Location Intelligence is the State of the Art Technology in Real Estate

The odds that anybody would book a trip through a travel agent in this day and age aren't very high. The reason behind the trend of the layman embracing technology — such as booking tickets online — is that it is simply easier and more convenient. Yet while looking for a house or an apartment on rent, it's still imperative for most people to consult a professional.

It's high time that real estate is reformed so that the entire booking process can be done online. Location intelligence is the technology that holds the key to making this a reality.

Travel vs Real Estate — The Key Differences

Arguments are rife that while similarities exist between travel and real estate, there are significant differences that make the analogy less than fitting. A real estate transaction is considerably higher in value than travel, and an error in real estate would have far more devastating effects.

In real estate, in-person tours are conducted for potential buyers or renters. Analysts believe that many consumers are inclined to purchase vehicles online — a transaction larger on average than the yearly rental of an apartment — yet the same confidence has not translated to real estate.

Why the Real Estate Industry Has Lagged Behind

The Real Estate industry has lagged because of two main reasons: completing transactions online isn't yet widespread, and information for consumers online is lacking — causing consumer confidence levels to be low. As a result, professional involvement remains necessary. The solution lies in ensuring information is complete and trustworthy.

Even though home buyers and renters can visit a potential property multiple times, the sheer distance of touring properties is an inconvenience. Successful Real Estate ERP portals are far more dependable and infallible — rendering consumers further confidence about the quality of a property.

The Role of Location Intelligence

Other than a map interface, the intelligence of Real Estate ERP sites regarding location information is limited for the most part. Neighbourhood descriptions are SEO-oriented and cannot be digested easily. Even after streamlining, concerns remain that even comparatively "good" neighbourhoods may have sections that aren't as desirable.

Photos are crucial for real estate sites — it's a proven fact that potential buyers increase considerably if there are top-notch photos. However, home buyers want quality photos of bad properties as well. Selecting a bad property based on a good photograph would be ill-advised.

Building Consumer Confidence

Consumer confidence can be won if Real Estate sites have layers of intelligence to pinpoint a location — much like what a Realtor does for their clients. There are innovative location intelligence products for consumers to assess and drill down to the address level, beyond just zip code or neighbourhood. Property and location levels are the other layers where content is reviewed.

Intelligence centralised at that level would result in an enhanced consumer experience compared to the offline version. The high volume of transactions that occur in residential Real Estate are up for grabs by the portals that crack the location intelligence challenge first.