If you invest in real estate, there is a trend that you need to know about. For real estate investors, and real estate professionals in general, big data is slowly transforming how we do real estate, especially when it comes to the buying and selling process. But it goes deeper than that, too.
Big data, more than anything, is making things more accessible, more transparent, and less risky for real estate investors. But how, exactly? What does it mean for investors?
Defining Big Data
Forbes has one of the best definitions of big data we’ve seen:
"Big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis."
This data can be high-volume or high-velocity to be “big,” and it’s only worth anything to you if it’s accurate. After all, making decisions based on bad data will wind you up in a world of trouble.