Though they may not think of themselves as data companies, most commercial real estate firms have quietly been collecting data for years. Whether it’s property management data, leasing data, investment and transaction data, rent collection data or even basic accounting data, these companies have stockpiled decades of information about assets, trends and pricing.
Yet much of this data is sitting inaccessible in digital warehouses. Even if the data is accessible, it’s often not consolidated, and firms lack the framework to compare data sets and start extracting insights that can lead them to find better deals and make better decisions. Understanding data is not just useful for finding new business, but for reducing operational costs and safeguarding existing business.Read more on Bisnow.com