Market Trends Are Now Available in NeighborhoodIntel Reports
Product
| 26 Sep 2024
With its solid understanding of its clients’ needs, Royal LePage searched for a comprehensive data solution to deliver location insights that would empower home buyers in their purchasing decisions.
Traditional real estate data, such as the year of construction, type of renovations, and specific features such as parking, can account for 42% of a property’s value.
But the remaining 58% is derived from its location, which includes accessibility to transit, amenities, and the character of the neighborhood.
Yet, location value has traditionally been difficult to quantify. Today, data-driven solutions are increasingly being used by the real estate industry to uncover a property’s full value through better location insights.
Traditional real estate data, such as the year of construction, type of renovations, and specific features such as parking, can account for 42% of a property’s value.
But the remaining 58% is derived from its location, which includes accessibility to transit, amenities, and the character of the neighborhood.
Yet, location value has traditionally been difficult to quantify. Today, data-driven solutions are increasingly being used by the real estate industry to uncover a property’s full value through better location insights.
Royal LePage is a leading real estate company in Canada with a rich history dating back to 1913. The company has grown significantly over the years, establishing a network of more than 20,000 real estate agents across 600 locations from coast to coast.
At Royal LePage, real estate is both a passion and a business for the company and its agents. The company’s team of dedicated professionals is committed to helping Canadians buy and sell their homes and supporting communities across the country. With a strong focus on customer service and innovation, Royal LePage has become a trusted name in the Canadian real estate market.
When it comes to finding a home, Royal LePage knows exactly what kind of information people are looking for. Acquiring and delivering these insights in a meaningful way, however, is the challenge.
When Royal LePage identified which information is crucial for home buyers, it knew it would be challenging to get accurate data about the areas where their listings were located. The real estate company needed precise details on schools, demographics, and neighborhood characteristics that would convey in a concrete way what a property’s location value is.
Having the right data is one thing — but displaying it in a way that users can connect with and benefit from is another. Meaningful information on location draws people in, empowering them with valuable insights beyond what’s within a property’s four walls. Easy access to these insights delivers a more pleasant home-buying experience, which instills more confidence in clients during their decision process.
Though several providers are able to offer demographic information for an area, Royal LePage found it difficult to obtain all the datasets it was interested in, such as school, services, and neighborhood character.
The company knew what its customers wanted, but it needed a single source of information to avoid going through multiple channels. Until now, no comprehensive solution could provide all these different data points in one place.
Royal LePage partnered with Local Logic, a location intelligence solution that digitizes the built world for consumers, investors, developers, and governments. Local Logic delivers actionable insights and precise analytics on over 250 million individual addresses in Canada and the United States.
Other data providers did not have a location dataset as comprehensive as Local Logic’s. While some companies could only provide demographic information for an area, Local Logic offers a full range of location data.
Royal LePage received everything it needed from Local Logic, including school and neighborhood data, demographics, and easy-to-use widgets. With this information, the company was able to enhance each of its listings with relevant content, allowing users to get a better understanding of the areas where properties were located.
School data was one of the most valuable integrations for Royal LePage. To assist families searching for their next home, the company helps parents find properties close to their preferred school and access school details, such as boundaries, type, language, and board affiliation
Interacting with Local Logic’s Local Profiles allows users to better understand whether a neighborhood is right for them. Every listing on Royal LePage provides a detailed map and Location Scores that allow home buyers to determine whether an area has characteristics that cater to their desired lifestyle.
Using Local Logic’s demographics data, Royal LePage is able to display the population composition of the area to its users. The dataset contains robust information about the population anywhere in Canada and the US. It showcases employment type, average household income, household structure, education level, commute mode, mother tongue, and housing type, among other factors.
The widgets are so easy to use and provide amazing information to users shopping for a home. With this added data, Royal LePage is able to offer much more information on the area to home buyers, aiding them on the biggest purchase of their lives.
Senior Manager – Digital Product Development at Royal LePage