23.4.19

Data and Property – For the consumer

23.4.19

The property industry has taken it’s time in its ability to work with Data. Whilst this may have initially been viewed as a negative, the industry now has the potential to study and most importantly act on this to become data led and most importantly customer and consumer led.

Think about Amazon, or Netflix, or Deliveroo for a moment. Think about how everything you click, everything you buy, everything you review, is stored up and used to help them as a company, to get a better understand their consumers. They are experts in using data to their advantage. Even the largest financial institutions have a strong understanding of their customer journey. It is only in the last few years that traditional agencies and funds have looked at taking this on.

With regards to actually making the most of what you have, the first question you need to ask is “Do you use data in your business?” We’ll help you out here; the answer is almost certainly “Yes.”

So, you then need to ask yourself if you understand what data you need and what you have?

The best companies understand the data that they have, where it is and where it came from. This could be internal data on employee satisfaction, your most successful investments for a REIT or fund or consumer feedback on your product. I’d have to say the B2R and PRS sectors are leading the way in monitoring consumer satisfaction. The question has changed from ‘how do we make the most from this asset?’ To ‘How do we deliver the best product for our customer?’.

A company like Amazon has a competitive advantage because no one else has access to that data. If a consumer buys a book, they understand which genre, which author, which series that person enjoys, and they use this data to recommend products that they are likely to buy, thus ensuring the customer returns. The information that they collect is available only to them.

It’s incredibly interesting to see the tech giants such as Google and Amazon looking to move in to both PropTech and CreTech sectors. This isn’t necessarily as farfetched as it seems but more of a natural progression in their business. As the internet of things, data and our online footprint grows, these companies work at such a gigantic and mind-numbing scale their automation allows them to improve the product for their consumer. The much fabled ‘Google’ smart city will rethink how we travel, work, consume and every single touch point in the built environment. At this point it is definitely worth noting, their massive amount of capital and political influence helps with their agenda!

Back to data…Perhaps your data could be collected from or created by a different source? Then it’s time to think about your business and proposition and the role data should play in it. Could it be possible to collect your data from a different source? Residential giants such as Zoopla and Rightmove have been working on online valuation tools for years and they are slowly refining and becoming more accurate in their output. Your v1 of your data modelling, whether that be in CreTech or other verticals within PropTech, doesn’t have to be perfect, but you can bet your customers are not going to be put off by your willingness to adapt and prepare for the future. With any luck, your future product will be more suitable for their needs and customers understand that.

If you are in the lucky position that your data and findings are proprietary, then you’re in a pretty good position! Make sure you use this wisely and your customers are looking forward to seeing the results.

The property industry has taken it’s time in its ability to work with Data. Whilst this may have initially been viewed as a negative, the industry now has the potential to study and most importantly act on this to become data led and most importantly customer and consumer led.

Think about Amazon, or Netflix, or Deliveroo for a moment. Think about how everything you click, everything you buy, everything you review, is stored up and used to help them as a company, to get a better understand their consumers. They are experts in using data to their advantage. Even the largest financial institutions have a strong understanding of their customer journey. It is only in the last few years that traditional agencies and funds have looked at taking this on.

With regards to actually making the most of what you have, the first question you need to ask is “Do you use data in your business?” We’ll help you out here; the answer is almost certainly “Yes.”

So, you then need to ask yourself if you understand what data you need and what you have?

The best companies understand the data that they have, where it is and where it came from. This could be internal data on employee satisfaction, your most successful investments for a REIT or fund or consumer feedback on your product. I’d have to say the B2R and PRS sectors are leading the way in monitoring consumer satisfaction. The question has changed from ‘how do we make the most from this asset?’ To ‘How do we deliver the best product for our customer?’.

A company like Amazon has a competitive advantage because no one else has access to that data. If a consumer buys a book, they understand which genre, which author, which series that person enjoys, and they use this data to recommend products that they are likely to buy, thus ensuring the customer returns. The information that they collect is available only to them.

It’s incredibly interesting to see the tech giants such as Google and Amazon looking to move in to both PropTech and CreTech sectors. This isn’t necessarily as farfetched as it seems but more of a natural progression in their business. As the internet of things, data and our online footprint grows, these companies work at such a gigantic and mind-numbing scale their automation allows them to improve the product for their consumer. The much fabled ‘Google’ smart city will rethink how we travel, work, consume and every single touch point in the built environment. At this point it is definitely worth noting, their massive amount of capital and political influence helps with their agenda!

Back to data…Perhaps your data could be collected from or created by a different source? Then it’s time to think about your business and proposition and the role data should play in it. Could it be possible to collect your data from a different source? Residential giants such as Zoopla and Rightmove have been working on online valuation tools for years and they are slowly refining and becoming more accurate in their output. Your v1 of your data modelling, whether that be in CreTech or other verticals within PropTech, doesn’t have to be perfect, but you can bet your customers are not going to be put off by your willingness to adapt and prepare for the future. With any luck, your future product will be more suitable for their needs and customers understand that.

If you are in the lucky position that your data and findings are proprietary, then you’re in a pretty good position! Make sure you use this wisely and your customers are looking forward to seeing the results.

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