It is challenging for real estate firms to understand the various features of a region or location. Location analytics is a tool that’s used to solve the problem, and to help firms acquire relevant data. Surveys can give unreliable data, and third-party tools can lead to insufficient data. That is where location analytics fills the gap. Location analytics utilizes new technology such as AI and machine-learning to more efficiently find the relevant location data. Location analytics can track the location of a lead who may visit a property after they leave the property. This can be valuable data to analyze and lets’ real estate companies know who is interested or where breakdowns in the process occurred. Location analytics also comply with data-privacy laws. Real Estate companies can also track which locations are the most lucrative and how consumers respond to them. The new technology is also used to track demand and supply trends. If there is demand, the supply of properties can be posted on sites like Facebook for potential buyers to see. This automates the process of finding potential buyers. Location analytics ultimately boosts the quality of service and makes the process much more efficient.
- With the power of modern, sophisticated location analytics it us possible to predict which real estate region is most likely to drive sales.
- For those look to make a killing, or just a useful income from the real estate investment market, location analytics can be a godsend.
- Using a sophisticated metric, like location analytics, which uses real data, is superior to relying on observation, which is how many in the field have traditionally operated.
“Location analytics refers to the technique of managing sophisticated geographic and demographic data”