Data extraction involves collecting data from various sources, including internal systems — where it is unorganized and unstructured. Extraction is the first step to consolidate, process, and refine data before being transmitted into a warehouse or inserted into a workflow.
Fundamentally, data extraction sets data analysis in motion. In addition, factors such as the quantity of data, the sources, and the quality of data determine the result. The extraction process of a real estate company that is interested in developing a buyer persona may involve crawling CRM software, social media accounts, websites, and e-commerce sites. The results are dependent on the method in use, which is why automation is such a crucial aspect.
Here are a few reasons why you need to automate data extraction.
- Faster decision making: An automated data extraction process gains access to hidden and unstructured data sources. A manual process may take time to extract vital data points, causing delays in the decision-making process.
- Cost savings: Manual processes are costly because of checks involved and staffing requirements. Analyzing an expense item may involve checking millions of accounts for large organizations.
- Accuracy: By automating the extraction process, you’re likely to eliminate over 80% of errors associated with manual processes. Manual data extraction also results in incomplete records, missing items, and duplicates. Ultimately, automation of data extraction optimizes resources and enhances the efficiency of a real estate company.
Here are a few ideas on how to automate data extraction:
1. Look to Machines
Data engineers utilize data extraction tools and machines to make the data extraction process more efficient and manageable. However, there are other trending solutions and innovations that players in the real estate industry are embracing.
Here are a couple tools and innovations you can adopt:
- Robotic Process Automation(RPA): Robotic process automation is renowned in many industries for transforming operation efficiency. As robotic systems gain momentum, organizations are now applying robotic software to automate data extraction. A company may, for instance, use an RBA bot to gain access to an email folder and analyze the content for subsequent processing. If the sender is inquiring about a new service, the bot subsequently forwards it to the sales department. One of the main benefits of robotic technology is the ability to integrate with different technologies. As such, it can smoothly handle multiple data formats, create, and circulate log files when required.
- Machine Learning in Data Extraction: Machine learning is another upcoming trend where companies seek to minimize input or instructions through learned patterns. It eliminates the need for extra programming or manual prompts when new insights become available. Through machine learning, the data extraction process will be quicker and subsequently improve decision-making. In addition, the adoption of machine learning complements automation and significantly reduces the cost of data extraction.
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2. Consider Your Sources
Real estate is one of the oldest industries in the market. You can therefore be sure to find lots of historical data, documents, and references during a data extraction exercise. Even so, it’s vital to incorporate different, credible, and relevant sources to achieve success.
Here are a few sources you can utilize:
Real Estate Documents
Each real estate company has internal documents related to its operations, such as rent rolls, property deeds, and Purchase & Sale agreements. A real estate company can, for instance, use data from property deeds to classify different customer profiles based on the method of ownership.
Despite their significance, most real estate documents are not found internally within a company. On the contrary, it requires close liaison with other bodies like the county assessor’s office.
Adjacent Industry Documents
Outside of official real estate companies, there are plenty of organizations involved in real estate. Brokerages, financial institutions and pretty much any company that works with real estate evaluations also have tons of documents you can utilize for real estate data extraction.
For most, these documents live in their archives and are easily accessible. So if you’re looking to automate your real estate data extraction, don’t overlook the companies that you’ve worked with or other evaluation orgs in the market. These real estate adjacent documents can provide a ton of insight.
Web Data Sources
Web data is one of the most accessible sources of information that real estate companies can utilize for data extraction. Even so, it’s essential to apply the right machine learning tool to obtain the desired results.
Data crawling, for instance, is widely used in web applications and sources. However, there are barriers, such as websites with anti-crawl measures that impede the process. Machine learning can therefore solve such challenges through learned patterns to improve speed and outcome.
A few examples of web sources include Google, Amazon, ImageNet, EU, and Facebook. Facebook, for instance, has a dedicated API where any user can query vast information posted on its site. That said, a real estate company can utilize social media or e-commerce sites to look for user behaviors, learn new trends, or beef up its database.
3. Stick to Real Estate Industry
Real estate is also a very competitive industry and therefore calls for specialization and tailored solutions. It doesn’t make sense to use extraction tools used in other industries and expect success.
Brokerage firms and other financial institutions need to search among a wealth of information while estimating the value of a commercial building, apartment building or other real estate property. They look at factors like square foot, age, market price, and lot size. These are large investments, and it’s important to make an informed decision instead of relying on opinions. However, finding the correct data and subsequent decisions without real-estate data extraction tools can be challenging. That said, it’s crucial to work with industry-specific tools engineered to meet real estate data needs.
Some of the benefits of using real estate specific tools include:
- Using the Most Relevant Data: When you’re looking for accurate real estate insights, it simply makes the most sense to use accurate real estate data. Data extraction tools that focus solely on the real estate data are going to deliver the structured numbers that are most related and most useful to your workflow. Using a more generalized tool may deliver data that doesn’t fit within your process or your goals.
- Gathering Strategic Information: Data engineers serving the real estate industry work closely with end-users. Aspects such as prices, reviews, and location are extremely time sensitive and require a high degree of accuracy. Real estate specific tools make it easy to mine strategic data in hard-to-find areas, which can boost decision-making.
- Deliver High ROI: Even as organizations decide to extract data, the return on investment should be commensurate or exceed the committed resources. In addition, a real-estate-specific solution eliminates instances of missing records or the need to hire other solutions. Effectively, it reduces costs and maximizes the expected result of the data extraction process.
Try Our Real Estate Data Extraction Service
Automating data extraction is an essential process that saves time, money, and energy. But, equally, data is constantly evolving, which makes automation seem like an impossible task. It’s therefore essential to work with the right data partner.
BlueSuit is an ideal firm that doubles up as a real estate expert and software developer. Our BlueSuit’s ExtractAPI powers you to eliminate manual processes and boost productivity. Contact us for a non-committal product test drive.