Location Analysis with Geographic Information System ( GIS)
GIS mapping software helps us make sense of location and how it sway property prices. Since location is one of the most critical factors in real estate, it stands to reason that mapping software is also crucial.
Data science is being heavily utilized to gather information about locations to create highly detailed maps. It can also be used to provide customers with answers on things like how long their commute will take or whether there are other properties in the area that will be a good match for them.
Benefits for the company
The real estate companies can invest on properties which are high on the list of customer preferences and interests based on location analysis, since location plays such an inportant role when it comes to return in property investments.
Feasability
High
Type of expertise/ AI domain
GIS – coordinate analysis, Clustering, Classification
Internal data required
GIS , Historic Property data, Customer Demographic Data
External data possible
Public Data, Demographics Data, Market Information, price/square meter, neighbourhood quality, etc