The Role of GIS in Real Estate
Geographical information system or GIS plays a constant and important part nowadays in all sectors related to geolocation and mapping. Since the real estate industry is connected to geolocation by default, it’s only natural that it would find the recent, rapid progress made in GIS to be highly beneficial for business. Let’s find out how real estate sector is benefitting from modern GIS technology.
Research Made Easier
Significant and detailed research is essential for those who deal in real estate. A point to remember before stating the advantages here is that people experienced in the land business knew how to verify a property long before the first GIS system was even invented.
Therefore, it’s not that people could not research and investigate a property before GIS came along, but it’s about the scale, accuracy, time-efficiency, and ease that this new technology adds to the process. GIS has made it possible for the experts to do more research on multiple properties with greater accuracy and within a much shorter timeframe than before.
Mobility Adds a New Dimension to GIS Analytics in Real Estate
What we just discussed was about the ease, accuracy, and time-efficiency of gathering data regarding properties of interest at an unprecedented rate with the help of modern GIS. However, it goes much deeper than that.
Smart geographical information systems are powered by intelligent algorithms that help real estate experts to determine the present and future value of a various properties. They do not even need to separate their time between on-site visits and office sessions anymore, thanks to GIS workstation laptop computers which are more powerful than even the most powerful GIS desktops from five years ago.
This newfound mobility is allowing real estate executives to estimate their properties of interest both physically and digitally in almost a gapless process. An ongoing chat with the potential seller during a visit does not need to be paused, because the process of pulling out the records of ownership, sales history, and other property documents from the local municipality sites can be automated.
By the time their chat comes down to price negotiations, you may very well have a short presentation waiting for you, complete with past, present, and future developments relevant to the expected sale.
Market Analytics: Identifying of Properties of Interest
Above, we discussed how mobility in GIS makes it easier to pull data, estimate pricing, etc., on the move. However, that part only comes into play when you have already identified a property of interest and found an interested/persuaded owner. None of that is easy of course, and while they can be done without modern GIS, the questions of scale, accuracy, effort, expenses, and time-efficiency all come into focus once again.
Modern geographical information system solutions have simplified and improved the process of market analysis and property identification to an astounding degree. An intelligent real estate analyst, equipped with the right hardware and software resources cannot only identify and estimate properties, they can also find out about alternatives to the primary choice as a failsafe plan.
This ensures that the project can minimise time wastage by shifting to a different property nearby, and check if the owners there are more willing to cooperate.