Whether you realize it or not, location data is instrumental in helping you make everyday decisions. Sometimes, it’s as simple as noticing that the Ace Hardware store is nearer than Home Depot, and since you only need to pick up a few items, you’ll choose convenience first. Other times it can be as complex as selecting where to construct another Home Depot to capture new customers and maximize profits. In either case, the interaction between consumer choice and retail strategy lies in location intelligence.
Real estate site selection requires amassing and analyzing terabytes of data. Some of the data that’s needed is found in census demographics. Some is found in mobility data, like the volume location “breadcrumbs” that your cell phone drops every day. Yet other data is found in a property itself. Although it comes from separate sources, all this data is necessary for understanding the customers that visit and shop at your retail establishment.
However, gathering this essential data is only the first step. Additional detail is necessary for a deeper understanding of the residential inhabitants closest to your store as well as those who live further afield but shop at a particular location due to easy access. For example, you may want to know how much home values have appreciated in the area and what recent home sales prices are telling you about the disposable income in the neighborhood encompassed by your trade area.
Harnessing Data to Become More Location Intelligent
To become a more “location intelligent” company, you need access to myriad data sources including demographics, disposable income, and education attainment. At the same time, you need to be able to see more detail on residential property value, as well as whether a new builder has purchased a large parcel of land for development.
Harness Location-Intelligent Growth
Here, CoreLogic’s extensive portfolio of property data and real estate insights can support even the most advanced geospatial analyses required for intelligent planning capital expenditures.
By using CoreLogic’s comprehensive database, you can gain unparalleled knowledge about the local real estate market. CoreLogic’s valuable insights into land development help you stay ahead of the game by providing information on whether a new builder has acquired a large parcel of land nearby. This knowledge will enable you to make informed decisions about your business’ location and potential growth opportunities. Additionally, with access to details on nearby potential customers, you can better understand the characteristics of the community surrounding your trade area.
Furthermore, CoreLogic’s property data allows you to delve deeper into residential property values. You can easily track the appreciation rates in the area, giving you a clear picture of the market trends. This information is crucial for determining the potential return on your investment and assessing the viability of expanding your business in a particular neighborhood. With CoreLogic’s advanced geospatial analysis, you can take your planning to the next level. Whether you are considering capital expenditures or evaluating potential locations for expansion, these tools provide you with the necessary intelligence to make informed decisions. By leveraging CoreLogic’s extensive portfolio of data and insights, you can become a more location-intelligent company, ensuring the success and growth of your business.
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