3 Innovative Ways to Use Geospatial Data in Real Estate
“Location, location, location”
You’ve probably heard the phrase: “There are three things that matter in property: location, location, location!”
I’ve talked to 100s of companies about location. I talk to large, public companies, I talk to small, private companies and everything in between. Virtually all of them are in the same boat: it’s way too hard to innovate their products when it comes to location data. They all want to do it. The few who can leverage geospatial data are in a position to innovate in truly game-changing ways. If you want to be like them, read on for motivation.
3 innovative ways to use location data in real estate
- Internet-based listing sites: auto-recommend homes to millions of home searchers based on proximity to the things that matter to them, like libraries, grocery stores, dog parks, bike trails, pickleball courts. Even better, build search to support geospatial data directly. (‘2 bedroom in Minneapolis near childcare and a dog park’)
- Underwriters: Improve AVMs (automated valuation models) and comps models to account for a new playground or store (or any number of things) that impact not just the property itself, but the quality of life for those who live within it.
- Investors: Discover “similar” yet undiscovered areas to existing and oversaturated ones via geographic-based similarity AI/ML models.
Right now, these are truly next level innovations. For each of these use cases you need to acquire lots of data. You need a place to put the data. You need to index it properly, you need to aggregate it, run functions/calculations off of it, transform/normalize it. Only then can you “hand it off” to a product or eng team to do any of the above. It’s no wonder so few people can do this! Those that are able to do this though will separate themselves from the rest.
About Iggy
Iggy is a toolkit for data teams. It is used by data scientists, analysts and machine learning engineers to understand and leverage data about place to build better models and user-facing products. Their flagship datasets and tools provide instant access to hundreds of geospatial features being used to improve location search, pricing and recommended homes/listing ML models, and develop unique customer-facing products. Iggy has been proven to quicken experimentation and time to value, and improve ML models and core products for industry-leading companies in the real estate, private equity and travel sectors. Dive into some demos and learn more about the product at https://github.com/askiggy/iggy-enrich-demos, check out our blog on improving Real Estate pricing models with location data at https://medium.com/@acocos/faster-experimentation-for-location-data-iggy-metaflow-c3dd40c4f5e4 or contact us at https://www.askiggy.com/contact
