real-time interaction available on 24/7/365 basis while minimizing the need for paying overtime or shift differentials to workers.
Virtual reality (VR) allows for an immersive 3D visualization and experience to produce a sense of presence that simply looking at photos or graphics cannot duplicate. Clients and real estate professionals can tour properties even when separated by miles. Virtual reality can display features and selling points that are not normally visible, such as smart wiring configuration. In this respect, virtual reality is better than conducting a real tour of a given property.
Ultimately, success in property-related fields demands not only real-time comprehension but understanding where markets are headed. Machine learning and big data can also assist in predictive analysis. Analysis of both data in local and distant locations can reveal emerging trends before they become apparent in sales or lease contract figures.
Securing Data While Maintaining Access
As data becomes more mainstreamed in the land services industry, the volume of data will naturally increase. The ability to harness this data will be a key factor in achieving success for land services professionals. Data around building use and occupancy along with sales and lease figures will naturally generate potent new insights for land services professionals. It is not too much of a stretch to claim that, if it is not considered to be so already, data will soon be viewed to be as valuable as gold or precious stones.
At the same time, consumers and commercial customers have become more demanding. For example, it is no longer acceptable to expect mortgage applicants to wait weeks for a response. In addition, as the industry expands, its operations will become more interconnected — including players from outside the industry. Some players, particularly those from the tech sector, may become competitors, ready to take up any slack left behind by land professionals.
Of course, security is and will remain a critical concern. Property-related data is often sensitive, comprised of detailed personal and financial information. High-level data breaches cannot help but have an adverse impact. The key is to balance adequate access to those who have a legitimate need while minimizing the risk of unauthorized intrusion. Successful data-oriented land professionals must offer both transparency in their operations and comprehensive security measures, such as verified records and multiple, digitally-matched data sources.
Augmented Reality and Virtual Reality: Seeing Is Believing
As the truism goes, “seeing is believing.” Augmented reality (AR) and VR amplify this saying by providing land professionals with time-saving tools that nonetheless enhance their demonstrations and showings for clients. Through AR and VR, realtors can schedule initial “showings” with clients located across town or across the country. This not only saves time, but translates into a significant reduction in a land professional’s carbon footprint — a potential selling point to environmentally conscious clients and customers.
AR and VR also make it possible to demonstrate what a partially built or unbuilt project will look like once completed. This is a definite enhancement to a hard hat tour, where clients may or may not be able to visualize a finished product from raw beams and subfloors.
While it’s true that AR and VR are far from fully replacing in-person showings, it is also true that the technology has gained more than a foothold in the land services industry. Land professionals who fail to get up to speed with VR and AR risk falling behind the curve, and losing customers to more tech-savvy competitors.
Keeping Pace with Innovations in Land Related Data
DataTree Custom Data Solutions offer rich data based services for land professionals, including enhanced real estate listings, transaction histories and various property characteristics. Our products are designed to serve multiple land related industries, including mortgage lending, appraisers, and governmental entities. Check out our website to learn more about how to put DataTree’s data services to work for your company.