Turn imagery into insights: Real estate site analysis and selection
Oct 2024
By providing accurate, timely, and cost-effective data, location intelligence empowers brokers, investors, and developers to make informed decisions that maximise returns and minimise risks.
Oct 2024
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Location intelligence (a fusion of aerial imagery, 3D models, and AI-derived data) is becoming an essential tool in real estate analysis. It involves capturing high-resolution aerial imagery and delivering detailed, accurate ground truth. These images offer an aerial perspective that can be used for various analytical purposes in real estate.
The image above shows Nearmap aerial imagery in the app viewer MapBrowser, with property boundaries selected, plus AI layers showing tree overhang (green) and roof rusting (red).
For brokers, investors, and developers, leveraging location intelligence offers unparalleled insights and opportunities. The technology is particularly useful for site analysis and selection. By providing 360° views of a property and its surroundings, location intelligence allows professionals to better evaluate properties, understand the market, and assess risks. This creates a powerful resource that equips real estate experts with the information they need to make informed decisions.
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Accurately value properties
Property valuation is a critical aspect of real estate investment, and location intelligence plays a pivotal role in this process. High-resolution aerial imagery can assess the condition of a property by revealing details like roof quality, vegetation levels, and potential structural damages. Such insights enable accurate property assessments that reflect true market value. And AI detections can identify property features, damage, and more.
For instance, location intelligence might show a roof in disrepair or overgrown vegetation — both of which can impact a property’s valuation. By identifying these factors early, investors can adjust their financial expectations and negotiate better deals. This level of detail ensures that all parties involved have a clear understanding of a property’s worth.
Track market opportunities
Real estate markets are dynamic and influenced by a variety of factors, including new developments, business growth, and changes in land use. Location intelligence provides a unique vantage point for tracking these trends. By analysing historical and current images, professionals can identify patterns and predict future market movements.
Imagine a scenario where new residential developments are springing up in a particular area. Location intelligence allows brokers and developers to observe these changes in real-time, enabling them to capitalise on opportunities. By staying informed about market shifts, real estate professionals can position themselves strategically to maximise returns.
Assess property risk
In real estate, understanding potential land risks is crucial for safeguarding investments. Location intelligence excels in risk assessment by highlighting environmental hazards such as flooding, landslides, and erosion. By analysing these risks, stakeholders can make proactive decisions about insurance coverage and mitigation strategies.
Consider a property located near a river. Location intelligence can show historical flood patterns and predict future risks, allowing investors to make informed decisions about purchasing or insuring the property. This foresight is invaluable in protecting assets and ensuring long-term viability.
The image below shows some of what’s possible to view, with a click, at scale. The AI data layers below reveal elements including tree overhang (bright green), asphalt (yellow), medium and high vegetation (green), concrete slab (magenta), and swimming pools (blue).
Conduct due diligence
Due diligence is a fundamental step in any real estate transaction. Location intelligence enhances this process by offering detailed insights into properties and their surroundings. By examining images, professionals can identify potential issues that require further investigation during the due diligence phase.
Suppose an investor is interested in acquiring a large plot of land. Location intelligence can reveal details such as zoning restrictions, environmental concerns, and nearby developments. Armed with this information, the investor can conduct a thorough evaluation and make informed decisions.
Trust timely, reliable data
Accurate and timely data is essential for making sound real estate decisions. Location intelligence delivers on both fronts by providing up-to-date and precise information. With frequent image updates, professionals can monitor changes in real time and make decisions based on the latest data.
This capability is particularly valuable in fast-moving markets, where delays can lead to missed opportunities. By relying on location intelligence, real estate professionals can stay ahead of the curve and respond quickly to market dynamics.
Work with scalable insights
Another key advantage of location intelligence is its scalability. Whether analysing a single property or an entire city, this technology can accommodate a wide range of projects. Its versatility makes location intelligence suitable for various applications, from conducting detailed property assessments to performing large-scale market analyses.
For real estate firms looking to expand their operations, location intelligence offers the flexibility needed to scale efficiently. By maintaining consistency and accuracy across projects, firms can optimise their efforts and achieve better outcomes.
Integrate with GIS
While location intelligence offers numerous benefits, integrating it with other technologies can further enhance its effectiveness. Geographic Information Systems (GIS) allow professionals to overlay images with additional data layers, such as zoning maps and demographic information. This integration enables more comprehensive analyses that consider multiple factors impacting a site or market.
By combining location intelligence with GIS, real estate professionals can reach a deeper understanding of the challenges and opportunities associated with a property.
Tools like Nearmap GeoData Link, allows users to view GIS data over the highest quality of imagery — adding deeper insight and bringing better context. You can use Nearmap GeoData Link to connect to organisational GIS content, access shared regional data, view project data, or even leverage national datasets that offer a rest endpoint.
With Nearmap GeoData Link, real estate professionals can inspect every detail of parcel data from multiple angles to ensure assessed values are equitable and accurately measured.
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Location intelligence offers a strategic advantage by revealing insights that are otherwise difficult to obtain through traditional methods. By providing accurate, timely, and cost-effective data, this technology empowers brokers, investors, and developers to make informed decisions that maximise returns and minimise risks.
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