Customers now know that the process of buying, renting or selling a house does not have to be slow and stressful in the modern-day setting. 93% of homebuyers in the U.S., look for their dream homes on the internet, but not without challenges.
In recent years, real estate investors have been looking for ways to utilize technology to make faster and better investment decisions. As a result, real estate data APIs have emerged as the perfect solution if used appropriately.
With sufficient data, it is easy to make informed real estate business decisions. Whether you are building, investing, searching for a real estate property, or building, the real estate data API can determine your success or failure.
What is an API?
API is an acronym for Application Programming Interface, which serves as an intermediary between two applications. The software enhances communication between applications, hence facilitating speed and agility in the process.
Therefore, a real estate data API is an API software tasked with requesting and telling your real estate system what you want to do and then responding to you as the operator. Anyone who has been in the real estate industry will know that there is a process of searching for investment properties online by using Multiple Listing Service (MLS) or other similar platforms.
For example, when looking for a property to buy, MLS provides you with plenty of options to choose from, including the market of choice, property type, budget, and other variables. All you need to do is key in your desired features into the database, then wait to see if a property matches your needs and is up for sale.
However, MLS only gives you access to basic information and not real estate data analytics that can help you make more informed decisions, making it helpful only for agents and brokers. For investors, MLS needs to interact with their APIs for you to get enough investment analysis.
The API forms an interface through which you can acquire vital information from the internet. That said, it is almost inevitable that, as an investor or a professional, you need the services of a real estate API.
Where APIs Converge with Real Estate
When it comes to listing data reliability, the real estate industry is among those with a higher ranking. Agents, companies, and brokers use many applications and websites to run data, without which the industry cannot run sufficiently in this day and age.
At first, different vendors relied on MLS services providers to collect data using a standard known as Real Estate Transaction Standard (RETS). The relatively old technology required real estate companies to rely on MLS services providers as their main data suppliers. On the downside, the data run by MLS changes from time to time, making it expensive and straining to use.
The use of real estate data APIs has made things easier for the real estate industry as a whole. It is now easier for consumers to find homes on sites like Zillow. Companies’ evaluation of properties for investment is easier, and pulling key insights from MLS data is relatively convenient.
Other roles of APIs in the real estate industry include:
Save time and money
Thanks to APIs, real estate companies now spend less time and money when building applications that can easily integrate with varying MLS service providers. The development of tools for use by companies, customers, and agents is now more efficient.
APIs’ presence also means that real estate companies do not have to spend a lot to ensure that they remain relevant. Real estate companies have to be fast, meet the set requirements, and provide what they are asked to stay afloat. Thankfully, APIs can facilitate all these essential aspects.
Lead generation is easier
Any prospect looking for a property to buy, rent, or sell will always have questions. The faster these questions are answered, the quicker the prospect will make a decision. Companies and agents can now answer as many questions as possible without overwhelming their staff with a real estate data API.
Faster replies lead to potential customers’ willingness to engage further and turn into real, paying customers. Additionally, whether a potential customer buys or not, the API keeps records for future engagements.
Improving staff response time
Real estate agents and other customers rely on emails to communicate with their service providers. However, when there is no one to attend to the emails, it can result in delays and customer dissatisfaction. Fortunately, real estate APIs can generate reports and give accurate information when needed- there is no downtime.
How to Choose the Right Real Estate Data API for You
With so many real estate data APIs and software options available in marketing, choosing one that works for you is very important. Remember, your main goal is to cut costs while increasing productivity at the same time. Here are some factors to consider while at it:
What is your focus?
The type of API software that you choose must align with what you need. These needs can vary from financial information for investment to logistical issues such as school ratings and neighborhood safety.
Who will be using the API?
Your employees’ understanding of APIs is essential when looking for software to use. For instance, if your employees are developers or well-versed with how APIs operate, finding software with a “back end feature is advisable.”
Sit Back and Let the API Work its Magic
Having an API that works for you can help improve your data analysis and extraction speeds. The results will be more accurate, and you will have a generally better experience. Reducing the time spent on extracting data gives room for your staff to engage in more meaningful activities that can generate money.
If you are looking around for API software for your business, check out BlueSuit’s API tool for document extraction. The tool was built by real estate experts and software engineers, so it works wonders for both worlds.Using our data extraction tool gives you 30x faster speed than manually extracting your real estate data. Check out our demo here!