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Abstract
Rapid changes in technology are impacting the real estate brokerages and made it possible for emerging new systems and strategies. Valuable real estate industry data has been transferred from the exclusive domain of professionals to the general public.
In this paper the changing role of the stakeholders in real estate industry is forecasted and the effect of electronic marketplace in changing traditional brokerage models is studied. For this purpose 26 real estate agents are surveyed to examine how they transform ordinary data into value-added expert knowledge.
The goal of this paper is to explore the future need and demands of marketplace and bind data analytics to this industry. Data analytics can serve for developing an essential marketing and analysis tool and be used as a valuable strategy to change the culture of real estate industry.
Keywords
Real estate, Data analytics, Predictive analysis
1. Introduction
In recent years, the rapid development in the field on Information Technology has triggered a change in the way organizations conduct business. From one side the increasing demand of business drivers (such as insurance, bank, city and government) and from other side technological advances in the industry, bridge the gap between science and new E-commerce.
The real estate industry is one of the largest and fastest growing industries where business is already conducted successfully in the internet today. This industry is a large field which generates billions of dollars in revenue. In 2013, $170 billion in revenue was generated by 165,000 companies operating in the residential brokerage and management field, and the annual revue generated by 25,000 companies operating in the commercial brokerage and management field was $30 billion [1].
The use of technology will continue to transform the field in the years ahead, enabling home buyers to research both the property and the areas in which it is located, including home's characteristics, photos. Customers can also see the property's history and find out about the neighborhood's schools, crime rates and other statistics. So the question is why do real estate still exist? Travel agents, for example, have given their place to websites such as Orbits and Expedia. Soft good retailers are being overshadowed by online stores such as Amazon. The effect should be similar with real estate industry....