3 Reasons Real Estate Firms Do Not Trust Their Data (& How To Solve It)
One of the biggest concerns real estate companies raise is that they cannot trust their data.
Acquisitions and leasing teams source significant amounts of decision-critical data from conversations, spreadsheets, and newspaper articles, yet three major elements contribute to the fact that firms have a hard time trusting the information they capture.
Trouble Finding Data
How many spreadsheets that contain crucial market intel are buried somewhere in a file folder or an email inbox? More tragically, how many important data points about the same transaction live in a variety of locations or file formats?
Today, firms can’t consolidate all of the various sources of data scattered throughout their organizations, so they can’t determine the real story about that acquisition their competitor did last year, the lease in a building across the street from theirs, or what the tenants think about a specific building.
Conflicting Figures
How often have you read one data source that says an asset sold for $500 PSF while another asserts it sold for $550? Which is right and how do you know? Currently, there is no way to reconcile the differences between data sources, annotate which is correct, and state why. As a result, real estate firms have a hard time keeping the real figures updated and available in a single location, leading to distrust because there is no way to keep track of the “true” figures.
Inability to Explore Data
Firms might have a spreadsheet of all the sales comps in one market but how do you find all of the assets owned by a specific competitor across all markets? Or in the example of a retail-focused firm, how do you find the buildings that have sold in the past two years with TJ Maxx as tenants? Right now, there is no way to explore all of the data in a real estate firm’s possession. As a result, answering questions about their competitive landscape is a difficult, time-consuming process that is rife with inaccuracies.
How to solve it...
Data must be available, traceable, and explorable. Predictre’s analytics platform utilizes data science and machine learning to clean and consolidate all of the data across your organization and organize it by company, building, submarket and more. Predictre enables humans to interact with the data, including updating market stats and providing access to that better information to everyone on your team. And, with the help of our proprietary artificial intelligence, you are able to ask better questions of all the data across your competitive landscape, resulting in better, faster acquisitions and leasing decisions.
Click the button below to learn how Predictre empowers firms to master their markets and dominate with data!