Data Science in Real Estate Domain
Real Estate is one of the most booming industries in the 21st century. The growth this industry is showing is a result of increased population and urbanization around the globe. With its growth, companies are trying to find more ways that can help them in generating more revenue. In this article, we’ll discuss how data science in real estate can be a game changer for companies.
Data Science combined with machine learning & artificial intelligence can work like a magic for any industry, especially real estate.
According to KPMG Global PropTech Survey 2018, 49% of participants thought that artificial intelligence, big data, and data analysis were the technologies likely to have the most significant impact on the real estate industry in the long term.
If you’re a data enthusiast and looking forward to pursuing your career as a data professional in any industry, you must explore these articles that explain the use cases of data science for distinguished industries:
As published in a NAIOP article, real estate companies are facing challenges figuring out how to utilize data for business growth. The KPMG Global PropTech Survey 2019 confirms that 80% of real estate firms still do not have “most or all” of their decision-making led by data. The same report also hints at a “skills gap” – only 5% of real estate firms have transformation efforts led by someone with the skills of a data analyst.
So, how exactly can companies apply data science in real estate? What are the concrete benefits? And where can you learn the tools and skills that will allow you to harness the potential of data in the real estate industry?
Data Science in Real Estate Industry
Data Science applications can be highly useful for real estate companies as they can forecast, analyze and extract hidden information from the data that can provide significant growth for the companies.
Data Science in Real Estate can be the future regarding technical advancement in the industry.
Here are some of the optimizations that data science can provide for the growth of the Real Estate domain:
- Market Forecasting
- Demographic Analysis
- Risk Analysis
- Property Valuation & Prices Indices
- Strateziging Marketing Plans
To ensure they don’t stay in the competitive market, companies are harnessing the power of data and leveraging data science tools to improve their performance and grow revenue.
You’re reading the article, Data Science in Real Estate Industry.
real estate companies like Indiabulls, DLF, Godrej, Ansal Housing, Omaxe, Eldeco, Gaur, Supertech, and many more are frequently hiring data analysts, and data scientists help these companies extract valuable insights from the industry data as well as their past records.
Here is a quick, out-of-context, exciting fact to blow your mind. All of you must have gone to eat burgers at McDonald’s. But do you know what type of company McDonald’s is or in which domain they are working?
You must have thought about the Food industry. You are partially correct. The main business of McDonald’s is in real estate. It is the world’s biggest real estate company and owns more than 36,000 outlets globally.
Hope you liked reading the Use Cases of Data Science in Real Estate article. Please share your thoughts in the comments section below.
If you’re willing to attain the knowledge to become a data analyst in any of the industries, you can explore these amazing certification programs that can help you learn all the latest data science tools to get you ready for the profile of a data analyst:
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