First of all – what is real-estate data?
Real-estate data provides a wide range of information related to properties, from residential and commercial through to industrial property and broader land-based insights.
This data helps property owners, property investors, real-estate companies, and renters make more informed decisions and stay ahead of the curve.
Real-estate data comes in many forms, but often it’s unreliable and not as effective due to delays or inaccuracies.
Getting your hands on the best real-estate data in a structured way can significantly boost productivity and help you stay one step ahead of the competition.
Who can benefit from precision real-estate data?
Having accurate data that is updated and maintained with consistency can be helpful to several different companies operating in the real-estate space.
In practice, the real estate industry is split into smaller categories. For every one of these categories, access to compelling real-estate data can provide a substantial competitive advantage:
Renting and buying industry – for those looking to buy, sell, or rent property data is a powerful way to get ahead of the competition and identify trends that help reach targets.
Real-estate investors and developers – for those in this area, success means identifying trends and new promising location before anyone else — the perfect task for great real-estate data.
Not every real-estate company works in just one of the above areas. For some, it might be beneficial to reuse real-estate data across all three. One thing is for sure, better data means better results, and it’s time to make the change to a more proactive dataset.
What you can do with better real-estate data
Build better real-estate listings
For buyers and renters, it can be confusing and challenging to understand listings and navigate to the perfect property. Having the right metadata around properties can drastically improve this experience and help to nail sales and enhance the customer experience.
People care about things such as crime rates, schools, neighborhood details, local social hangouts. Having this information available can differentiate yourself from the competition.
Make better predictions
Being predictive is big business in the real estate industry. How much should you charge as a landlord, and for how long? How much is a property genuinely worth, and how much is that going to change going forward.
For investors and buyers, having the right dataset can have a considerable impact. Getting a better idea of what’s going on in specific areas can help you to get the best value properties in the best areas before the competition are aware of it.
More accurate valuations
A considerable part of the real estate industry is property valuations. Data has come a long way in helping this process, but with so much at stake with valuations, it’s essential to get precision data to support.
From looking at cap rate models to econometric forecasting, better data means that you can do valuation better. Combined with the right data governance and quality standards, you can conduct more accurate and valuable estimates.
Understand how rents are changing in real-time
As well as valuations, robust real-estate data can help to understand leases and understand how they are changing in real-time. A better view of supply and demand allows better predictions. Better data science teams use better real-estate data.
Smarter investment decisions
Investment is an industry that has always worked with large datasets to get a competitive advantage. Data scientists make use of many datasets to understand the real estate market as a whole.
Standard datasets can portray two properties as similar when, in fact, they are not. More conclusive and alternative datasets can be used to get a better interpretation of the value of a property, area, or region as a whole. That’s why dynamic and precision datasets are becoming so popular in the real estate industry.
What does good data look like?
With real-estate data, the best companies know that success comes down to three things:
Lack of accuracy
Lack of frequency (not up to date)
Lack of standardization
We understand that for good real-estate companies to succeed, data needs to be more than just a web scrape. That’s why we did it better.
Wult’s data comes from a multitude of sources; these are continuously checked and updated. This frequently updated dataset means that you don’t just get a static dataset, you get one that updates along with global property changes and information.
On top of this, we built a robust data governance solution and data mapping functionality that can restructure, manage, and distribute our real-estate data in a way that allows you to act quickly and deliver results. From structure to quality, we provide a transparent solution so that everyone using the data can get what they need when they need it.
For more information, please get in touch via the form below. We’ll provide you with a data sample and give you a live demo of our data product.