Tim Bannister, Rightmove’s Director of Data Services commented in a quick interview with Estates Gazette on how the property portal uses its large amount of property data it collects — over 17 million property records, in fact, getting over 1.6 billion views a month.
The platform analyses this huge amount of information, chiseling down to the local level that will give a better understanding as to where a particular area might be heading, according to Bannister.
Rightmove can also predict house prices and transaction levels at the localized level as well, with “some accuracy,” he stated.
This means that the time homes would be the most profitable and when the prices are crashing, is available for consumers at their own discretion.
Rightmore is helpful for more than just prospective home buyers. Property investors can use this information as well when looking to buy in any of London’s local micro-markets. And for property business planning, firms of surveyors looking to relocate staff in the places they will be in most demand, and agents looking to expand.
However, the interview does not claim whether Rightmove makes this information available for consumers, or whether it plans to in the near future. But, the potential for more income streams looks to be there.
The spokesperson for Rightmove stated, “Since 2005 Rightmove’s data services have been using aggregated data and algorithms to provide products including an automated valuation model for lenders, a surveyor’s comparable tool for surveyors and bespoke data packages for estate agents and new homes developers.
“Agents have access to local market data as part of their membership in RightmovePlus, including tools such as the Best Price Guide and Marketing Report.”
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