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4 Ways Timely Data Makes an Economic Development Office’s Job Easier

As an Economic Development Office, every day poses various opportunities and challenges that can change from one day to the next. At the heart of it all, drawing prospective businesses to your area is the bread and butter that keeps your local area flourishing and well.

To attract a new business, it’s essential to have the most current and accurate commercial property data available at your fingertips. But gathering data can be tedious and requires constant upkeep.

That’s where having timely data comes in.

Timely data means exactly what the name implies—data that’s fresh and available when you need it, and therefore, reliable. But for EDOs, it’s a less familiar and untapped opportunity—one that could drastically improve the quality and amount of client relationships.

 

Here are just some of the ways having current data can benefit you as an EDO and make you more proactive:

 

Saves Time on Gathering Data

On average, it takes EDOs several hours per week to gather and maintain commercial property listings. With recent data available as a resource, you can put the entire gathering and maintaining process on autopilot, which means you can turn your attention to winning over that prospect on the fence about moving their business to your area, and spending no time gathering properties for them.

Allows for Actionable Strategy

When it comes to getting prospective businesses to take the leap and join your community, having an actionable plan to support their needs is key to converting prospects. Along with providing other market insights to businesses, showcasing properties with current and accurate information ensures unreliable data doesn’t stand in the way of getting prospects connected quickly with brokers.

Build Trust and Confidence

Of course, providing an array of up-to-date properties means clients know they can trust your EDO as a well-informed partner. This means you can have confidence in the opportunities you’re presenting to prospects and in connecting them with brokers at the optimal time for that property.

Provides a Competitive Edge

When you can offer the most reliable set of commercial property data compared with competing markets, you’re sure to have the upper-hand in winning over a business. If two commercial properties are in consideration for a business in two neighboring markets, one current and the other outdated but improperly marked as still available, which is more likely to attract the business?

Having access to timely commercial property data drastically improves the quantity and quality of developing relationships with potential businesses. It saves EDOs time and gives them the confidence to provide a higher level of support through better information.

Don’t let the administrative process of gathering and maintaining commercial properties let you fall behind and lose potential opportunities in your community when you could be staying one step ahead of the competition.

Connect with us here to see how we can provide the most up-to-date solutions for your EDO.