{"id":20209,"date":"2018-02-06T11:06:42","date_gmt":"2018-02-06T00:06:42","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=20209"},"modified":"2018-02-06T11:06:42","modified_gmt":"2018-02-06T00:06:42","slug":"how-data-is-driving-change-in-the-industry","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-data-is-driving-change-in-the-industry\/","title":{"rendered":"How data is driving change in the industry"},"content":{"rendered":"

It is no secret that data is becoming an increasingly powerful force in the global economy. Just look at Facebook\u2019s long-term (and already successful) goal of partnering with bricks-and-mortar stores and finance providers (especially credit card providers) to monitor the offline behaviour of consumers. The social-media giant is already well on its way in marrying this information with the online behaviour of its users to increase its leverage as the world\u2019s most powerful consumer influencer and advertiser.
\nBut whenever there is talk of data it always seems to revolve around the power of advertisers and not those of consumers. Where this is fast changing is within the real estate industry.
\nAustralia\u2019s major portals have identified the power of data for both agents and users alike but none more so than view.com.au, who spent twelve months developing the tools to equip the average homeowner and potential home buyer with the knowledge that has historically been kept in the hands of the industry. Their modus operandi<\/em> lies in the idea of democratizing data for everyday Australians so that consumer power can lead to stronger market performance.
\n\u201cWe want to be the place where people not only search for property but research the market,\u201d says CEO of view.com.au,<\/a> Enzo Raimondo<\/strong>.
\nWhat the company aims to achieve is not only a levelling of the playing field when it comes to consumer insights and a stronger market but also an increase in the general interest of real estate markets, both large (national, state-wide, and city-wide) and small (neighbourhoods and suburbs).
\nA long-lasting stereotype of Australia\u2019s culture is one of a family forgetting the burning chops on the BBQ as they get more incensed by a discussion about local property prices. This knowledge of Australians\u2019 love-affair with property talk has shaped View\u2019s business direction.
\n\u201cWe want people to come to View every week, even if you\u2019re not thinking of selling, just to see what\u2019s happening in terms of prices in your street, in your suburb and even your individual property,\u201d says Enzo Raimondo.
\nWhat advantages does data now bring average homeowners?
\nThe portal now lists market-relevant information for every address in Australia, based on government-sourced data as well as the company\u2019s own specifically-designed algorithms.
\nRenters, homeowners, property investors and first-home-buyers are free to generate property price estimates for any address, adjusting attributes (bedrooms, bathrooms, car spaces) to reflect any changes they have made to their homes. This price estimate tool is coupled with in-depth demographic data for a local neighbourhood to help those visiting the site keep tabs on specific markets as well as the national market.
\nWhat does the liberation of data have in store for the future of Australia\u2019s real estate?
\n\u201cI think we can expect to see exponential growth in terms of both the accuracy and scale of market-related data everyday Australians will have access to,\u201d says Enzo Raimondo. \u201cThe effect this will have on the market shouldn\u2019t be underestimated. Increasing data transparency and providing consumers with the information they need to make better decisions can only strengthen the market and potentially reduce the economic effects and prevalence of downturns.\u201d
\nFor those working within the industry, View is also determined to use its data-based business strategy to create more sales for agents.
\n\u201cTransparency within the industry is key to creating long-lasting and fruitful relationships between agents and their potential clients. Legislative changes in Victoria last year already demonstrated how much stock is put in improving agent-client relationships. A potential buyer or vendor\u2019s market activity relies on their trust of the industry, which is where data and transparency play such a pivotal role.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

It is no secret that data is becoming an increasingly powerful force in the global economy. Just look at Facebook\u2019s long-term (and already successful) goal of partnering with bricks-and-mortar stores and finance providers (especially credit card providers) to monitor the offline behaviour of consumers. The…<\/p>\n","protected":false},"author":176692471,"featured_media":20210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,25,30],"tags":[70],"class_list":["post-20209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-sponsored-channels","category-view-com-au","tag-featured"],"yoast_head":"\nHow data is driving change in the industry - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/how-data-is-driving-change-in-the-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How data is driving change in the industry - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"It is no secret that data is becoming an increasingly powerful force in the global economy. 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