Using Big Data When Deciding Where to Buy a Vacation Rental Property
To start with, Big Data is the collection of data in huge volumes. Think terabytes and petabytes. The data grows exponentially with time. It is so large and complex that special systems have been designed to store and process it efficiently. There is evidence now that basing a business decision on computer-based data is more effective and efficient than those generated by humans.
The use of big data allows businesses to see patterns and trends. Data-driven decisions allow businesses to know much sooner which products and services will be successful. In the real estate world, being first to market is a huge advantage.
Big data allows real estate companies to spot trends in market value based on such things as the amenities a property has to offer, its geographic location, increases or reductions in population, etc.
Some other benefits include providing faster workflow by advising appropriate and profitable properties; reducing the risk of choosing the wrong property; customizing and filtering properties for their customers, and improving market strategies.
