Real estate is a vast and complex industry that relies heavily on accurate and up-to-date data to make informed decisions. However, accessing high-quality data can be a challenge for many real estate professionals, which can lead to missed opportunities and costly mistakes.
One of the main challenges in the real estate industry is the lack of standardization in data sources. Unlike some other industries where there are clear, centralized sources of data, real estate data is often scattered across various sources, making it difficult to obtain a complete and accurate picture of the market. This can be especially problematic in areas with a high degree of turnover, as data may be out of date by the time it is accessed.
In addition to the lack of standardization, real estate data can also be difficult to access for various reasons. For example, some data sources may be proprietary and only available to certain individuals or organizations, while others may be incomplete or unreliable. This can make it difficult for real estate professionals to make informed decisions, as they may not have access to the most current and accurate data.
Another issue with real estate data is its lack of transparency. In many cases, data sources are not forthcoming about their methods of collection or the limitations of their data, making it difficult for users to understand the reliability and accuracy of the information they are accessing. This can lead to confusion and mistrust, making it even more challenging for real estate professionals to make informed decisions.
Given the importance of data in the real estate industry, it is clear that access to better data is crucial. By improving the standardization, accessibility, and transparency of real estate data, professionals can make more informed decisions and better serve their clients. This could include investing in more reliable and comprehensive data sources, working to standardize data formats and definitions, and increasing transparency in the data collection process.
Digitalise your asset into a single quality process to have an accurate view of all assets’ data, including plans, documents, ERP files, etc. Artificial Intelligence can also come into play to automatically sort and check data, ensuring professionals to always access accurate and compliant information. It increases the accuracy, quality and efficiency of requests’ results, allowing asset and property managers to leverage data analytics and maximize productivity and liquidity.
By addressing this challenge, real estate organisations can make more informed decisions and focus on strategic, asset-level decision-making.
Stonal has combined the power of a proprietary dataroom solution and artificial intelligence to automatically check the quality and accuracy of the data coming from all sources. Discover how it can help you preserve the liquidity of your assets over time thanks to the increased accuracy of your data. Get in touch to discover our platform.