With the new year in full swing, agents around the UK are likely to be making changes to the way they conduct business to make sure this year is a success. Here, we look at why digging deep into residential property data is a must for all agents.
The type of data that is likely to give agents the most benefits is wide-ranging and granular.
Granularity allows information provided within data to be applied extremely precisely, and in this case, it refers to data that is both detailed and specific to individual residential properties.
This type of data is divided into multiple fields (known as many to one) and provides wide-ranging property knowledge that can be used by agents to better understand potential opportunities and target them
The more detailed and granular, the more growth
Property market trends are constantly changing, and this is often out of any agent’s immediate control. However, having a wide spectrum of data, with the ability to easily analyse, can make these changes easier to react to as required.
The more detailed and granular data available, the more information and opportunities can be draw from it.
With data granularity comes more accurate information and opportunity.
For example, if an agent has in-depth knowledge about a property, they are in the best position to provide services that reflects this knowledge. Whereas if an agent has only minimal information, they are less likely to be able to target the correct service offering at the right time.
At Information Works, we recognise that businesses can make much better use of data when it's easy to use. Our customers have 24/7 access to over 28 million UK residential properties, each featuring a wide range of attributes to choose from along with the ability to apply this knowledge to their own businesses via our online portal.
Knowledge is vital
Agents that have access to a wide range of granular data at all properties within their area, with a greater understanding of the local housing stock, have a clear competitive advantage and a significantly better chance of generating new leads and growth.
The ability to better understand existing and potential customers' property data can both assist in building long-term relationships and help uncover new business opportunities.
We recognise that each property attribute can offer different value to individual customers. We therefore apply our full range of data to all the residential addresses, so that all information is both accessible and useable in conjunction with our Direct Mailing facility to all our customers.
Agents need to recognise that missing out on vital information can directly equate to missing out on substantial business opportunities.
Using granular data within the property market
Making use of the widest range of granular data is an absolute necessity for agents to grow and provide the best service today.
Knowledge about specific property details such as square footage and the land around it, along with pending planning applications, may not seem immediately relevant. But it is specific information like this, when used in conjunction with a wider range of information such as previous sales, EPC ratings, estimated current values info, that can assist in establishing properties most likely to sell next.
In the ever-changing and competitive property industry, the more you know about your market, the better the opportunities.
*Nigel Ross is Managing Director of Information Works