What Are the Benefits of Using GIS Data for Real Estate

Location is the key determining factor of a property’s value in real estate and in the retail industry.

As a developer, you know finding a successful location depends on detailed understanding and insight. You need to identify the best site for your new development, measure the customer potential of the location, and ascertain if the cost of development of that site matches your budget.

GIS (Geographical Information System) can provide you with the data you need to make informed decisions. 

It is a system that displays and analyzes geographical information about any location using maps. It can provide you with actionable intelligence on any particular area including property boundaries, zone types, value per acre, land ownership, education & income levels, the zip code of the location, and much more.

Having access to this much information helps you draw informed conclusions about the suitability of a location for your property development plans.

There are many other benefits you will derive from using GIS data, and we will highlight a few of them below:

Market Analysis

Market analysis is a crucial step in finding a good retail location and in commercial property development. A developer will typically be interested in the following information:

• Demographics
• Property prices
• Existing commercial properties in the municipality 
• POI (point-of-interest) data
• The city plan

You can access all these data sets using GIS. You can also get other information on the location including flood zones, soil type, topography, and land size.

Another example of the GIS database benefits for real estate market during market analysis is that data sets for different locations can be compared with each other.

For example, demographic data on the income or education level of the population of a specific location can be compared with that of another location to see which location best matches the lifestyle profile of your target customers.

Property Research

GIS can help you find the right property to buy. Many developers and new homebuyers rely on GIS data for property research, and for good reason.

In the past, property research used to be a manual and time-intensive process. Today, you can use GIS technology to research parcels of land and other property in little time. 

Many municipal governments have invested in a county GIS database, which makes it easy for developers to find property records electronically.

You can delve further and search for specific property attributes, such as vacant land or properties available at a certain price point. 

Property Appraisal

With GIS, you can incorporate disparate data like land sale data, census data, and acreage to access the value of a parcel of land.

All the data tables and maps you used for your findings can be exported and shared with other members of your team. 

Another additional asset is that you will get videos of the property and surrounding area. You can view the location and analyze the surrounding buildings, utility services, streets, and vegetation.

For example, this spatial analysis can help you know if commercial buildings need to open, renovate, rebuild, relocate, or close in that particular location.

Conclusion

The U.S. property market is worth $34 trillion, and only developers that can fully harness technology to effectively analyze huge volumes of real estate data can make the most lucrative business decisions.

Use GIS data to gain a deeper understanding of property development opportunities to ensure you are choosing the best location for your next retail store or real estate venture.

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