Manhattan, NYC.
NEW YORK CITY – Predictive analytics has become as necessary as a cup of coffee in the morning for CRE professionals, Neelika Choudhury, senior vice president of product strategy at Ten-X Commercial, a commercial real estate technology firm, tells GlobeSt.com. "Users are demanding predictive analytics with our offerings," she said.
The firm recently launched a new design for its website and a mobile application in Q3 for users on its platform where investors and brokers buy and sell properties. Now, they can view the information in one place about which assets they have on the sale block, who is bidding, where pricing is, and they can predict it ahead of time with a predictive analytics plug-in.
Before the offerings launched, top brokers approached the Ten-X team and said they want access to internal tools that would allow them to manage preferences and access the data that the Ten-X mitigates through the platform, but this time they also wanted predictions of their prospective business stream and to make determinations about performance targets. "This kind of data enables brokers to understand what's going on, so they can grasp the bid deal ahead of time and after," Choudhury said.
Ten-X's main goal in the Q3 launch of the new design was to make access to the platform data as easy as viewing a mobile calendar, according to Choudhury. The design is just one component of the firm's plans to utilize data it has collected for the past decade it's been in business to then repurpose for greater insights and predictive analytics, according to a recent GlobeSt.com article.
Entering 2020, it is all about leveraging data, Maureen Waters, president of the firm, told GlobeSt.com. "Ten-X has data for over ten years, and we want to take that data and think about how to connect it with human and science," she said.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
