Man vs. The Machine: Big Data in Real Estate – DSNews.com

Big Data has been a hot topic in marketing and business circles for the past 10 years, and real estate is no exception. The industry is seeing an escalating push to leverage market and sales data to automate the buying and selling of homes.

Notable industry leaders have dipped their toes into the water and developed automated valuation models (AVMs) intended to inform pricing decisions. However, in the face of a global pandemic and an historic shortage of homes, even the most robust models are struggling, with Zillow going so far as to shutter its iBuying service late last year.

At its core, real estate is a people business, not an algorithm. Just like people, houses are all individual, with unique value propositions. It takes human insight to understand each and assess a home’s true value. While market data is incredibly important to support price decisioning, it’s not the “be-all and end-all.”

The role of data and technology must supplement efficiency, not supplant or replace…

Read Full Story: https://dsnews.com/daily-dose/04-04-2022/man-vs-the-machine

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