Location Intelligence in Real Estate to Make Better Property Decisions
Do you ever wonder how those digital marketing companies seem to know everything about your buying preferences?
They use location data to reach specific audiences with their ads. In the same way, location intelligence can be an indispensable tool for people who are about to make property decisions.
For example, location intelligence and location analytics can provide quality insights into property markets, enabling buyers and sellers to make more calculated and smarter decisions.
Read 'How To Choose The Best Location-Based Service Technology For Your App?' to get more insights into the location intelligence concept.
Learn more about how location intelligence or place intelligence or near intelligence can influence key factors to consider when looking at and deciding on investment options.
Location Intelligence for Smarter Property Decisions
Simply put, location intelligence refers to techniques for handling and processing location and geographic data.
Investors, real estate agents, and others who want to make data-informed property decisions might benefit from location intelligence.
This innovative tool can help you answer the following questions:
- Which hotspots in new and upcoming neighborhoods are potentially profitable investment opportunities?
- Can you use open-source data to improve your real estate investment game plan? If yes, how?
- What are the associated risks that I should consider when investing?
- Who are my competitors? How can I track their decision patterns to gain better insights?
As you might’ve inferred from the information above, location intelligence can elevate your understanding of market, demographic, and spatial data.
You can leverage this knowledge to ensure quality and up-to-date real estate investment decisions.
Location intelligence can benefit the real estate industry by:
- Streamlining land record management: Suppose you’re working out the route for your dream infrastructure. In that case, location intelligence can provide accurate and up-to-date data, including land features and ownership information.
Analyzing properties helps investors or real estate agents deliver on downstream commitments.
- Protecting property assets and managing risk: Understanding the potential impact of natural phenomena like severe weather conditions is critical to property decisions.
If you anticipate these events, you’re likelier to develop a solid disaster response plan.
In this way, location intelligence helps decision-makers to protect property assets and mitigate nature-associated risks.
- Locating the optimal location and property for real estate plans: Accurate and comprehensive location-based information is crucial for property decisions.
Location intelligence can help you understand critical property information, including commute, income, lifestyle, and demographics.
Overall, real estate professionals and others making property decisions can use location-based data analytics to research investment opportunities, manage property portfolios, strategize, and find ideal tenants and buyers.
More About Location Intelligence: Its Features and Key Applications
As mentioned above, location intelligence develops from comprehensive analysis and visualization of geospatial data (information regarding a specific location on Earth).
That’s why many industry leaders today use this technology to improve their business and marketing decisions.
Some features to expect with location-based tools:
- In-depth information using multiple map layers: Basemaps can give you detailed descriptions of your surroundings, including their elevation contours, satellite views, and building footprints.
- Smart tools: Location intelligence apps can help people calculate distances and pinpoint areas of interest specific to their needs and plans.
- Access to properties worldwide: Some location intelligence apps can help users explore detailed property information for many parcels, including the owner, property value, delivery address, and normalized land.
At the same time, below are several other applications of location intelligence:
Municipalities: Urban planning relies heavily on location analytics. This tool assists local governments in mapping their community’s needs – from road infrastructure to hospitals and parks.
Location-based data can also inform economic development policies, enabling officials to attract businesses to an area and determine how to allocate tight funds.
Marketing agencies: Location intelligence that tracks customer journeys can facilitate campaign optimization and help advertisers determine where to invest ad money and what partnerships to pursue. For instance, they can analyze the area surrounding a specific billboard to see if it will reach targeted audiences.
Retail and dining venues: Retailers, franchisees, and restaurateurs can use location intelligence to determine high-demand sites, analyze trade areas, select venues, investigate competitors, and measure venue performance.
These business owners can optimize their operations and improve customer satisfaction.
Consumer packaged goods companies (CPG): CPG companies can use location intelligence when choosing retail partners and locating places to store merchandise.
For example, foot traffic data collected at specific locations can combine with demographics and psychographics (data regarding people’s attitudes, behavior, and other psychological factors) to determine potential shopping areas.
Wrapping Up
Real estate offers interesting opportunities and an exciting time to be in this niche. As you’ve seen from the many examples above, the industry suits data science well.
Fresh, relevant data sources emerge daily. From a technical perspective, this increasing volume of data helps businesses make informed property decisions. If you can leverage data, you can supplement your investment efforts to ensure that you invest in an area that ticks all the right boxes. Real estate investors and others who want to be industry leaders and stay ahead of their competitors might benefit much from location-based data.
Check out a few of our client cases that use location intelligence smartly. Kolekt is a waste selling and buying mobile app that enables customers to point their location and search with the location. A payment processing web app for an Indonesian client tracks users’ location while they are signup and match that location with their primary location before making payment.
If you have any digital solutions that need the integration of location intelligence, we can help.
About Arnold Rogers
As an experienced business consultant, Arnold Rogers has advised businesses across many industries in areas of lead generation, customer experience, service development, and small business cash flow and financial management. He has experience in handling diverse industries, from fast-moving consumer goods to business-to-business hardware retailers.
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Great and valid points were mentioned clearly defining the importance of location intelligence in real estate business. Having thorough knowledge gives investors or agents a a competitive edge. Particularly loved the part where you mentioned about the features of location based-tools and how they benefit us. Kudos to you for researching on such topic!