Mobile technology advances have the potential to radically change the ways consumers search for real estate online, according to a session at the 2014 REALTORS® Conference & Expo focusing on the future of big data and real estate.
At the session, National Association of REALTORS® (NAR) Managing Director of Data Analytics Todd Carpenter discussed how big data and mobile computing can be leveraged by brokers, agents and real estate portals to more effectively market homes to consumers. Attendees also gained insight into how evolving mobile technologies will allow consumers to assemble personal, intuitive real estate searches without the guidance of a web marketing portal.
The "Internet of Things," which is using and transferring data over networks through a device and without human-to-human or human-to-computer interaction, will transform consumers' experience of searching for real estate online, said Carpenter. He shared big data examples, including mobile apps that are already revolutionizing the way individuals go about their day, such as tracking daily physical activity, navigating traffic in real-time, and managing a home thermostat from afar.
"A buyer could eventually ask an agent about how a home functions – such as how well it heats or the amount of electricity it uses during certain parts of the day – and receive an immediate answer with detailed graphics and analysis," said Carpenter. "That information may not be readily available to buyers today, but it's coming soon as more individuals use their smartphone to connect their home to the internet."
The Internet of Things and predictive analytics are helping the real estate industry better understand transaction and market data to the benefit of the industry, agents and consumers, said Carpenter, and it is likely that the amount of data collected will continue to increase and will be used more to predict buyer and seller behavior, as well as trends in home preferences and neighborhoods. This includes highly-customized home searches that encompass factors such as proximity to work, public schools and restaurants.
"Advances in mobile technology have changed the way REALTORS® do business and how they communicate valuable information to their clients," said David Tonna, president of the Silicon Valley Association of REALTORS® (SILVAR). "It's all good when it helps REALTORS® serve our clients better and more efficiently."
The 2014 REALTORS® Conference & Expo, held in New Orleans Nov. 7-10, was attended by thousands of REALTORS® from across the country, including members of SILVAR's leadership group with Tonna, SILVAR President-elect Chris Isaacson, SILVAR's NAR Director John Tripp, and Executive Officer Paul Cardus.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
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