Most real estate firms today find themselves dealing with massive amounts of data. Between tenant leases, property management records, historical building data, and local economic and demographic information, firms have more capability to produce actionable insights with their data than ever before. Unfortunately, most firms also find that it is difficult (if not impossible) to use the data they have because of the way it is stored. Pulling and analyzing data frequently means a painstaking process of searching multiple databases, resulting in wasted time and limited research potential.
Having the data is one thing, but being able to use it in a meaningful way is another.
The good news is that there are ways for firms to collect all of their data in one easily searchable location. By focusing on data best practices and utilizing the assistance of data professionals, firms can unlock the full potential of their real estate data and eliminate the frequent headaches that are so often associated with it.
Data shouldn’t live in spreadsheets
Spreadsheets are great for a lot of things, but acting as a data warehouse isn’t one of them. Still, it’s a common practice across the real estate industry to utilize spreadsheets as a means of data storage. A firm might have one spreadsheet for lease comps, another for rental rate and vacancy data, and a third for tracking tenant inquiries. Spreadsheets like these often begin as a temporary solution but are then adopted as a long-term solution that becomes difficult to stop.
Kevin Mattice, Chief Product Officer
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