With the commercial real estate industry as competitive as it is, brokers must always be looking for ways to stay on top of the competition. One way they can do that is with the help of mobile GPS data.
Consumers generate this type of data when they interact with apps on their mobile devices while in geo-fenced locations, like a restaurant or a shopping center. The satellite pings created are then tracked and can reveal a lot about consumer behavior—including convincing insights that potential tenants will want to know.
Here are three use-cases for how brokers can use mobile GPS data to provide more value to their clients and ultimately close deals faster.
Use Case 1: Creating Visitor Profiles
Counting Cadillacs in the parking lot is no longer a reliable way to determine who visits a property. Now, with the help of mobile GPS data you can more easily understand the types of people shopping or dining at a property.
When foot traffic data is appended to behavioral and lifestyle data from a third-party vendor, you get a clear view of who visited a site and insight into how they spend their money. Knowing this information can help you make a convincing case to a potential tenant trying to understand if a trade area can support their business.
Use Case 2: Matching Locations to Tenants
With the help of your visitor profile, you can also use mobile GPS data to find specific brands whose core customers at other locations in similar markets match those in your selected trade area. Doing this will help you discover which retail, restaurant, or service brands are the best fit for your property. Presenting insights like these to potential tenants is a compelling way to guide development decisions.
Use Case 3: Developing True Trade Areas
Once you learn who your visitors are, you can also use mobile GPS data to find out where they came from. Understanding how far consumers are willing to travel to shop or dine at a location reveals the true size of the trade area. Do the majority of consumers come from within 10 minutes? What percentage comes from within 15? How about farther? Armed with this knowledge, it’s easier to determine if the market could support another location, how competition might impact the potential tenant, and how consistent the trade area is.
The Bottom Line
Mobile GPS data is an important tool for every broker’s toolbox. While volume metrics alone are helpful, they can’t tell you everything you want to know. You can get more out of mobile GPS data when it is combined with other datasets, like demographics and psychographics. With these data-backed insights, you’ll be able to quickly evaluate deals, efficiently fill vacancies, and more.
Buxton offers multiple powerful applications that use mobile data to give brokers a competitive edge, including Match and Mobilytics. To learn more, check out our CRE platform.