July 18, 2018
How up-to-date is your Commercial Real Estate data?
Many CREs that don’t have fresh data spend significant amounts of time gathering information on the state of the market. This causes two problems: first, they miss out on opportunities because that’s time they could be spending nurturing relationships. Second, it’s hard to have the most recent, thus most accurate, data on hand all the time.
If market data is older than two months, it becomes easier to put a client in a five-year lease with peak rates and not even know it. When the market takes a turn two months later (a full third of a year for the market to shift from when the data was fresh), the client likely won’t be happy and will think their broker misadvised them.
We don’t want this to happen to you.The best way to serve your clients – and take advantage of every opportunity – is to use real-time data.
Here are a few ways that real-time data can benefit you:
• You can take a proactive approach and implement predictive strategies. Analyzing stats and mining data can help your brokerage identify patterns and make the best decisions before the market shifts.
• Brokers can anticipate future needs, enabling them to build better long-term relationships with buyers. Having real-time data on hand will set you apart from your competition.
• You can also better predict market trends because you have access to a wealth of historical information.
• You can answer questions and provide market information quickly without forcing potential buyers to wait and possibly going to a different broker.
• It ensures that your portfolio is always up-to-date, and lets you have better control over your listings. At the same time, having access to the latest data means you are more agile than everyone else.
The CRE industry has always been data-driven. As we develop tools to better gather data, it’s critical to stay ahead of the competition. Want to learn more? Talk to us here.