Realtors can use “big data” without a big risk
The world of technology and big data took a big leap backwards recently when a group of hackers stole millions of pieces of credit card information from Target stores.
Reports like that put a huge scare in everybody about big data technology.
But the processing of data comes in many different forms and when it comes to hyper-local real estate data offered by providers such as Home Junction Inc., Realtors can relax.
First of all, Target was processing credit card data.
Apparently, what happened was the hackers gained accessed to the point-of-sale systems…which is the same as letting people walk into a vault.
Who does that? Target is learning the hard way as CEOs get fired and the stock drops.
But big data is here to stay.
After all, how do you think Amazon knows what to recommend to you every week? Or how does Netflix know what movies you like?
It’s the ability to crunch a massive amount of data quickly.
Realtors should embrace this technology as well. They can do so with virtually no risk.
Because what Realtors can now do is provide massive amounts of hyper-local information to their customers.
Companies such as Home Junction can offer access to hundreds of data points – school information, local businesses, crime statistics, recent home prices, new home sales , new construction.
That massive amount of data includes 12 million businesses and 130,000 schools.
Information that is current, accurate and relevant to their individual needs.
As for processing this data, it can come in many forms.
There’s the standard sets of lists – which consumers love.
Or the data can be integrated into a map, where consumers can look up properties from an MLS alongside neighborhood data.
For example, what schools are located near Property A?
What are the class sizes, student/teacher ratio, etc.
Every company is now using big data technology.
Target uses it to collect information on millions of customers – but because they also collected the credit card information, they were a prime target (sorry for the pun) for criminals.
Realtors can use big data technology to provide information to customers, but the great thing is, there is no transfer of sensitive data.
Just helpful information.
There’s a big difference. And big data can make a big difference for brokers and agents.
