How Data continues to shed a light on the Property Market
In many respects, there are huge similarities between real estate and commodities such as gold and oil. Not only are these entities diverse and lucrative asset classes, for example, but they are also part of relatively complex markets that are often lost to laymen.
When you peruse a house price or the cost of high-end commodity, for example, you are presented with a single, lump sum figure required for investment. This is just a small component of the overall transaction, however, and the value of a completed deal is often far higher. As individuals, we are also required to rely on the expertise of industry experts such as Property Rescue, who provide a service that enables us to make more informed decision.
The process of procuring assets can also be extremely time-consuming, which in turn can trigger additional costs and losses. These delays are often confusing to buyers and vendors, especially in the property market where estate agents and conveyancing experts hold a distinct advantage in terms of the information that they hold. We all know that knowledge is power in any market, and this often created a closed and shrouded environment where everyday consumers are left in the dark.
If recent trends are likely to continue, however, this may soon be a thing of the past. More specifically, the integration of technology has already evened the playing field on which buyers, vendors and agents operate, with customers now having the opportunity to partner with low cost, online agents that run a far more transparent business model. Going forward, technology is also set to revolutionise the use of data in the property market and make this increasingly accessible to buyers and vendors.
A key player in this drive is Dutch Software Company GeoPhy, which is led by Chief Executive Teun van den Dries. He has overseen the launch of a huge data analytics software program, which tracks an estimated 40 million buildings in the UK and additional data for 41 countries from Singapore and Brazil to Spain and Belgium. Experts believe that this advanced and comprehensive collection of data could be used to tracks the global property market, starting with commercial structures before reaching out to residential homes.
Another key point to note is that the GeoPhy software includes a host of supplementary data sets, including public transport information, congestion reports, building control legislation and local economic performance. These data sets are typically controlled by a combination of private estate agents and local authorities, who crunch factual information to present a generic overview to buyers and vendors alike.
The new software makes this accessible to a global market of consumers, however, who theoretically would be able to research the full history of a specific property and region before making a final, informed decision. It will also allow users to compare specific entities on the property market in the quest to achieve the best possible value, rather than relying on third party service providers.
This would represent a brave new world for the property market, and one that could ultimately reduce the cost of relocating and enable individuals to assume greater overall responsibility.