A key challenge in the real estate industry is to be ahead of the news, understand what is going with the market, and be able to advise to customers and brokers in your team.
Leveraging Market information
Market teams have to observe situation and changes in the market on a monthly and quarterly basis. And build reports on changes such as :
The uptake in office, industrial or retail sector
Building renovations and demolishment
Changes in the price trends
On top of that, the team had to collect soft information from various sources such as government plans on new infrastructure that may affect capital rates such as new schools, railways, highways, any transportation and facilities that could affect price in a certain region and open opportunities.
Market analysis is a complex task because you deal with multiple data sources stored in different shapes and forms. It may sometimes be a table, in a database, Excel spreadsheet or in other cases it is an API. The main problem was to implement a uniform system across multiple offices so that the whole company could use same automation and preferably the same KPI that are needed everywhere.
Since there was no uniform system in place, some market researchers worked in Excel spreadsheets, while others calculated stats in PowerPoint presentations. However, one of the teams had a great approach where they designed an ingenious system that had potential to become a standard across the company.
The final solution included three aspects:
A database that can store historical changes for each property.
It must have multiple templates for data import from other data sources like Costar
Take regularly scheduled snapshots of the current market situation.
Having all three aspects combined made data gathering and reporting convenient. Instead of several weeks of data collection, the system gathered the data in one day, making reports readily available in a matter of seconds after the data was pulled in. Eventually, this solution was made available for all offices.