A data what? A data lake is a dynamic reservoir that allows companies to store big data in its raw, native format. The lakes allow users to gather, store, and analyze all forms of data – structured, semi-structured, and unstructured – to generate insights and turn the insights into actionable plans.
Data lakes are increasingly carving their place in the real estate sector because of their versatility and dynamic applications.
Besides continually storing information, data lakes have superfluous analytical capabilities. They couple big data analytics with artificial intelligence to generate deep insights from seemingly unrelated data.
Simply put, you can save time and money by properly using real estate data lakes since they automate your data collection and processing efforts. You’ll also gain critical business insights to let you make better, faster decisions.
Delving into consumer needs, preferences, and trends also bolsters your customer service efforts. A renewed ability to identify lucrative opportunities coupled with superior customer experience leads to drastic revenue growth.
Step One: Find Your Data Lakes
The future belongs to companies capable of delivering bespoke, custom solutions tailored to their client’s exacting needs. And it’s not any different in the property sector.
To position yourself as the go-to real estate professional and tower over the competition, you need rarefied business insights. That means going beyond the obvious sources of information such as search engines and public market information. Everyone professional worth their salt has access to these, and they eventually arrive at the same conclusion. So you end up with a cutthroat market landscape characterized by declining revenue and deadly rivalry.
Luckily, the real estate sector is a minefield of legal documents, which, unsurprisingly, are a treasure trove of data and information. But only if you can trawl the data lakes for information nuggets. You can reel in all the valuable data from property deeds, offering memos, rent rolls, purchase and sale agreements, and closing disclosures with automated data extraction technology.
Like sailing in choppy waters in torrential rainfall, big data can be intimidating for most businesses. It takes skills and the right technology to thrive in a turbulent information age. The property market is a data-centric industry that lends itself to the use of data lakes. Cruising around this ocean of information lets you uncover critical business insights lost on the competition.
With real estate data lakes, you uncover incredible business insights and credible ways to put them into action. It’s a proven way to bolster your brand and reputation and build yourself into a thought leader.
Automating repetitive tasks skyrockets your productivity. It also lets you focus on high-priority tasks such as identify lucrative opportunities and matching great offers with the right prospects. It’s way easier to reel in and close a warm lead when you present them with the right offer at the right time.
Step Two: Fish Out the Data
Big data is…well, big. It comes at a high velocity and in high volumes from a diverse source of information assets. That’s why it’s stored in data lakes, not puddles or ponds – they cannot contain its ferocious crashing waves. Big data has a ceaseless flow and often requires real-time analysis to harness the advantages it brings.
The lakes are certainly big when it comes to real estate, and it’s easy to get lost or drown in the surging information tides. Each deal is characterized by a relentless wave of physical documents, presenting a daunting daily challenge.
You must comb each record on the file, searching for critical information, then rinse and repeat for each deal you’re working on. So much mind-numbing, tedious work that’s prone to errors and won’t uncover any actionable insights.
How do you keep from drowning when you’re swarmed with a relentless wave of hardcopy documents? By finding an automated system explicitly built to extract data from your real estate documents. If you’re looking to cut costs and bake efficiency into your standard operating procedures, investing in this type of AI system is the way to go.
Tools like BlueSuit can also help you with our next step…
Step Three: Turn the Data Into Action
Extracting the data from the myriad of physical documents is only part of it. Your advantage lies in processing the data into a usable form and analyzing it to generate valuable business insights.
Just like fishing, data processing might be somewhat of an acquired taste. But if you’re heading out to the waters, having modern equipment makes the experience enjoyable for the enthusiasts. It also makes fishing more tolerable for reluctant anglers. You can go fishing in a canoe, but a motorized boat will get you there faster.
Similarly, you need a data extraction tool that does all the heavy lifting. A solution that understands that your time is precious and therefore presents you with refined data. Real estate professionals need an intelligent tool that, well, speaks and understands real estate. To increase efficiency and, ultimately, your ROI, you must read the data and analyze it to generate meaningful and actionable insights.
A real estate-centric tool such as BlueSuit not only extracts the raw data from your rent rolls, purchase, and sale agreements but also delivers the data in a structured format. It makes quick work of all the data-rich pdf files to furnish you with structured and easy-to-use data.
Unlike unstructured data that requires additional work to process and understand, structured data is organized and classified into relevant categories. It’s easy to quantify, search, and analyze structured data, saving you time and effort. The information is available in a predetermined format compatible with your systems and won’t require conversion.
Normalized data speeds up your valuation process and increases your productivity which, voila, saves you money by the boatload. It means anyone from your team can access and use the data to their advantage.
Time To Dive Into Those Data Lakes!
Unlike Jack Sparrow, you need a working compass to navigate the stormy, uncharted waters in a real estate data lake. The right tool will help you get your true north and plot the best course to your true north. In real estate, this could be anything from improved customer experience, lead generation, market dominance to increased productivity. And you have it all while lowering your overheads and raising your revenue.
If you’re ready to increase productivity and decrease costs with real estate data lakes, BlueSuit will help you suit up.
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