How big data can bridge the gaps through home renovation

The worlds of real estate, home renovation, retail and finance are tightly intertwined. New homebuyers often renovate their purchased houses to fit their needs. Existing homeowners renovate to increase the value of their homes — whether they’re looking to sell now or down the road. Both scenarios mean engaging with real estate agents, banks, contractors and home improvement retailers.

These overlapping industries do interact, and as with every other type of business, data is paramount. However, these industries still experience huge information gaps in their collaborations that cost them the chance to grow and capture leads early on, while also creating a fragmented experience for the customer.

Data partnerships already exist among other industries. What can those in the home renovation ecosystem take away from exemplary alliances and accomplish together?

Start with renovation marketplaces

Renovation marketplaces are a great place to start because they focus on providing potential home renovators with software as a service (SaaS) tools to ease the common pains associated with the home improvement process.

If the industries that serve home renovators can capture customers’ intentions early on, they can spearhead mutually beneficial opportunities.

The financial industry could use these opportunities to make customers’ plans a reality by providing access to loans the moment homeowners begin thinking about renovating and learning more about potential customers’ projects and budgets.

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