Real estate is one of the most data-driven sectors in the world. Every aspect of the industry is informed and powered by data. Without the right data at your fingertips, effectively operating your business in the real estate industry simply isn’t possible.
The sheer amount of data can be mind-boggling, from the kinds of data available to where they come from. Not only that, figuring out how best to put it to use presents a whole other set of challenges. One way to overcome these challenges is to partner with a data services expert. By outsourcing your data services needs, you acquire immediate capacity and can rely on external expertise to get the job done. Read on to learn about the top 5 reasons to partner with a real estate data expert.
- You’re overwhelmed and not sure where to start
If you’re new to real estate or real estate data management, the types, sources, and uses of data can be overwhelming. You might be unsure of what you need or even unaware of all the available options. Many companies don’t realize they can turn to a data aggregator for a data consultation to get answers to their questions, navigate uncertain areas, and determine the best course of action. If you’re unsure about partnering with a data provider, this is a great place to start.
- Data management is your pain point
We get it: data management isn’t a walk in the park. Take MLS data: every MLS is unique, resulting in an international patchwork of nearly 600 different standards, rules, and data types. Turning MLS data into something you can use can feel like translating 20 different languages, which takes significant time and effort. If you don’t have in-house expertise, you might be draining resources from other important tasks, like R&D, marketing, and customer service. When you rely on a data expert, you can free up your team for more productive tasks and run into fewer bumps along the way.
- You need to scale fast
Establishing productive MLS relationships takes time. Accessing data isn’t as simple as just filling out a form and logging into a portal. If you’re scaling into a new market, the last thing you need holding you up is your real estate data feed. When you work with an aggregator with established MLS relationships, data literally flows like a tap you can turn on at a moment’s notice. We have relationships with over 500 MLSs across North America: chances are that if you need it, we have it, and if we don’t, we know how to get it.
- You need the best data on the market
Not all data, and not all data aggregators, are the same. Each MLS collects and presents its data differently. Without special data expertise and knowledge, the resulting output will likely not be what you expect. A data services partner who knows how to normalize, cleanse, and de-duplicate data is essential for turning available data into the best data, as are the quality of its data sources and relationships.
- Regulatory and compliance issues are holding you back
Not only does each MLS collect and present different data, they also have unique rules that must be followed, otherwise you might open yourself up to citations and fines. These rules can be difficult to manage, and the consequences can be costly in terms of both time and money. A data partner ensures compliance with these rules and regulations for you, ensuring you remain compliant with every MLS whose data you use.
You can’t do business in real estate without data. Period. For many companies, the best and most cost-efficient option is to outsource to a data expert. Constellation1 has the best, most comprehensive data in the industry and more than 20 years of dedicated expertise you need to make it work for you. We handle all the nuts and bolts, you get the data you need to power your business.
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