What do they all of these sites have in common? All are incredibly focused on data. In the larger tech community, big data is all people are talking about these days. I would characterize the type of data in real estate as “small data,” but not in a bad way. We are on the cusp of a whole new world of data analytics in the real estate industry. In the past, most of the data reporting was about what happened… vacancy rates, absorption and pricing. But with all of these amazing new tech sites, they are putting the emphasis on data as it relates to being able to predict where things are heading, not just where they are going. This is really something that represents a whole new front in the data world.
On our site (www.thenewsfunnel.com), for instance, and on others, we have the ability to analyze where people are searching for news, what neighborhoods, etc.. and in my conversations recently with several other new sites, they have the same tools. What this information will do is create a much better predictor of where demand will go, not where it has been.
I am convinced the next frontier in the real estate world, particularly in commercial, will be on new data tools which will revolutionize the industry.