Big data in real estate is a prime use case for real-time stream processing–a programming paradigm that allows us to instantaneously respond to data as it arrives. It is the antithesis to batch processing, whereby all data is loaded into memory before it is delivered and processed. The real estate profession is truly a matter of time is money–if an appraisal is a day late, or there is a lack of efficiency in the transaction process, it could lead to a deal collapsing, putting the livelihood of all parties involved at stake.
The time sensitive nature of real estate demands a level of immediacy–from responding to client enquiries (now typically automated by chat bots), validating big data as it is imported into a data lake, or generating an estimate of property value upon offer request (in the iBuyer space). Real-time streaming and data processing provide the mechanisms for organizations to generate business value from their data and outperform the competition.
