11/10/2017 16:09:00 (GMT)
There has been a lot of talk about Machine Learning over the last few years with it gaining in popularity across all industries, but without going too in depth what is it? Well, it can be viewed as the intersection of data and computer algorithms. We all know that the amount of data being generated every day has increased significantly and shows no sign of slowing down either. We also know that having a resource sitting around and not working for your business is not a productive approach, worse than that you are probably already also paying for the gathering and storage of that data. Machine Learning is the approach of taking that data and creating a model with it that algorithms can run on top of. After time the machine gains in intelligence as more and more data is passed through it. Ultimately this can provide a better use for all that data you have collected. This article will talk a little bit about some of those uses that could be applied to the Real Estate Industry and also some of the likely sources of the relevant data needed.
One of the most recognisable applications of Machine Learning is the understanding of images by the machine itself. Once a machine has understood an image it can then do things that a human could also do. For example:
Another great use of Machine Learning is to help identify patterns in a large set of data that perhaps a human would not be able to see so easily. Once any subtle patterns have been identified they can then help optimise certain aspects of your business. For example:
Possibly the most exciting element of Machine Learning and something that is definitely at the forefront of what is being developed is the ability for the machine to make accurate forecasts and predictions based off a set of input data. A couple of instances where this could be useful to the Real Estate industry are:
All of this sounds wonderful, but what if you don't already have much data and are concerned that you will be left behind by organisations that do? Well, data can be obtained from a huge variety of sources. On top of that, most data can be found at relatively low costs or even free as well if you know where to look. Here are a few suggestions of possible data sources that might be useful for the Real Estate sector:
As more and more Real Estate businesses turn to technology to gain the upper hand in a sector that is quickly becoming dominated by software/real estate hybrid companies Machine Learning will be at the centre of it all.