Open data or the “big” data movement has been generating a lot of interest lately in the business community, as companies are increasingly turning to the vast source of information available to help develop strategies, aid in sales and to create a competitive edge. Over the past year tech giants like Google, IBM, and Twitter have acquired companies that work and specialize in the big data sector and it is apparent that many more companies are following suit. As such, over the next year it will become increasingly important for businesses to take advantage of the open data movement, which many speculate will heavily disrupt and innovate a number of industries, notably the real estate industry.
With the advent of companies like Trulia, Zillow and Red Pin in the real estate sector, it is clear that there is a high demand for quality data to enhance listings, provide detailed community data, boost pitches, and to even generate leads, with an ever growing list of possibilities. The use of big data appears to benefit agents greatly as realtors selling homes draw on troves of data to provide information about the neighborhood, comparable houses, crime statistics etc.. Even home hunters have come to increasingly expect a detailed level of information from realtors; a result of the significant growth in the utilization of open data and the increased flow of information.read more »