How Technology is Disrupting the Real Estate Industry
Not so long ago, real estate transactions were simple and straightforward. A seller listed a home through an agent and a buyer showed interest. The buyer’s agent drew on his or her knowledge of the market to negotiate a final selling price and then the buyer closed on his or her new house.
Now, as it has in so many industries, information technology is changing everything. Automated systems can collect, process, and categorize nearly every piece of data about a property. And companies are using that information to change the way they serve customers.
Digital Transformation of Property Data
A few years ago, only institutional investors had access to the kind of big data that can identify pre-sellers – the ones who are just thinking of selling or just starting the process. Finding these opportunities requires a diverse and integrated data set that includes things like:
- tax assessment and valuation data
- deed transfers and mortgages
- foreclosure information
- mortgage loan data
At ATTOM Data Solutions, we have collected property data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. Our rigorous data management process involves more than 20 steps validates, standardizes and enhances the data collected by ATTOM. By making this data available to businesses in the real estate industry, we’re helping to level the playing field and expand access to accurate information.
The Role of the AVM
The AVM, or automated valuation model, is one of the most important tools in real estate technology today. It collects and integrates available data about a home to give an estimate of the home’s worth. The more reliable it is, the more informed buyers, sellers, and investors are about their options.
Our myAVM solution interprets and professionally packages this information in an easy-to-read format. Companies can integrate the tool into their websites and provide customers with verifiable data about their homes.
Thanks to solutions like myAVM, this level of seller data is no longer available only to large organizations with extensive resources. By offering actionable information to homeowners who are considering selling, companies of all sizes can build credibility and increase lead generation. Meanwhile, sellers receive the same accurate information as agents and investors.
User-Friendly Data Presentation
Data is less useful when it’s scattered and unrelated to a specific industry need. Technology is disrupting real estate, and not because it’s generating mounds of data. The disruption is happening because we can now aggregate that data, format it so that it doesn’t overwhelm the user’s system, and select those data points that will be most useful.
Take the ATTOM ID, which aggregates data into just one file per property. Customers can now see information that would be almost impossible to find and view it all at once.
Changing Expectations, Disrupting the Industry
With every innovation in real estate technology, buyers and sellers change their perceptions of their role in the real estate industry. They are no longer passive recipients of services, trusting in the word of professionals. They are empowered participants in the process, and the companies that earn their business will be the ones that can help them feel and use that empowerment.
Please contact us if you have questions about the underlying data referenced in this article, or would like to have access to that data in the form of custom reports, API, Bulk File or DaaS.