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Keep it Fresh! Why "Data Lakes" are Critical to the Real Estate Industry and supporting Proptechs

Promoted by National Property Group
11 May 2023 | 4 minute read
REB Native   Data Lake xnalbl

Promoted by National Property Group.

Discover the key role of Data Lakes in streamlining workflows, promoting listings, and generating leads to stay competitive in the dynamic real estate landscape.

One of the key challenges faced by real estate agents and proptech start-ups is keeping their Data Lake relevant and up-to-date with the market so they can capitalize when the time is right. Stale data loses value very quickly, as identified leads may go off-market, move out of the target price range, or be poached by the competition. Even worse, customers lose the chance to capitalize on these opportunities that cost time or money to acquire, and will have to spend more bringing replacement opportunities in the door.

In recent years, the real estate industry has undergone significant transformation due to the emergence of new technologies and innovations in the proptech industry. Keeping up-to-date with the changes in the market is crucial, especially when the competition is fierce. However, it is important to highlight that success is not only attributed to a company's access to its own data and market results, but also its skill in effective data fusion, utilization, and real-time reporting surfaced at the right point of any business process, which guarantees maximum results.

What really helps successful businesses is keeping their data enriched and up-to-date so they can better capitalize on the opportunities they've identified when the time is right. This is where the concept of a Data Lake comes in, providing a central repository for all types of property market data. By leveraging Data Lakes, businesses can ensure they have a whole market view, allowing them to access the information they need when they need it to drive workflow efficiencies, listing promotions, lead generation, and nurturing.

Many start-ups face significant barriers when it comes to accessing the data they need to fuel their applications. Smaller proptech companies often struggle to work with larger suppliers who may make it difficult or cost-prohibitive to integrate the data they need in the way they want to enhance their products. They may even be tempted by shortcuts or pseudo-data providers offering scraped or unverified data, where the accuracy or quality is questionable.

National Property Group (NPG) provides a solution to this problem by being a partner to the industry and providing independent access to verified data for corporate real estate businesses and proptech start-ups. By flexibly partnering with companies to allow access to real-time and pre-aggregated market insights, National Property Group aims to support innovation and drive growth and success within the industry.

NPG drives customer conversion and retention by helping our partners, Listing Loop and Homely, provide insights to their end-users, enabling a better understanding of how suburbs are tracking while viewing current listings on their websites.

Through integration at a property level, NPG provides insights within the Stash Property platform, helping its users gain fresh, up-to-date land values and recent sales, to name but a few.

With the help of a well-maintained suite of APIs, relevant and up-to-date data can be seamlessly integrated into any website, CRM, or business intelligence (BI) tool. Reach out to find out how we can help your business maintain a fresh Data Lake.

SEO, Image Alt Text: Person analysing data chart on table

Don't let stale data hold your real estate business back. Contact us today and stay ahead of the competition with real-time market insights.

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