As an investor who desires to dominate their farm area, you need all the tools you can get to make educated market decisions. If you’re like me and you like to crunch numbers and analyze statistics, the numbers never lie and they won’t steer you wrong if you read them right.
Stats tell stories
Google Earth is a virtual globe, map and geographic information program. It maps the Earth by the superimposition of images obtained from satellite imagery, aerial photography and GIS 3D globe. Multiple addresses can be plotted onto a Google Earth map and tagged with different categories, thus making Google Earth an invaluable tool that will allow you to analyze statistical real estate data graphically.
Google Earth can be used in conjunction with Multiplottr. Multiplottr allows you to import address and category data into a map which can then be saved as a KML file. Multiple KML files can then be imported into one Google Earth map. These features are great for efficiency and data-map layering purposes.
How can this work for me?
Let’s say for instance that you are a real estate wholesaler and you would like to know where the cash buyers have been buying in the past 60 days. Cash buying activity can be found on the MLS. You could either gather these addresses through your own MLS access or have a Realtor provide you with this information. You would then put the address information into a Microsoft Excel spreadsheet and perhaps categorize them with green flags. Import that Excel file into Multiplottr and save your KML file.
You may then import your “Cash Buyer” KML file into Google Earth and viola, you have a map of cash buying activity in your area. Each property bought with cash would be green-flagged in its’ geographic location on the map.
However, it doesn’t stop there. This gets better!
Multiple layers can be created in Google Earth with various KML files. You may create a layer that consists solely of MLS listed properties and/or FSBO properties. Or you may create layers specific to each cash buyer. With each layer, you would dedicated a different color flag.
Below, you will see an example that I created where two different flags are used to designate where each cash buyer is buying. Click on the image to be taken to the actual map.
I’m sure by now you can see how powerful this is. By using Google Earth and Multiplottr, you will be able to stay abreast of trends in your market and ahead of the curve.
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Article Author: Justin McClellandJustin has written 17 articles for us.
Visit Justin's Website: http://www.JustinMcClelland.com
Joshua Dorkin
{ 9 comments… read them below or add one }
Great Post Justin! I’m excited to start doing this
Justin, this is an excellent post! You really have a knack for finding some simple and powerful ways to use technology to help real estate investors. Thanks!
I don’t know how he does it either, but Justin is one of the most creative guys I know, and I’m glad he is here sharing that creativity as our Technology Writer.
Hey hey hey now…my ego is inflating over here. But seriously, I appreciate all of the compliments.
Now you just have to continue to live up to the hype, Justin!
Seems cool, but how would you use this data in your marketing? If you know that there are a large amount of properties bought by cash buyers, for example, how would it change things in your efforts?
Linda C,
What I was thinking I could use the information for was that if I found a property I could take a quick look at this map and see who is buying in the area and contact them to see if they are interested.
@LindaC
What Scott mentioned is good way to use the information. I just gave one of the many applications of the usage of the information with my wholesaling example.
You can use this tip so that you can visualize trends and then make well informed business decisions. The more guessing you remove from your business the better.
Excellent post, and looking forward to using this tool. Amazing what this technology can do.
Thank you for sharing this goldmine of info