“Location. Location. Location.” In real estate, location is arguably the most important factor when looking for a place to live or finding a location for a business. But what does “location” really mean? Is it simply the state, city, or zip code? Is it the people, the demographics of those who live and frequent the area?
When it comes down to it, “location” encapsulates much more than the physical space. The demographics and habits of the people who live and frequent the area, and the businesses and amenities offered around it, are all important factors to consider when evaluating a location. The more you know and can understand these factors, the greater your ability to calculate the associated benefits and risks, such as the speed of growth of the area and the resale value.
Businesses are now looking for deeper and more data-driven analyses of geographic areas. They are seeking a better understanding of who frequents a place and understand their habits, where they go, what time, and when. By looking at custom geographic areas outside of standardized zip codes, neighborhoods or zones, a deeper and richer understanding of their customers and competitors can be achieved.
Let’s examine ways location and mobile device data can help support real estate businesses.
NEIGHBORHOOD RECOMMENDATIONS & DATA VISUALIZATION
Understand area and POI movement dynamics and find solutions to problems such as:
Deliver more value by enhancing walk score information and neighborhood recommendations with location data
Gain a deeper understanding of POIs such as the popularity, specific category, hours of operation, etc
Visualize location data on maps to help understand and identify neighborhood attributes (eg. surrounded by commercial businesses, retail locations, purely residential) at a glance
ANALYTICS & BUSINESS INTELLIGENCE
Location data reveals people travel patterns and differences in various cities and ZIP codes.
Conduct in-depth analyses of geographical areas, which can help inform expansion plans and real estate-related decisions
Gain a deeper understanding of types of POIs in a geo-area, such as the density of types of businesses/POIs
LOCATION DATA IN ACTION
Finding the right environment for potential new locations at scale is a challenge. To tackle this problem, shared workspace leader, WeWork, partnered with Factual to leverage location data to assess the vibe and walkability of potential locations. Click here to view the full case study and read how WeWork created data-driven tools to use the context of location for smarter decision making.
Factual observes over hundreds of millions of unique mobile devices each month (Observation Graph). Combined with our proprietary Places dataset, we help businesses derive the insights and analytics required to truly understand a set of locations or POIs. Our Observation Graph dataset can help provide key insights to solve a variety of these businesses problems.
To learn more about leveraging Factual location data for real estate, contact our team today!