To some the saying, “Real estate is all about location, location, location” might seem like a cliché, but if you have ever tried to buy a house, open a new business, or rent an apartment in a good school district, you know how true this old adage is. The same holds true for geospatial technology. Geospatial technology links location to information to help make better, more informed decisions and to make those decisions more quickly.
There is just nothing like having a good map in front of you, containing all the information you need. A map conveys the true meaning of “location, location, location”. And a quality map is one of the most important pieces of information in the marketing of real estate property, but unfortunately, it is often overlooked or left as an afterthought.
Think about what a map of every subdivision in a city contains. It includes the total number of lots in each subdivision, the number of lots without houses in each subdivision, the number of lots with houses in each subdivision, and the average home price for each subdivision. But beyond this basic information, this map shows, with very precise metrics, exactly where each person lives and the drive time to any current or future commercial development. Furthermore, with the information on open lots, a developer can predict with great confidence where people are going to be in the future. And the information on home price, which is directly related to median family income, is the centerpiece of most demographic analysis and retail site selection. However, the clincher is getting all of this information into a geospatial information system (GIS). Once in this modeling system, specific questions such as “Where is the best place to put an 18-screen movie theater?” can be asked and a very good answer returned. Getting good answers to questions like this usually means the difference between losing money and making money.
For consumers in the market to buy a home, geospatial tools and data provide a host of useful features such as determining true commute times, understanding the bounds of a school district, and viewing the demographics of a particular neighborhood. Google Maps is a great example of geospatial data and tools used by millions of people every day, but Google Maps often lacks the specific information needed by different people. However, the data you want exists if you are willing to invest the time to locate it or work with a professional that probably already has it.
There are geospatial solutions for all segments of the real estate industry. From visual presentations of the desirability and value of a property for realtors, to sophisticated investment analysis for commercial developers, geospatial tools offer a powerful way to manage, maintain, and manipulate real estate data. But it is not just realtors and commercial developers who can benefit. Appraisers, title companies, multiple listing services, property owners, banks, Real Estate Investment Trusts (REITs), economic developers, and land managers also deal with spatially-oriented information. Geospatial technology can prove to be a valuable tool for professionals across all segments of the real estate industry in locating, evaluating, and managing real estate properties.
EIGS Companies Providing These Services:
- NVision Solutions
- GeoDATA Airborne
- Digital Globe