There’s a burgeoning buzz around big data, but what is it really? A new way of exploring analytical information? A cross-section of different statistics? A process of layering data points to create new knowledge? Or, all of the above? 

If you chose the last option, gold star. The correct answer is all of the above.

We hosted a Big Data Summit back in November to examine key questions with the experts, and have since posted some videos of those presentations on CREB^®Link in the Big Data Hub. 

If you aren’t sure what big data is all about, check out this video from Forbes for a succinct explanation. I can’t imagine anyone from the real estate community watching this video and not immediately realizing the vast potential in your MLS^® System— “Big data is the ultimate business tool of the future.”

What is really exciting about big data is that much of the groundwork has already been laid. Our switch from the beloved MLXchange (yes, I’m being sarcastic) to Matrix™ provided us with a more advanced platform to build value. 

Next came the painful step of aligning our district and community maps with the City of Calgary. Some members were frustrated that we adopted an existing structure, rather than trying to impose our own districts/communities model. We get that point, but the simple fact is there is more data within the City of Calgary—and much more importantly, there are many other organizations also willing to adopt their data groupings (district and communities as a starting point).

Our bubble was burst when it came to our MLS^® System driving the big data bus, but if we are smart, we can have many of the best seats on the bus. 

So now that the stage is set and our IT Services manager Shane Griffin and his team of wizards can hot-rod our MLS^® System to do more cool things, the question is . . . “How does this help you sell more homes?” There are lots of answers, but one really important concept springs to mind. I’m talking about market intelligence and predictive analytics. By pulling more meaningful insights from market activity, you can become more valuable to your clients.

Just imagine if you were also able to provide predictive evidence of what may happen if clients go down a certain path—a choose you own adventure kind of experience. We can imagine this already and are working on a number of initiatives to operationalize practical ideas.  

Primary in all of this is for our members to understand these trends and the critical importance of database integrity. We are not going to get much out of the big data pool if we show up with a laundry basket. Please take the time to visit the Big Data page and seek out other opportunities to learn more about this exciting frontier. 

As always, share what you learn with us here at CREB^®. The sooner we are all leaping onto the next page, the better.