The importance of data for anyone looking to earn in the property market
The importance of UK property data has increased significantly. This means that it is now essential for professionals within the business to know where to source, collect, store, and analyze the data for every property.
However, UK property data is has traditionally been chaotic, and professionals do not have the time to sift through, analyze, and integrate the different data sets to make them readily available.
This is a brief guide to explain where to source the data, why you need it, what to use it for, and how UK property data is being cleaned up.
Where to source the data?
Most UK property data is sourced at HM Land Registry, and this portal allows anyone to log in and see details for the recent properties sold within the area. However, HM Land Registry does not provide aggregated ‘big’ data, such as property price and type, number of bedrooms, floor plans, energy consumption, and more. Trying to promote properties online with without solid information will get no interest. It’s also vital that this data is accurate.
This is where a platform like Sprift comes in. Sprift organizes UK property data to give you the information you need in one place. Not only does Sprift aggregate the data, but it ensures it’s up to date and reliable so that you don’t have to.
Why do estate agents need property data?
‘Big’ data is needed to promote the property, as well as explain to the client what type of school district the property is in, the crime rates, broadband speeds, and construction details. Data that sells the property.
The most important information about the property is time-consuming and costly to find and you often have to pay for data that covers a large geographical area, which is a waste of funds. Some data sources have been found to be low quality, either out of date or unreliable.
What to use the data for?
The demands of the property market is changing, and you need the UK property data to know what your customers need and desire within the property market, as well as to understand who your international buyers are. But the data is also necessary to understand any urban area in the UK from a mathematical perspective, allowing you to define a market area and see current house prices and rental return on investment.
If you have been in the industry for long enough, you will know that ground floor flats usually take longer to sell than those on the upper floors. UK property data can reveal the insights and statistics that you need to make the right judgments on how long a particular property will be on the market, and what profit you will make.
Cleaning up ‘big’ property data?
A clean up of this data is long over-due, as finding this highly valuable information is time-consuming, and some of the data found can be outdated and inaccurate meaning it is of little to no value.
Cleaning and organizing this data would be highly beneficial to professionals and save millions of pounds in research hours, as well as helping people in the industry win more clients.
