Here is my second post of 3 myths within the real estate industry. Myth #2: Real Estate professionals today, have enough location-based data, to advise their clients, to make smart buying & selling decisions. A myth!
Why? Why doesn’t any websites or real estate professional, have access to current demographic or economic data – the answer might surprise you.
Dynamic Real-time heatmaps technology is very hard to do build, and never been on the web before. Easy to do tech like what Trulia has, which are NOT dynamic, and based upon yearly data from 2016. But any real estate investors have their own individual risk tolerances and preferences. This is why the heatmaps must be dynamic, or generated on the fly, since there are literally billions and billions of possibilities. And we are not advocating buying or selling in any one particular block or tract, but giving the user the ability to determine this information based upon the Realtors or their clients indivual weighing or preferences.
- Just having access to the data alone, adds little, to no value. So what if you know if Census Block Group 10010201001 has a population or X or a population growth of Y based upon comparing last month’s data to this month’s data. This or any Block or Tract number, where the most significant data lies, alone has no value to a Realtor or user.
- Raw data is not easily accessible – no simple data feeds exist. And think about it, even if you could get a data feed that said Census Block Group 10010201001 has a population of 1,0123, and a growth rate last month of 0.123% what would you do with this data and facts?
- It takes totally new innovation, not just a simple new app. I probably know this fact more than anyone. After years of testing lots of Open Source applications like MapInfo, ESRI, GeoServer, MapServer, GRASS, and others… As I know it, there is only one company that can develop this new innovation, and they already make nearly a Billion per year, so why would develop a cheaper and better product that would cannibalize their existing business?
Now you know why, no one has access to critical local market data. Or growth data for a matter of fact.
Making BIG decisions based upon very limited and missing facts, is the classic definition of Risk.
As always, appreciate your feedback on this second myth – and Why Realtors do not have access
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