The brokerage service firms act as an intermediary that connects buyers and sellers to facilitate a transaction. Brokerage companies receive compensation by means of commission once the transaction has successfully completed. Owners and developers manage their finances before acquiring a property and subsequently use real estate brokers to facilitate property sales transactions. Many brokerage firms also provide property management services to real estate owners.
The global brokerage services market was valued at $1188.5 billion in 2017. Asia Pacific was the largest geographic region accounting for $576.4 billion or 48.5% of the global market. And China was the largest country accounting for $348.2 billion or 29.3% of the global brokerage services market.
Commercial real estate (CRE) industry and brokerage service companies are leveraging on big data technology to identify customer choices and build robust customer relationships. Big data is a large data set that can be analyzed to gain deeper insights into consumer behavior and market dynamics and enhance decision-making process. It enables CRE companies to optimize utilization of resources and make better property sale or lease decisions. For example, View-The-Space, a US-based CRE management and technology firm creates videos to track consumer behavior. BlockAvenue, a location-based platform, uses big data to create crucial metrics and help find potential property buyers for CRE companies. Some well-known big data startups in the CRE industry include Compstak, Honest Buildings, Rentlytics, redIQ, Reonomy, ReScour and Propstack.
Companies Covered: CBRE Group, Jones Lang LaSalle Inc., Newmark Grubb Knight Frank, Keller Williams, Century 21
Market Segments Included: Residential Buildings And Dwellings Brokers, Non-Residential Buildings Brokers, Miniwarehouses And Self-Storage Units Brokers, Other Brokers
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