The Real Deal with Real Estate Data

Is bad data putting your real estate business at risk? Relying on incomplete information can be as dangerous as relying on bad data.

Wed Jan 30 13:16:00 EST 2019

Access to the right location data can improve your real estate business. Bad data puts you at risk.

Whether you’re a broker, developer or real estate aggregator, you know that data has never been more important to your customers. Accurate, up-to-date and curated data can set your business apart by providing the insight needed to improve appraisals, tailor marketing efforts and match the right customer to the right property.

You can find free property data published by both government agencies and private companies. A maps app on your smartphone can tell you the crime rates near a parcel a client wants to develop. Census tract information lists average household income in the neighborhood.

So why should you bother paying for data?

Real estate professionals often find two problems with free data: it’s wrong, or incomplete. Information changes constantly. The construction of a police substation in a once-blighted area dramatically reduces crime. Populations gentrify and household incomes rise. Free data may not be updated frequently enough to keep pace with change.

Relying on incomplete information can be as perilous as relying on bad data. Two comparably-placed homes may stand in low-crime areas, and in the catchment area of the same well-regarded school district. But if one property also sits within walking distance of shopping areas and leafy public parks, it will likely prove more valuable than a property even a short drive away from those amenities.

To improve your real estate business in today’s hyper-competitive market, you need data that is curated, comprehensive, regularly updated, and built with professional GIS rigor. Only then can you build a data strategy that helps you:

  • Improve property insight
  • Use hard evidence to bolster your recommendations to buyers and seller
  • Help sellers set the most competitive asking prices possible
  • Avoid the customer dissatisfaction and damage to reputation that can arise from recommendations based on inaccurate or out-of-date-data

Pitney Bowes datasets can help in this effort. They give you and your customers the clarity needed for on-the-nose appraisals and improved home-search functions. This information can also help your marketing teams more precisely match the right customer or prospect to the right offer.

Appraisal and valuation datasets help you find prices for similar properties, then develop valuation estimates based on the right comps. These datasets use standardized neighborhood, micro-neighborhood and parcel characteristics to help you determine value. They also list community objects, helping you to better understand community features and their proximity to a property.

Home search datasets work with your search functions to help you and your customers find the properties they want, in the neighborhoods of their choice, within proximity of the community features that are important to them. By integrating information on school rankings and catchment areas with datasets like demographics and points of interest you can provide your customers with the most relevant search results and the ability to visualize those data points a map.

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Data propels today’s real estate market. Don’t be left behind. Visit our web site today to learn more.

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