In recent years, technology has revolutionized the real estate industry. One company that has successfully leveraged big data for its business model is Zillow.
Zillow is an online real estate database company that provides an online marketplace for buying, selling, renting, and financing properties. The company’s data-driven approach has been instrumental in its success, and big data plays a significant role.
So, what is big data, and how does it come into play in Zillow’s business model? Big data refers to the collection, processing, and analysis of large and complex data sets. Zillow’s extensive database includes information about millions of homes, neighborhoods, and real estate trends.
One significant way that Zillow utilizes big data is through its Zestimate feature. Zillow’s Zestimate is an estimate of the market value of a property, calculated using algorithms that analyze millions of data points. This feature has been revolutionary in the real estate industry, empowering buyers and sellers with information that was previously only available to real estate professionals.
Another way that big data impacts Zillow’s business model is through the company’s predictive analytics capabilities. Zillow can forecast home prices and identify real estate trends using big data sets. This information is valuable to buyers, sellers, and real estate professionals who use it to make informed decisions about buying and selling property.
Zillow has also used big data to expand its business beyond real estate listings. The company’s Mortech subsidiary provides a suite of mortgage-related tools used by mortgage lenders across the U.S. Mortech’s Mortgagebot has processed over 160 million mortgage loan applications since it was launched in 2012.
In conclusion, big data is an integral part of Zillow’s data-driven business model. From its Zestimate feature to its predictive analytics, Zillow has leveraged big data to become one of the most successful online real estate companies in the world. As technology and data continue to evolve, it will be exciting to see how Zillow continues to innovate and leverage big data to improve its business and benefit its customers.
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