The commercial real estate industry is at somewhat of a crossroads with big data. Today, virtually everybody is connected to the internet through a smartphone, computer, or a combination of multiple devices. Technology is so implicit in our lives that it is practically integrated into everything we do and everywhere we go.
This internet-connected society is a boon for big data companies and commercial brokers alike. The mountains of available data are seemingly endless. Commercial brokers no longer must worry about finding enough data, but rather finding the time to sift through it.
The future of data analysis in commercial real estate lies in cloud-based CRE technologies. Keeping data in the cloud is ideal for busy brokers that need access to information anytime, anywhere. Cloud-based CRE data platforms help organize relevant data so brokers can quickly access and compare information on-the-go.
- Data is the driving force behind every commercial real estate transaction, but brokers are having trouble sifting through the mountains of data
- Cloud technology allows brokers to access up-to-date information anytime, anywhere
- Cloud-based CRE data platforms help organize data into an easily-digestible format and update in real time
According to the McKinsey Global Institute, the world creates roughly 2.2 exabytes — that’s 2.2 billion gigabytes — of data every day. While this proliferation of data is spread across millions if not billions of individual devices, simply storing this much information is becoming increasingly difficult, to say nothing of organizing it.
Anytime, Anywhere Access
Ask any person what the first rule of real estate is and you’re likely to hear, “Location, location, location.” And while location is certainly a critical consideration in any CRE valuation, it’s also the defining characteristic of every broker’s job. Whether they’re meeting clients, assessing a property, or networking with prospects, a broker is just as likely to be found out and about as in their office.
That’s why the cloud’s flexibility and mobility is of massive value to CRE professionals. The data contained within traditional CRE tools (namely, spreadsheets) is only accessible via the devices to which it has been downloaded.
That’s where a new generation of cloud-based CRE technologies comes in: dedicated CRE data platforms accessible from any device and updated in real time. With constant access to centralized, up-to-date property information, brokers can not only reference data they’ve saved, but immediately uncover new data points as the need arises — on calls, during client meetings, or from the road. Brokers can identify comparables, pull up property details, and search nationally by property type, size, number of units, sale date, mortgage maturity date — all without returning to the office.
View the original article at Business.com