With the Cambridge Analytics and Facebook scandal capturing the world’s attention this week, the implications of personal data have been on my mind. The extent to which our data is being utilized and the implications of what they can do with it has resulted in backlash and concerns worldwide.
Again this serves as a reminder, that we are living in a digital world, leaving a trail of data everywhere we go. What we put through the checkout, what we hover over on a webpage, how we interact with each other – it’s all tracked, mapped and analysed.
As a real estate professional, the first thing I convert this to is my own industry – how will it translate? Aside from the all-powerful Facebook machine, Realestate.com.au and Domain undoubtedly hold the most rich and diverse data in the Australian real estate space – but I can’t imagine them offering it up to agents anytime soon.
Globally, Australia leads the world in the highest cost for property advertising, simply listing your property on Realestate.com.au and Domain.com.au will set you back close to, an eye-watering $5000 – but in the current market, it genuinely and candidly almost always must be done. As the market continues to settle throughout the year, I don’t see the traditional and aggressive marketing of properties changing. More than ever, an agents job is to get property in front of buyers.
Traditionally an agent cultivates relationships to collect information around the needs of buyers and then can present properties based on this. In the seemingly not too distant future, agents will potentially have access to data that tells us what you want, before you even know it. Thinking even a step further… it’s possible that this kind of data will become so sophisticated that it could indicate to an agent when you are most likely to sell, so that they make a well-placed call.
Do you see the way data is used as intuitive and helpful or simply an invasion of privacy?