Real-time data is at the cusp of digital revolution and at the heart of the world economy. Real estate, one of the prime sectors which influences, determines and directs the economy is a sector fluctuating with market demands. Presently, while the pandemic has affected some businesses negatively, resulting in office shutdowns and remote working, on the other hand, the pandemic has also created new experiences and trends, and accelerated opportunities for the businesses to grow in these unprecedented times. Use of advancing technologies such as artificial intelligence (AI), machine learning (ML), bigdata, cloud etc. have amplified the role of location intelligence in addressing the chaos created by the pandemic. Here are the main highlights and valuable insights gained from the experts at Location World Real Estate hosted on 22nd April 2021 by Geospatial World.
Also Read: Real estate industry harnessing the power of location intelligence
Next frontier for real estate: Location intelligence
In her presentation, Amy Minnick, CBO, Cape Analytics focused on the role of disruptive technologies such as ML, computer vision, geospatial imagery, mobile data, IoT devices that possess the ability to detect features and patterns, facilitating all kinds of use cases. The companyโs solutions derive new insights such as carbon footprints at workplace and residence. Property Intelligence, developed by Cape Analytics is driven by real-time data to assess real estate valuation better, predict mortgage defaults and aggregate trends at a regional or national level.
Jonathan Wolf, VP of Partnerships, Safegraph, stated how their data fuels property insight. He also mentioned about a new trend prevalent since last 15 months known as site โdeselectionโ. In the post-covid era, it has become tough to decide which stores to be shut down. With precise and accurate real time data and insights, one can navigate their ever-changing business landscape and site deselection have set bar for success during the unprecedented times.
Also Read: The power of data in the retail industry
Open spaces to dark spaces: varying consumer behaviors
Charlie Davies, CEO, TravelTime, touched upon how hybrid models of working from home, dark kitchens and dark retail have changed traditional way of working. These terminologies were not as valuable in terms of its applicability pre-pandemic; however, it has now become the new normal and become incredibly valuable. It has created new opportunities to sell their products directly. The use of location has become more important than ever.
Jorge Zapatero, Global Data Scientist, JLL Technologies, mentioned about how shift in demands of people have created an opportunity for businesses to grow. With location technology along with other advancing technologies, businesses are now able to quantify and provide certainties to the โwhereโ attributes. The use of Point of Interest (PoI) data can also access market value by area and can identify areas which are over or under-valued.
Sustainability trends
Ana Ouriques, Director and Co-Founder, Land Insights, highlighted the use of location data in site selection which is particularly crucial for developing and implementing green strategies. Moreover, location intelligence helps to monitor and assess the impacts of different land-use patterns and much more.
Javier Trufero, Head of Data, CARTO, mentioned about the transition from commercial to residential spaces. Pandemic leading to WFH trend have resulted in the effective utilization of green spaces. As the population spreads out, understanding the catchments areas of green spaces is crucial to control land usage and zoning.
Also Read: How location-aware AI is moving businesses forward
Pandemic: An opportunity for businesses
Chris Thompson, Director of Location Analytics, CACI Ltd, stressed upon how COVID-19 has transformed the way of engagement with space and impacted every aspect of society accelerating change. New opportunities arising on the urban fringe is an opportunity for the real estate industry. Jim Stone, VP Client Solutions, Terranova, mentioned about the user-friendly mapping, data analysis tools for front line decision makers. Various models are being created to simulate possible market changes with an interactive visualization. Bart Adams, Co-Founder, xyzt.ai, shared about the use of new data sources for location analytics, referred to as the โalternative dataโ which is not normally used for insight generation in specific vertical or market. Alternative data yields additional information that complements the insights received from the traditional sources. New models of LI enable to share, collaborate, extract smarter insights and explore data visually.
Also Read: Interview: Amazon Location makes it easier to access cost-effective, location services
Accurate location data for real estate
Apurva โApuโ Kumar, CEO, Citydata.ai, focused on collecting mobility data from multiple sources, particularly the public/open data and blend with many other datasets to achieve ground truth. This helps the cities to understand the actions for the benefit of their constituents. Citydata applies geospatial AI to quantify the impact to citizens by building digital replicas for urban areas.
Rosie OโMeara, CRO, Ground Truth, touched upon the location solutions that Ground Truth offers. It includes a combination of โlocation determinationโ to observe GPS signal accuracy; โplace determinationโ which stresses upon mapping and contextualizing the physical world; and โvisitation determinationโ which matches signals to places and determines whether the visit occurred or not.
Real estate sector has faced and continues to face significant changes in the patterns of investments due to the changing consumer behavior. However, Location intelligence is transforming the business operations and consumer experiences and has become an indispensable part of the real estate sector.
Location world: digital series
Location World brings together the Location Intelligence community in a series of virtual events to learn, share, and drive the Location industry forward. Each series will bring in-depth engagement with the technology leaders and practitioners, covering high-impact business sectors.
Stay tuned for our 3rd digital series โLocation World Supply Chain and Logisticsโ scheduled on 23rd June 2021, 8am PDT/4pm BST.
