Why Aren’t You Using Real Estate GIS Data Yet?
A volatile market is one in which the cost of an asset rises and falls in rapid, unpredictable ways. However, that doesn’t mean we need to avoid those assets; often, quite the opposite is true. Real estate is an infamously volatile industry, and it’s one of the best investments a person can make. While a market defined by its fluctuations does pose some risk, it’s those risks that make a payout possible. This isn’t a novel idea; if the price of company stock were to remain fixed, you could never sell it for a gain, rendering Wall Street obsolete. The same principle applies to the housing market – the prices need to fluctuate in order to make a profit.
Of course, a volatile market only benefits real estate agents who know how to navigate it, particularly those who can do so before their competition catches on. When uncertainty is always leering around the corner, and you have a motivated client, time is of the essence. By utilizing real estate GIS data, agents can access the most up-to-date information, find the best properties and help clients picture their new life in the home they’ve been searching for. From property research to market and spatial analysis, real estate GIS data can help realtors through every step of the process; it’s an agent’s greatest competitive edge.
Real Estate GIS Data for Property Research
Bypass Paper Records
Before GIS databases reached the mainstream, agents had to navigate the property market with paper documents as their guide. Unfortunately, those documents aren’t always accurate, and even those that are can get tangled in a mess of red tape. With GIS data, realtors can sidestep the bureaucratic paperwork and find property information immediately. This saves agents a great deal of time and money, providing them with a considerable advantage over those stuck leafing through stacks of disorganized documents.
Retrieve Up-to-Date Parcel Information
GIS databases also have incredibly robust information that paper documents can’t match. When a property changes in some manner, geospatial software automatically updates its databases, while paper documents remain largely untouched. Inaccuracies in old-fashioned files could make or break a deal; if a client requires a pool, an exhaustive list of homes with pools will have far better leads than a list of properties that had a pool at some point in time.
Realtors can also use GIS to give clients a complete view of the property. Owning a property impacts people in several ways, and the best realtors advise interested buyers as well as possible before finalizing a sale. Taxes can affect people financially for as long as they own an asset, and knowing the tax rate informs how much you can spend. On a similar note, it’s important to know about all of the additional fees around a home or property. Things we don’t tend to think of right off the bat, such as insurance, structural repairs and homeowners association dues, can quickly add up.
Real Estate GIS Data for Market Analysis
Find In-Depth Data
In its broadest sense, a market analysis is an in-depth assessment of a market, including the size, segments, purchasing patterns and competitive landscape. In real estate, market analysis often focuses on determining a property’s value compared to similar properties in the area.
Real estate market research can also reveal a great deal about an area beyond comparing prices. To start, research on the neighborhood could unveil information about development patterns, public utility access and other factors that could influence how property values are expected to move in the coming years. Market analysis can also show economic trends such as the employment rate, income levels, business environment and predictions for the future.
When it comes to market research, what qualifies as helpful information depends heavily on who you are working with. The traffic situation could influence people hoping to buy a commercial building, climate conditions could encourage buyers in the tornado alley to opt for a basement, and hiking trails could convince nature lovers to buy a property close by. All in all, knowing this information can help realtors determine whether or not an area will be a good investment for both themselves and their clients.
Make a Comparable Sales Database
Valuation and real estate sales require in-depth market research, but luckily, there are already multiple listing services available with an abundance of information. Even better? GIS users can add their findings to a custom proprietary geographic database. By doing this, realtors can track and visualize real estate GIS data directly on their maps, allowing them to see trends and patterns more readily. By creating layers for all relevant information, GIS can reveal far more than the standard MLS (multiple listing service).
On MapRight, customers can make a layer for just about anything; commercial real estate development over time, income taxes, comparable sales in the area and so on. Most realtors conduct some form of market analysis, but those using real estate GIS data have a significant advantage; the most accurate, robust and up-to-date information available.
Real Estate Gis Data for Spatial Analysis
Sell an Area With Location-Based Data
Most of us know the three main rules of real estate: location, location, and of course, location. Buyers are often more interested in the area than any other feature of a property, and not all realtors are capitalizing on the abundance of location-based information real estate GIS data has to offer. A property’s location determines far more than we may assume; it impacts property values, school districts, walkability, access to social services, job prospects, cost of living – and the list continues. Where one lives has a significant influence on virtually all aspects of their life.
Get (and Give) a Complete Understanding of the Area
Using real estate GIS data, realtors can show prospective buyers aerial photography, directions to nearby stores and schools and an overview of the neighborhood’s key features to provide a more holistic view of the buyer’s future home. While it isn’t always necessary to give in-depth information on a property, doing so provides the buyer with a sense of place (and it’s a lot less daunting to buy a property when you can picture your life somewhere).
Get the Most Out of Real Estate GIS Data With MapRight
Whether you work with homes, commercial buildings, or industrial sites, GIS technology is an excellent way to get a leg up on the competition. Realtors can explore real estate GIS data, build mailing lists, and even create custom geospatial databases of the property or market on our app. Of course, research is only half the battle, so we also provide ways for realtors to show off their properties. With aerial photography, layered maps, and customizable map annotations, MapRight has everything you could need to make your business a success. Ready to get started? Sign up for your 7-day free trial, and take your real estate practice to the next level!