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The Magic of ATM Geography

Geography

Map Nerd-ing in Real Time

Here’s a fun example of the joy of nerding out on maps [a.k.a., Map Nerd-ing] in real time:

Welcome to Fabulous Las Vegas Nevada Signage
Viva Las Vegas, indeed.

My wife and I were recently in Las Vegas — she was attending several conferences, and I was living that glorious, gorgeous, grand digital nomad life to its fullest. One day, I was looking for an ATM close to our hotel… and as everyone probably knows, using the ATM in the casino is a massive rip off: typically, service fees are somewhere around $6, second only to Gentlemen’s Clubs for most expensive ATM fees [I don’t know that firsthand, I swear. I must’ve read about it in People].

So I, like most would, pulled up Google maps and simply searched for ATMs near my location. I found a plethora of third party ATMs — you know, the kind you find in truck stops all over the country, typically with fees around $4. The Vegas Strip being a huge tourist area [basically a seeder Disney World], the fees were $4.99. And frankly, I was not about to pay $5 just for the privilege of accessing my own money. No one should have to do that [let alone a Map Nerd like myself].

That’s when I spotted one, lone Bank of America ATM in a sea of third party options. 

Close-up Photography Two Credit Cards
I needed that cash, cash, money!

Now, I’m not a Bank of America customer, so I was still going to get hit with fees… but $3 or $3.50 is far more palatable than $5 or $6. At this point, my Map Nerd Brain kicked in: what was this lone bank-affiliated ATM doing right on the strip? I’d walked around that area for a while, and didn’t see a Bank of America branch or sign. So now, more curious than really needing to get cash, I walked over to find out what was up.

Where is this thing?

When I got to the location, it was not apparent where it was — in fact, I was standing in front of the M&Ms store! I could see several of the other third party ATMs, but no Bank of America one… even though, according to Google, I was literally on top of it. That’s when I had the realization that anyone who has ever Geocached is familiar with: “ I forgot about the Z coordinate!” 

Macro Shot of Assorted Candies
There’s really nothing better than a gigantic candy store, is there?

And with that, I headed up the first escalator… then the second… then the third… walking past M&M t-shirts, socks, stuffed plush characters, christmas ornaments, glasses, exclusive M&M flavors, and any number of other overpriced merchandise. Finally, on the fourth floor, in the far corner, by one of the bathrooms… I found it! The one, bank-affiliated ATM offering fees a full $2 lower then the ones on the ground floor [or zero fees, if you’re one of Bank of America’s 66 Million customers] — the only ATM like it within walking distance of some of the largest hotels in the country. 

I watched as this one ATM had a continuous line of six to eight people [most of them exasperated dads in white New Balance sneakers], and realized… this is one of the most brilliant examples of two companies understanding the way modern customers interact with geography. It’s the milk and eggs being in the back of grocery store, on steroids. 

The tool tells you where to go.

Three Women Standing Beside Signage on Grass Field
Don’t forget to buy 1,000 things on your way out the door!

Just about everyone uses some kind of navigation tool now, and Bank of America identified a hole in the geographic landscape… and understood that by simply putting an ATM in the sea of high-fee, third party ATMs — and making sure it showed up on Google Maps—  they could attract a huge amount of customers, with no overhead for signage or need to open a branch.

M&Ms allowing Bank of America to place the ATM in their store gets people to walk all the way through their store just to get to it. 

I’m only occasionally a betting man, but I’d bet the house that if any of those people just looking for the ATM have kids with them, there’s a good chance they’ll make a purchase — even if it’s just $6 worth of candy [“Hey, I saved $6 on the ATM fee, let’s spend it!”], there’s the potential to attract dollars that you’d otherwise not see.

Filed Under: Geography Tagged With: custom maps, data analytics, gis, gis consultant, gis consulting, location, maps, site selection, store planning

What A GIS Consultant Does in Real Estate

Real Estate

Let’s get right into it: what does the Map Nerd [or any GIS consultant] do for real estate?

At the baseline, a GIS [Geographic Information Systems] consultant analyzes data from geographical maps. Experts like the Map Nerd help with map data on a pretty wide range of services: from governments building railroads, to aerospace firms assessing the surfaces of planets… right on down to property research, market analysis, and spatial analysis in real estate [hey, not all of our work is in “determining the best location for the first McDonald’s on Mars].

A GIS consultant can assist a home buyer, home seller, developer, real estate agent or property owner in making prudent decisions
A GIS consultant can assist a home buyer, home seller, developer, real estate agent or property owner in making prudent decisions

A GIS consultant can assist a home buyer, home seller, developer, real estate agent or property owner in making prudent decisions — we’re here to help ensure that, say, if you’re buying a home near an upcoming major construction zone, that you intended to buy a home near an upcoming major construction zone. We can present you with reports, charts, tables and maps – and explain what all of the data actually means for you in the real world.

Property research and market analysis [or, “Where I make you money”]

 Most real estate agents and developers determine property values with specialized software integrating layered maps and geocoding. But the Map Nerd’s [or any good GIS consultant] software goes deeper. 

GIS software is customizable to your business and needs — meaning, GIS experts can analyze the real estate market the most accurately and efficiently. Although a lot of information is available on the internet or in public records, frankly, compiling all of that data into something comprehensible is not for the faint of heart. 

 GIS consultants use census data and financial history to find patterns and trends to not only accurately determine property values, but to predict property values in the future. Obviously, this can help people buying and selling homes, as well as those buying and speculating on plots of empty land: a GIS consultant can look into soil productivity, ponds, forests, etc. At the end of the day, you want to be an informed buyer or seller – and you also want to be prepared to work with people utilizing GIS information.

Renovation Station
Can you say OPEN CONCEPT?

Think of it like renovating a kitchen: yes, you can absolutely do all of this work on your own. But even the handiest home handyman [say that five times fast] is going to take significantly longer to complete the job… and it’s probably not going to be quite as high of final quality. Now, that’s always your choice to do: but unless the journey itself really is the most rewarding part of your real estate business, you probably want that work done quickly, and correctly, the first time.

Spatial analysis [or, “Where your property really is”]

 You’ve got a general idea of what you do and don’t live near. However, one never knows exactly what a prospective buyer will want to be near [or far from]. Spatial analysis allows home sellers to market a property based on its proximity to attractions and services — think schools, shopping centers, or offices. 

Spatial analysis might seem simple… but without all the data, you can’t paint the most accurate picture. Let’s say a home that’s “two miles” from a grocery store. How can the owner get to that store? Does it require driving? If there’s construction, how many routes are available? Is there a pedestrian path? Would someone need to cross a river or 

highway in those two miles? Would they need to drive around a state park or stadium? 

Or, even bigger: is this property prone to flooding? Is it on a fault line? Is there any fire danger nearby?

Charts and graphs and charts and graphs.
Charts and graphs and charts and graphs.

Worst case scenarios aside, a GIS consultant can look at geographic data and extrapolate what’s actually important for a home buyer or seller. Things like:

  •       Is it a buyer’s market or a seller’s market?
  •       What’s a good asking price for my house?
  •       What kind of offers should I expect for my house?
  •       Which zip codes should I look to buy a house in based on my work or my kids’ school?
  •       Which up-and-coming areas offer good investment opportunities?
  •       Which plots of land will suit my needs?
  •       How high can I expect my home to appreciate?

No matter what you’re looking to do in real estate, the Map Nerd build the most solid data foundation [zing!] for your venture. We’ve got your back.

Filed Under: Real Estate Tagged With: gis, gis consulting, map nerd, real estate

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