by 
12th July 2024
How Data Analytics Revolutionize the Property Industry
Discover how data analytics revolutionize the property industry, providing crucial insights into location, pricing, tenant targeting and real estate data for better decision-making.
Technology has changed consumer behavior in everything from how we make payments, browse items, shop, view properties, and rent and buy properties.
While many industries are experiencing rapid technological disruptions, the property industry faces a slower pace due to higher levels of regulation. However, there is growing demand for property-related data and analytics beyond just showcasing properties for sale online. Potential buyers want more information to make better-informed decisions. Developers and agents should recognize that merely paying for advertising space is no longer attractive.
Consumers now seek meaningful data and information from property technology firms. Therefore, these firms should equip themselves with robust data analytics capabilities. Today’s consumers are more discerning and do not rely solely on narratives provided by property firms. They delve deeper to find the truth and make informed decisions.
MyIndustrialSpecialist has identified six key data points that consumers consider before making a decision:-
Location
Consumers analyze locations based on metrics such as traffic congestion, school ratings, life quality, and crime rates. This real estate data helps determine the profitability of a location regarding occupancy rates, average rental income, and ROI.
Pricing
If client purchase property for investment purposes, determining property pricing is crucial. Besides the selling and buying price, consider data on rates and taxes, rental statistics, and service and building costs.
Faster and More Accurate Appraisals
Always get an appraisal before buying or selling property. With abundant data on comparable properties, price estimation becomes easier.
Tenant Targeting
Real estate data analytics help identify potential tenants. Key questions include: Will there be consistent demand for rental units? Will there be tenants in the next 2 to 3 years? Who is the target group for tenants? This data guides appropriate advertising.
Adopting New Technology
Seeing the shift in consumer behavior, many property firms are adopting new technology and marketing channels, focusing on mobile apps and social media. For example, Ecoworld has established Ecoworld X to use data analytics for better decision-making. IOI Properties introduced an online community engagement platform via its mobile app, IOI Community, leveraging real-time customer feedback for continuous improvement.
Virtual Tours and Smart Housing
The pandemic increased the acceptance of virtual tours and remote work. Video marketing has become essential. Live streaming, such as Taobao live, has also emerged as a major marketing channel, attracting thousands of estate agents.
The rise of ESG and 5G has accelerated demand for smart housing. Companies are investing in energy efficiency, digital twins, building management, smart homes, and package storage.
Innovative Offerings and Blockchain Technology
Innovative offerings like zero deposit solutions allow tenants to rent without paying a deposit, though concerns remain about tenant departures and repairs. Blockchain technology enhances transparency in the financial industry, speeding up title transfers and improving tracking.
How MyIndustrialSpecialist Helps You Identify the Best Industrial Properties
At MyIndustrialSpecialist, we believe in the power of data and analytics. We leverage transaction data and our extensive experience to help clients unlock attractive deals.
We have extensive years of experience helping clients choose the right industrial properties in suitable industrial parks. We also help you connect with the right parties, from identifying the right properties and building them to establishing operations.
Our expertise ensures you get a property that meets your specifications and budget. We stay updated on the latest trends and insights, helping you spot strategic locations and suitable industrial properties. Contact us at myindustrialspecialist for more information and to start your factory investment journey.
