KUALA LUMPUR: Big data in properties is essential for both buyers and sellers in determining the right prices, according to MyProperty Data Sdn Bhd (MPD).
The property data analytics and solutions provider said data gives buyers, sellers and investors more confidence to make the right decision and to understand the current market environment.
"The data is an important element to ensure the consumers buy the right property at the right market price, depending on the location. Thus, providing consumers with the best opportunity to capitalise on potential gains through price growth in the future.
"This also assists potential buyers to understand what to buy (properties segment) and when to buy a property. Buying a property is emotive as it relates to our basic need for shelter," said chief executive officer Thor Joe Hock during an interview with the New Straits Times and Berita Harian recently.
He said having data would serve as an independent advisor to give insight for the particular areas of the properties.
"It set the benchmark for the property prices (asking and offering prices) to avoid overpaying and underpaying," he said, adding transaction volume (data) in properties was an important economic barometer to determine the demand in the area, whilst helping owners to understand the true value of their asset.
Thor said data plays an important role in decision-making, either to buy or sell properties.
"The emergence of big-data-fueled technologies can provide new insights and approaches to how real estate is developed, priced, sold and bought, it also leaves a huge impact on decision making to own a home," he said.
He said understanding the fundamentals of property purchasing was vital to make wise investment decisions, whether for investment or own stay.
"However, what is often overlooked is the data of property investment. While fundamentals such as price cycles and growth potential are going to help you narrow down your search, actual hard data should be something you consider before even diving into the fundamental aspects of property investment," he said.
As a data provider, Thor said it is important that relevant data is democratised to bring transparency and fluidity to the property market.
MyProperty Data is an online platform assisting home buyers to make a firmed or right decision. It obtained data directly from the Valuation and Property Services Department.
"We provide data analytics and solutions to financial institutions, credit rating agencies, valuers, real estate agents and developers," he said.
For instance, Thor said data can help homeowners to know the current market price of their properties, enabling them to make other decisions such as refinancing their mortgages.
"There are many reasons why homeowners refinancing their mortgages including consolidating their debt, buying a new house, or to use it for other necessities pursuit," he said.
Thor said MPD also provides actual transaction data, rental data, auction, demographic of new development data for the property industry.