Photo credit: Hayes Potter on Unsplash
This week we’re celebrating the launch of our Local Analytic’s one-click reports everywhere in the US and Canada!(!!) That means our platform’s Early Adopters are now only one minute away from a deep dive report for over 200 million addresses. This makes getting a sense of place or understanding the experience of a location, virtual, quantifiable and actionable.
After listening to feedback from our Early Adopters in Montreal and Toronto, where our one-click reports were first available, we knew we needed to prioritize making this tool available to all our users working throughout the US and Canada. For some development shops, the report itself contains the highlights of that market study you may have previously hired a consultant to compile for several thousand dollars. For investment sales teams, it quickly provides the kind of in-depth look at sites that normally takes days (if not weeks) to deliver to investors in offering memorandums. For busy acquisitions teams, it allows you to quickly assess opportunities and make apples-to-apples comparisons using data and location insights at scale, increasingly your capacity to do deals.
We promise you (and your analysts) won’t miss the hours of research, piecing together mismatched data and maps from disparate sources your team has been logging.
Local Analytics allows you to produce a custom branded multi-page report in about a minute. The report begins with a map of the surrounding neighborhood, identifying the site itself and setting geographic context. It then describes the transportation options in the neighborhood – highlighting the transit lines, walkability and bike-friendly features of the area that our data shows are most important to those searching for homes in the area. The next section describes the amenities and services available in the neighborhood, including restaurants, grocery stores, schools and coffee shops.
Our Early Adopters have found this section to include data that replaces what has typically been either anecdotal or extremely onerous to collect – no more scouring Google maps, Yelp, or the instagram feed of that cool “artist friend” you have all weekend to build a deck for your investor committee. The report then describes the character of the neighborhood and includes our data on the sound levels and the vibrancy of the neighborhood. This section is usually an a-ha moment for our users – our natural language accurately captures the sense of place you might have previously had to visit a site to assess.
Our Transit, Amenities and Services and Character sections include our proprietary location scores, the top five points of interest for each score and a map displaying those POIS and more around the site. Local Logic’s location scores are the backbone of our products, drawing on over 100 location insights per address and over 30 billion data points to uniquely calculate the quality, proximity and experience of these critical location features. Our analysis shows that 48% of the price of a property is dependent on these location characteristics, yet these are often the factors in a site’s valuation and assessment left to gut feel and not grounded by data. The remaining 52% of a property’s value are determined by on-site property specific features.
Our location scores allow what was once only experiential and subjective, solved for by “boots on the ground” site visits and generalized impressions of a place to be quantified and backed by thousands of data sources. Imagine trying to determine roughly half the value of property and then making a major investment decision without using data. Crazy, right? Don’t worry, you don’t have to do that anymore. Local Analytics has all the data and location insights you need and we now deliver them to you with one-click in a multi-page report. You’re welcome!
Our reports go further, including a comprehensive demographic analysis of the area within 500 meters surrounding a site. For those who have dealt with oddly shaped census tracts that pull in data from areas far afield a property, our ability to weight data from census tracts with the immediate vicinity is another way of normalizing data and uniformly comparing sites. In the future, our reports and our Local Analytics Platform will include market data, zoning and parcel data for more cities across the US and Canada. Today, some of this data is limited to major metros in the US and Canada and these sections of the report only appear when it is available for a location. We know this kind of information is needed, so stay tuned for updates on it becoming available!
Interested in accessing our one-click reports? Want to explore our Local Analytics platform? Think you’d be a good fit for our Early Adopter Community? We’d love to connect with you and understand how we can help you speed and scale your site assessments. To receive a full demo, schedule a time that works for you.