By Maria Patterson
What may feel like the ultimate in information overload, “big data” actually represents one of the most important new frontiers for trend-spotters and marketers across all industries. Referring to massive sets of information that are too expansive to be captured and analyzed by traditional data processing methods, big data presents big opportunity—and big challenge—to business owners. Real estate is no exception.
According to Dave Garland*, a principal at the consulting firm, Rainmakers Group, “Big data analytics offers a way to combine the ‘big picture’ with individual details within a market to generate a deeper understanding of the variables that make it function. The potential of big data lies in truly creative uses of the available information.”
Garland and a panel of expert sources will be delving into the implications of big data for brokers and agents during “Big Data: Real Estate’s New Frontier,” taking place on September 10 at 1:45 p.m. during RISMedia’s upcoming Real Estate CEO Exchange.
“The power of data and analytics is profoundly altering the real estate landscape,” explains Garland. “Capturing data-related opportunities to enhance revenues, increase productivity and establish entirely new business puts demands on brokerages—requiring not only new talent and investments in information infrastructure, but also significant changes in paradigms and training.”
During his CEO Exchange session at New York City’s Yale Club, Garland will engage the following panel of industry experts to discuss the emerging big data trends in real estate, and outline the scope of the opportunity for brokers and their teams.
Dale Ross, CEO, Realtors Property Resource®
Mike Ryan, Executive Vice President, Global Communications and Branding, RE/MAX
Mark McLaughlin, CEO, Pacific Union International Inc.
James Harrison, President & CEO, MLSListings Inc.
While brokers and agents may be hesitant to buy into the big data movement, Garland advises getting on board early: “As big data analysis turns more pervasive and comprehensive, and information becomes more accessible in both depth and scope, businesses may quickly find themselves struggling to remain competitive.”
RISMedia’s 2014 CEO Exchange will take place September 9th and 10th at the prestigious Yale Club in New York City. We strongly encourage you to contact us now for more information, as seating is limited and registration fees will increase August 1st.
Sponsors of RISMedia’s 2014 CEO Exchange include:
Bank of America Home Loans
Berkshire Hathaway HomeServices
Better Homes and Gardens Real Estate
Century 21 Real Estate
ERA Real Estate
National Association of REALTORS®
Prudential Real Estate
Mobile Real Estate ID
Realtors Property Resource®
HSA Home Warranty
The Real Estate Book
For more information, visit www.rismedia.com.
*Watch for Dave Garland’s new series on Big Data, beginning in the August issue of RISMedia’s Real Estate magazine and online at rismedia.com.