Big Data, once a buzzword, is now a Biz word. The amount of data collected in the last 18 months exceeds the amount of data collected since the beginning of the written word. More data, times 10, than the contents of the US Library of Congress, and easier to access!
Data, however, is of no value unless it is normalized. Normalized? Yes, normalized, like real estate. Each square foot is ‘SqFt’, each Master Bedroom is ‘MBR’, and so on. Unlike Medical data for example, where a simple ‘crepe bandage’ will have as many different names, codes, or abbreviations as the corporations who make it, own it, or the individuals who input it.
For over 40 years, real estate data has been NORMALIZED, collected, localized, categorized, quantified, qualified, and readily available. It’s no wonder that businesses are fighting over control of ‘Real Estate Data’ and why it’s so valuable?
Currently, data scientists are using data analytics and predictive analysis that will result in a profile of every house on every block in every city in the US and the owners!
The above diagram is ALL the data collection points in each and every real estate transaction.