How long would you guess the real estate industry has been in existence? Probably not as long as you think. It’s rumored that the first real estate open house took place in Levittown, New York back in the 1940s—and as legend has it, the first open house was completely unsuccessful because only neighbors were invited to tour the house that just so happened to be the same layout as their own.
The 1940s doesn’t seem that long ago, but a lot has changed over the last 70+ years–and luckily this first open house scenario is one that likely wouldn’t play out today thanks to advances in marketing and local demographic insights. Well beyond marketing, real estate has become a sophisticated industry over the decades, with real estate associations, national laws, and certified and licensed agents having transformed the industry into one of the most professional and well-managed transactional markets today. In fact, real estate has become such a prominent industry that its successes and failures directly impact local and national economies, with historic booms and recessions having been largely tied to real estate.
Today, roughly 63 percent of Americans are homeowners. For many of these homeowners, selecting a home for purchase goes far beyond appearance and price. Often, a number of lifestyle considerations play a key role in determining the property that is ultimately purchased.
Over time, owning real estate has become much more than just buying a house. For many Americans, it’s about buying a lifestyle. Think about your own home, for example. Yes, you likely began to narrow your search by square footage, number of bedrooms, maybe even whether you had a fenced in backyard. But you also likely considered your home’s location in the community and its accessibility to your work, your children’s school, or what the average income was of your neighbors.
While the real estate industry has boasted many great advancements over the decades, the introduction of location intelligence is undoubtedly the industry’s great modern advancement. The ubiquitous use of location intelligence has transformed the real estate industry because through spatial data, buyers can compare a single location (their potential home) to the surrounding areas (their neighborhood, the community, city, state or county) to determine if they’re located in an area with top-notch education systems, or high employment rates, or even with a low risk for natural disasters.
In recent years, real estate technology companies have emerged, taking an influx of spatially-generated data and creating meaningful insight from that data that can be mapped to help home buyers visualize the lifestyle associated with a given area.
Pitney Bowes and Graphiq recently announced they’re uniting their capabilities to provide local real estate experts, franchises, and real estate technology providers with a solution that will merge both data and graphing capabilities to both compare community demographics to surrounding areas and determine geographies that will meet an individual’s lifestyle needs.
When it comes to locating addresses, there’s really no one with more knowledge than Pitney Bowes. In fact, Pitney Bowes has point-located nearly 180 million addresses in the United States across more than 600,000 neighborhoods and subdivisions, which can be analyzed to derive granular information that is specific to an area. With all that data, visualization tools are critical in order to actually see relationships between data points.
As a leader in semantic technology and knowledge graphing, Graphiq is able to ingest, structure, and build Pitney Bowes data into dynamic, interactive visualizations. Through Graphiq’s Real Estate API, developers can access these fully responsive data visualizations which can be implemented across a customer’s digital experiences with scale. Graphiq’s product brings a new level of insight to Pitney Bowes’ data, allowing customers to see and make sense of the details of a neighborhood or community.
In today’s era of home ownership, buying behaviors are changing and the real estate industry must evolve with those changes. Location intelligence and semantic technology are quickly becoming the future of real estate, and Pitney Bowes and Graphiq couldn’t be more excited to be a part of this historic lifestyle shift in the industry.