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                  Better Real Estate Insights with External Data

                  In an ever-changing real estate market, data and economic indicators are essential to formulating financial strategies. External data, therefore, is key. It is used by planning and operations teams to benchmark a firm’s financial or operational performance. It enriches the data an organization collects and analyzes about customers, financial institutions, property managers, brokers and agents. It augments machine learning analyses to produce more accurate forecasting models. For both the residential and commercial sectors, demographic data is essential to understanding customers’ buying behaviors.

                  External data is an important part of real estate organizations’ analytics efforts. The most important external data source identified in our research is location sources, followed by economic data. Organizations also identified consumer demographics, business applications, market sources, government demographics, web applications and weather sources as important to their analytics efforts. External data is not just part of machine learning analyses, though. Our research shows that external data sources are also a routine part of data preparation processes with all participating organizations incorporating at least two external data sources, with 60% of those organizations using more than 11 sources.

                   
                   

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                  About the Author

                  David Menninger

                  Executive Director, Technology Research
                  David Menninger leads technology software research and advisory for Ventana Research, now part of ISG. Building on over three decades of enterprise software leadership experience, he guides the team responsible for a wide range of technology-focused data and analytics topics, including AI for IT and AI-infused software.