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| 26 Sep 2024
The key to a smooth data acquisition process is partnering with an experienced data provider. When it comes to the real estate industry, which is highly dependent on the most accurate and up-to-date information, strong and reliable data partnerships are crucial.
The following tips will help you find a good data partner for your real estate business:
The first step to choosing a data provider is understanding which data piece will serve your needs. Once you have a clear idea of what you are looking for, you can assess whether the provider can fulfill those requirements.
Start by asking yourself the following questions:
Then, you can align and map these answers to the data providers you are considering to determine which is the match for you.
Whenever you acquire or work with data, you should learn as much as you can about its source to preserve its integrity and longevity. To understand how the data supply chain works, you can ask the data provider:
Taking the time to do your due diligence ensures that your expectations are met and that you are happy with the results. In addition, these terms must be clearly outlined in a contract to ensure everyone is on the same page.
Choosing a data provider comes down to the quality of the data they offer. Not all data providers are created equal. However, good data shares the following characteristics:
Working with a provider who is flexible and adaptable is also important. Good partners will be able to grow with you rather than just meet your needs at one point in time. Make sure your partner can evolve alongside your business in case your data requirements change.
Partner with a company that understands how to deliver data effectively. Building your data ecosystem requires aligning with the right partner and ensuring they can support you throughout the process. More specifically, measure their performance based on service-level agreement metrics, such as uptime and first-call resolution. Your contract or agreement should include these metrics so that you can gauge whether the provider meets your requirements.
The most important thing is that you can share your feedback and express your concerns. Depending on their prior experience, a good data partner should be able to troubleshoot problems with you if necessary.
You can also evaluate your data partner based on the data itself. If no one challenges or claims that they have seen different information elsewhere, you likely have a good data partner providing you with accurate, standardized, and reliable information.
In summary, a successful data acquisition process relies on partnering with a reliable data provider. Identify your specific data needs, actively engage in the acquisition process, and assess the provider’s quality, reliability, and flexibility. By incorporating these key steps, you can establish a strong and enduring data partnership for your real estate business.
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