A real estate broker is a professional with a licence that helps buy, sell, and transfer property. Likewise, developers in the real estate sector are responsible for buying and constructing houses to resell them and reaping a profit. Brokers and developers can use Points of Interest to make better decisions about buying and selling property. These are a few considerations that brokers and developers should consider when deciding to invest in property. We have outlined how forward-thinking brokers and land developers can use point of interest (POI) data to confidently research properties and markets .
5 Ways to Use Points of Interest
Site Selection
Brokers and developers must consider multiple factors while looking for a site to make a profitable investment. Whatever the use of a property, be it retail occupancy, adaptive reuse, or industrial redevelopment, the working knowledge of the surrounding area is crucial. This is because it allows developers and brokers to make informed property decisions. Furthermore, the demographics of a property will always tell you how valuable it is. Some of the initial screening for any site you are considering are
- Is the property large enough?
- Is there proper access?
- Is there enough road frontage?
- Is there sufficient visibility?
- Is the site on a hard corner?
- What’s the surrounding infrastructure?
Investors and brokers can now find the best site for their investment; they need to understand what they are looking for.
Competitive Analysis
Before investing in a new market, brokers and developers must know where their competitors are and where the obvious gaps exist in the market. When it comes to analysing competitors, being proactive rather than reactive is vital to your business’s success.
Competitor analysis is imperative because competitive analysis will help you to determine how you can plan better strategies for your business. It will tell you how to attract more investors or clients and outshine your competitors in these areas.
Examining Trade Areas
Real estate professionals need to be aware of what businesses are located near target properties to predict the performance of a new business in the area. There are a few point-of-interest data solutions on the market today that pinpoint nearby businesses and stores and offer valuable insights into trade area analysis data, such as sales volume or credit rating, that can help determine performance. Information about real estate market trends is also highly valuable for both.
Lifestyle Mapping
The choice of a retail or multifamily site is greatly influenced by the points of interest surrounding the potential development. Even when everything else is equal, the property’s retail, dining, and entertainment mix is a key differentiating factor for developers and brokers.
Hyperlocal Trends
POI data is traditionally concentrated around entire zip codes, providing a macro view of the neighbourhood. Today, however, the leading location data providers deliver POIs down to the building level. Specialised information streams like suite numbers for multi-tenant developments allow developers to plan retail spaces that can attract customers or offer members opportunities to network within office buildings. Brokers can also use such valuable information to make better decisions for their clients and improve their market reputation.
POI data is just the start of determining market scalability for savvy developers and brokers. In conjunction with other comprehensive map-ready information such as demographics, zoning restrictions, and natural hazard risk, points of interest can offer businesses a glimpse into the future and help them reshape the real estate market.
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