Cities such as Mumbai, Hyderabad, and Delhi NCR are traversing the path of GIS as a part of the smart city and digitisation initiative by the government. On a macro level, these cities are getting on the digital maps, while on a micro level broker and appraisers are still beginning to experiment with this technology.
What is GIS technology?
Geographic Information System (GIS) is a system that captures, stores, manipulates analyses, manages and presents spatial or geographic data. It is a huge domain which is within the broader academic discipline of geo-informatics.
As real estate is all about location and home search, GIS helps real estate sector to map and create a smarter analysed search which helps to deliver greater insight and take marketing to the next level. The advanced research led by consumers has prompted the real estate companies to use GIS applications. Such applications give a detailed understanding and insight which unfold as great opportunities and eventually successful business. GIS software helps to create maps and gives geographic information that adds crisp details to the market knowledge with the best location-based data that assists consumers to better understand the factors and methods that lead to the growth of both consumers and developers.
GIS can be used to differentiate between developed and developing areas. It can ascertain cost and time of transportation and housing, which can help ascertain the potential areas which can be acquired. It can also determine the liveability of a location by showing amenities around the area, such as hospitals, schools, colleges, etc. Such data can be helpful while selecting a location.
Important features of GIS
• GIS transforms a simple spreadsheet into a data-driven map which simplifies the decision of a buyer as it maximizes the site selection, marketing and tenant management returns.
• GIS applications instantly understand market opportunities and offer an advantage from such opportunities. Dynamic features, such as mapping and spatial analysis are amplified which is brilliant to understand consumer’s buying decisions.
• GIS also helps to develop interesting and beautiful graphics on the realtor’s websites that increase the interaction of the buyers and differentiate the websites from its competition.
• GIS allows and improves collaborations across the real estate business. As this step improves, there are best and most profitable business decisions taking place.
• As GIS is all about location and geographic information, it is the fundamental step in real estate business.
GIS can add further leverage as it not only merely displays properties in the vicinity, but also provides deep analytics around different micro-locations. Real estate professionals can target properties to match their exact specifications and deliver the answers needed to make the most intelligent choices.
Real estate brokers and appraisers make use of GIS to accurately analyze commercial and residential properties through data, such as demographics, merchandise potential, traffic counts, shopping centre usage, aerial photographs, and competitive influence. Commercial firms such as Starbucks, McDonald’s etc use this data to select new locations for their growing businesses. Location matters more than ever and GIS gives real estate professionals the information they need to make profitable decisions.
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