Big Data And Real Estate: A Review Of Literature

Oluwunmi, Adedamola O; Role, B. A.; Akinwale, O. M.; Oladayo, O. P.; Afolabi, Titilayo

doi:10.1088/1742-6596/1378/3/032015

Cited by 5 publications

(5 citation statements)

References 7 publications

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“…These are directly linked to the second most important roles of big data in property marketing identified in this study. These outcomes support the findings from previous studies (Barber, 2020;Kharchenko, 2019;Oluwunmi et al 2019;Treistman, 2020) that showed that big data has brought about much positive impact on the real estate profession. However, according to respondents they are not convinced that big data will enable ESVs to broaden their products, presenting clients with other value-added services (RII =0.51).…”

Section: Roles Of Big Data In Property Marketingsupporting

confidence: 90%

“…Several commentators (e.g. Donner et al, 2018;Kok et al, 2017;Oluwunmi et al, 2019;Velpuri & Pidugu, 2016;Winson-Geideman & Krause, 2016) gave the following areas where it can be applied: data digitisation, sensor information on movement, information on user choices, sensor information on the urban environment, identification of risks, forecasting property values, project reporting, geographic information system, automated property appraisals and crowdsourcing.…”

Section: Application Of Big Data In the Real Estate Professionmentioning

confidence: 99%

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Estate Surveyors and Valuers’ Perception of the Role of Big Data in Property Marketing in Lagos, Nigeria

Oluwunmi

Role

Umeh

2022

INTREST

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Property marketing in Nigeria has frequently been characterised by unique challenges due to inadequate and unreliable data. In recent times, big data has presented a wide range of solutions to contemporary issues in different industries, including real estate. Notwithstanding, there is a paucity of practical studies on the role of big data in property marketing of many developing nations, including Nigeria. Hence, there is a need to investigate the role of big data in transforming property marketing in Nigeria. The aim of this study is therefore to investigate Estate Surveyors and Valuers’ (ESVs) perception of the role of big data in property marketing in Lagos, Nigeria. 82 questionnaires were administered to ESVs in the study area and 55 (67%) of them were found useful for analysis. The data were analysed using frequency, percentage, mean and relative importance index. The results revealed that out of 9 possible roles of big data in property marketing, the 2 most notable ones are that real estate firms can execute laser-focused marketing strategies; and they can match demand with supply. These outcomes distinctly disclosed the merits of adopting big data in marketing properties. The implication of these findings is that big data has the potential of reducing fraud due to the presence of sufficient and reliable data in the property market. This study concludes that big data is a worthy addition to the toolset of real estate practitioners, particularly with respect to property marketing, and wholly recommends its adoption.

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Section: Roles Of Big Data In Property Marketingsupporting

confidence: 90%

Section: Application Of Big Data In the Real Estate Professionmentioning

confidence: 99%

Estate Surveyors and Valuers’ Perception of the Role of Big Data in Property Marketing in Lagos, Nigeria

Oluwunmi

Role

Umeh

2022

INTREST

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“…In contrast, the exploration of RQ3 allowed the identification of emerging areas of big data application such as real estate, sport and travel. At the real estate level, big data can be used to obtain information about customer preferences and interconnect with IoT and sensor networks to obtain information about the urban environment (Oluwunmi et al , 2019); in sports, big data can be used to measure and improve the performance of athletes and obtain more complete and reliable information about opponents (Morgulev et al , 2018); and in the travel industry, big data can offer benefits for conducting personalized marketing campaigns, more efficient operations and better customer satisfaction (Yallop and Seraphin, 2020).…”

Section: Discussionmentioning

confidence: 99%

Foresights for big data across industries

Almeida

2022

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Purpose The purpose of this study is to explore the potential and growth of big data across several industries between 2016 and 2020. This study aims to analyze the behavior of interest in big data within the community and to identify areas with the greatest potential for future big data adoption. Design/methodology/approach This research uses Google Trends to characterize the community’s interest in big data. Community interest is measured on a scale of 0–100 from weekly observations over the past five years. A total of 16 industries were considered to explore the relative interest in big data for each industry. Findings The findings revealed that big data has been of high interest to the community over the past five years, particularly in the manufacturing, computers and electronics industries. However, over the 2020s the interest in the theme decreased by more than 15%, especially in the areas where big data typically had the greatest potential interest. In contrast, areas with less potential interest in big data such as real estate, sport and travel have registered an average growth of less than 10%. Originality/value To the best of the author’s knowledge, this study is original in complementing the traditional survey approaches launched among the business communities to discover the potential of big data in specific industries. The knowledge of big data growth potential is relevant for players in the field to identify saturation and emerging opportunities for big data adoption.

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“…This study is a descriptive research. The judgmental sampling method is used to select the sample for the primary data collection since most related research studies (Pagourtzi et al, 2003;Oluwunmi et al, 2019) also have used the same method. Data collection is the most important part in any research because the validity of the findings depends on the success of data collecting method.…”

Section: Methodsmentioning

confidence: 99%

“…Data plays a crucial role in the contemporary economy (Oluwunmi et al, 2019). When it comes to the real estate valuation, comparable evidence is at the heart of virtually all valuations, yet in developing markets, data on comparable evidence is often more difficult to obtain (Royal Institutions of Chartered Surveyors -RICS, 2019; Shimizu & Nishimura, 2006).…”

Section: Introductionmentioning

confidence: 99%

Factors Contributing to a Land Value Information System to Become a Solution for the Shortage of Property Transaction Evidence in Sri Lanka: Property Valuers’ Perception

Wickremasinghe,

Nuwan

2024

JRES

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In developing markets, obtaining comparable evidence for real estate valuations is often challenging. Land Value Information Systems that aim to gather, store, handle, retrieve, and perform land-related data for lawful, organizational, and institutional decision-making processes, have been used in developed countries to address this issue. However, Sri Lanka lacks a comprehensive land value information system. Thus, this study aimed to examine the factors that contribute land value information systems to become a potential solution in addressing lack of property transaction data, focusing on the perception of property valuers in Sri Lanka. A structured questionnaire, unstructured interviews and discussions were used with 30 professional real estate valuers in both qualitative and quantitative methods, revealing a positive attitude towards adopting the system. The advantages of such systems were aligned with time saving, accessibility to up-to-date data, convenience, etc., while concerns included disrupting the valuation industry’s monopoly and information security challenges. The contributing factors were identified under three main categories, technological factors, organizational factors and people factors. Study findings revealed that technological factors were ranked high as most impactful for the successfulness of a land value information system. While technological and organisational factors were deemed achievable during implementation, the study suggests additional efforts, such as establishing a help desk, conducting training programmes to address people-related factors.

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Big Data And Real Estate: A Review Of Literature

Cited by 5 publications

References 7 publications

Estate Surveyors and Valuers’ Perception of the Role of Big Data in Property Marketing in Lagos, Nigeria

Estate Surveyors and Valuers’ Perception of the Role of Big Data in Property Marketing in Lagos, Nigeria

Foresights for big data across industries

Factors Contributing to a Land Value Information System to Become a Solution for the Shortage of Property Transaction Evidence in Sri Lanka: Property Valuers’ Perception

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