In the real estate industry, data is key to improving your sales and maximizing your profits. It is important to know how to collect, store and use them.
Discover 6 essential rules for optimizing your data real estate.
Currently, we can say that we collect a significant amount of data. Modern technology allows us to measure and analyze vast amounts of information, whether it is about the market, goods, or buyers.
The data collected allows you to generate qualified leads, adapt construction projects, the selling price of units, increase profits… The possibilities are endless.
It would be a shame not to use this wealth of information wisely, but you still need to know how.
1 - Have your own real estate data
2 - Have a plan for data storage and usage
3 - Collect only useful data
Some companies will collect all kinds of data, but at the end of the day, they will never use it integrally, because the data is either not being collected in the right way or worse still, because it’s not even relevant in the decision-making process. This implies that a lot of companies have a ton of data without the proper structure and context at the time of collection, making this data pretty much useless.
Our experience shows that many businesses do not have the adequate bandwidth to use the data they generate daily. This, in-turn, makes data lakes cumbersome and expensive to maintain while dragging their real-world value down, which doesn’t make investing in data that good of an investment. Therefore it is key for businesses to carefully assess whether or not some data will be useful in making decisions. Collecting as much data as possible may sound nice on paper, but weeding out what’s useful gets harder as the number of data points increase.
To sum it all up, data should be seen as raw material: it must be recorded, stored, and converted. Before we start measuring anything, we must at least address the following points: pick the right tools to extract the data, select the best location to store it and identify the most meaningful way to represent it to assist in the decision-making process.