When most people think of the buzzword “big data,” their minds probably go first to big corporations planning big analytical projects. Brands like Google, Apple and Amazon can use big data to analyse their customer bases and find innovative new ways to do business. But here’s another way of looking at it – what can data do for you, the individual consumer considering an investment in property?
Chances are, it can do a lot. Whenever you’re considering a purchasing decision, you need to evaluate every little scrap of information you possibly can. The better tools you have in front of you for collecting data and putting it to use quickly, the easier your job becomes. With technology on your side, you can spend less time on paperwork and more time taking action to chase your investment goals.
Big data isn’t just for Google anymore. It can help people like you make major financial decisions quickly and easily.
Creating transparency for the modern buyer
Data can be a tremendous asset for CEOs and CFOs trying to make big business decisions, but if you’re an investor just looking to secure a home loan, it can be huge for you as well. According to CoreLogic research, it’s now easier to make loan application decisions because there’s a great deal of information online that can help you quickly evaluate loans and their providers.
The beauty of the 21st century data revolution is that it helps create a sense of transparency. Whatever it is consumers want to know before making a decision, they’ll probably be able to find it in a relatively quick and painless fashion. If you’re weighing multiple options, having fast access to info helps you spend less time filling out dull paperwork more time reading informative resources and thinking carefully about your decisions. You’re able to make better investing choices without wasting precious hours of your life.
Mashable reported that indeed, this has been the most significant effect of big data on the market for property investment loans. Information has been democratised – it’s now easy for anyone, whether they’re a big corporation or just a diligent individual investor, to find out what they need to know.
Startups like Zillow, Trulia, and Redfin have made it easier to dig up information about property investments. Whether you’re looking for the value of a specific home or, more broadly, looking for historical trends across an entire neighbourhood, the information you need is out there somewhere, waiting to be found. Before the democratisation process took place, this information may only have been available to large corporations with endless resources; now, the power is in the hands of the people more than ever.
Making sense of all the data and tech jargon
All the data out there about property investing can be confusing and difficult to hack through. One thing’s for sure, though. If you work with a mortgage broker who has a wealth of expertise, the whole mortgage application process can become a lot easier.
Our team can offer you advice at every step of the process. You can contact a Smartline Mortgage Adviser on 13 14 97 for mortgage advice. Or complete our call request form and we’ll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.