Property insights is the collective name given to multiple property-related attributes including dimensions of hardscape and softscape features, owner name, valuation, land-use type and other location information. Property insights are often used to understand, evaluate and analyze a property for different applications and use-cases. In this blog, we will focus on the importance of outdoor property insights that can be acquired using remote sensing data.
How are property insights used?
Buying or selling of real estate is one of the oldest business ventures known to mankind. Individuals and corporations build, decorate, insure and promote properties to make money. Multiple verticals have emerged around real estate of buying/selling properties. P&C insurance, construction, architecture, landscaping, roof construction are some of the industries that are commonplace. These entities now float with a mammoth market share that is crossing over trillions of dollars every year.
While the domains of insurance, architecture, real estate and landscaping have numerous industry-specific workflows, these verticals rely heavily on acquiring accurate property insights and fusing it into their core engineering and business decision-making process.
What are the different types of property insights?
Below is a list of the major kinds of property insights that are most often sought by businesses.
Dimensional and Attribution insights
This comprises physical measurements and attributes associated with a property. It includes length, breadth, height, building footprint area, number of storeys, the height of each storey, etc. It also includes property attributes like the presence of lawns, swimming pools, trampoline, roof type, solar panels on rooftops, etc. and their details.
These insights include temporal analysis of the outdoor and indoor features of the property for two different time frames. This is popularly known as change detection. It is commonly used to perform a ‘Before and After’ analysis for a number of applications.
This comprises geolocation data points of a property. These include GPS attributes, latitude and longitudes, altitude above sea level, parcel boundary, address, distances from different urban facilities like schools, hospitals, malls, etc.
This presents information about how a property is being utilized. A property can be classified as residential or commercial. Residential properties can again be classified into HOA or private ownerships. Commercial properties can be used as educational institutions, hospitals, shopping malls, government buildings, corporate offices, manufacturing plants, and so on.
This reveals the population data within a given radius around a property. It is a useful parameter for understanding demand and supply status, lifestyle patterns and costs, and the relative security in the neighborhood. Geomarketing is a relatively new field that utilizes this particular insight to make critical business decisions.
This insight provides the context in terms of the current vested owner(s) of the property and other past owner(s) of the property. This also provides a historical insight into the sales, deeds, mortgages, tax-status if available, and other legal proprietary details.
Hazard insights provide data that can be used to analyze the vulnerability of a property to weather conditions, disasters and other risk factors that may not be possible to gauge through past events. This is typically utilized by P&C Insurance underwriters to calculate the risk associated with a property while framing policies.
All these categories are valuable in making business decisions. Below is a handy table that summarizes some of the featured data points in each category.
|Property Insights||Data points|
|Dimensional insights||Length, breadth, height, building footprint area, number of storeys, the height of each storey, presence of lawns, the surface area of lawns, tree inventory, details about swimming pools, trampoline, roof type, solar panels on rooftops, roof reports|
|Change Insights||‘Before and After’ analysis, change detection in the material attributes of the property|
|Location insights||GPS attributes, latitude and longitudes, altitude above sea level, parcel boundary, addresses, vegetation types surrounding the property, distance from waterbody, distance from different urban facilities like schools, hospitals, malls, highways, etc.|
|Utilization insights||Residential – HOAs or Private; Commercial- Corporate, government office, shopping malls, recreational hubs, hospitals, places of worship, airports, railway stations, etc.|
|Demographic insights||Economic data, lifestyle data, population density, education data, religious beliefs, political inclinations, consumption of goods and services data, etc.|
|Ownership insights||Details of the owner, previous sales transactions of the property, mortgages and tax data if applicable|
|Hazard insights||Distance from fire-prone vegetation, fire-station, coasts and river-banks. Nearby earthquake fault lines, and other risk-inducing data points.|
What are property reports?
Property reports are a compilation of different sets of property insights for a specific purpose or use case. Given that there are various types of data points, merging them together to create a summary can help decision-makers make an intelligent and informed decision. Property intelligence is a commonly used term to denote such datasets.
For example, property reports for realtors will contain almost all of the property insights listed above to appraise and value the property to carry out brokering and sales. Insurers, on the other hand, mostly use hazard insights, dimensional and attribution insights, location insights, and property utilization to assess risks, underwrite policies and settle claims. Outdoor services businesses need measurements of softscape and hardscape features within a property’s parcel to calculate quotes.
How does one acquire property insights?
There is always the traditional way of doing things. In this case, the traditional methods of gathering the latest property insights are physical site inspections. We can all imagine the familiar sight of survey professionals running around, equipped with safety gear, measuring wheels and heavy folders of inspection checklists, briskly circling a property or climbing roofs to record its circumference and area. The odds of getting accurate data safely from such field trips decreases exponentially as the properties increase in size and architectural complexity. Gone are the days when physical site visits used to be the preferred method of acquiring insights. So what is the preferred method now?
What if you could just download property insights online?
Imagine if you could just log in to your laptop, enter the parcel of a given property, and download your choice of property insights in a few minutes! This wouldn’t only save you numerous field visits but will also speed up your operations. Doesn’t this sound game changing?
Well, here’s some good news – you can do it too!
This is feasible now with the help of geospatial imagery and computer vision technologies. Through the use of remotely sensed imagery- satellite, aerial and drone imagery- every property on the face of the earth is now within our fingertips. The only thing that needs to be done, after fetching the requisite imagery, is to convert that imagery into useful property insights. This task is easily handled by expertly trained computer vision algorithms. The result of this combination of geospatial technology and artificial intelligence is the availability of all essential property data without a single field visit. Everyone is going remote in 2020. Going remote is the ideal method for acquiring property insights too.
Moreover, the best part about going remote is the high accuracy of data. Compared to field data collection which has a high probability of human errors, feature extraction through AI provides property insights that are near 100% accurate. This accuracy could be the difference between winning and losing sales proposals for you.
Attentive AI is on a mission to democratize large-scale property insights to serve unique use cases. Property insights can be availed in the form of pdf reports, excel files, XML and other geospatial formats like shapefiles, GeoJSON, etc. Developer teams working on existing applications can also integrate these insights into existing products and services using APIs.
Contact us to know more about how you can integrate remote property insights into your product and service lines.