Dataquality in Real Estate

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Next, companies can also extrapolate the findings with data available in external environment and compare themselves with respect to the industry. They need to determine the factors and criterions where we are at advantage and the areas where we need to improve.

But doing such comparison in detail can be difficult task for the Corporate Real Estate as standards with regarding to Data in Real Estate industry are still not in place. Across the industry, everyone has their own way of representing the measurements regarding the area of the property. Some represent it in the form of Built-up Area while some do it in the form Carpet Area, where, Built-up Area is greater than Carpet Area. Also, categorization of residential properties in the form Skeleton, Semi-furnished and Furnished leave much gap for the judgement of buyer or lessee. Another problem that can occur due to lack of standards is that performance measures for Broker dealing in luxury properties might be different with regards to Broker dealing in affordable residential properties.

But such analysis of data can be a double-edge sword. We need to carefully take into consideration that Data which we are using is not incorrect or out-dated. Any of the two cases can lead us to draw wrong insights from our analysis, which can prove to be harmful for any corporation.

Above discussion highlights the fact that the Corporate Real Estate face many challenges in regard to Data Quality Management. But these problems can be solved if take focussed approach and try to identify the key performance indicators required.

Data Quality Management results from the segregation of Data with respect roles and responsibilities of department. Definitive policies and procedures can be put in place to prevent multiple version and contradicting sets of data.

Once the structure for Data monitoring is in place, the help of technology can be taken and we automate the required procedures. There are many vendor applications on the market to make this job easier. Business department and technical depart department will need to co-ordinate with each other to improve Data quality. While business departments will determine which type of data is required and is relevant, technical department will take care of the hygiene of the data and its environment.

Corporate Real Estate has been under the cloud of lack of Data standards and bad data quality for far too long. Now, it is time for the Real Estate industry to take advantage of the advancements taking place in the technology. This will help corporations in making real-time, data relevant and better advised decisions, which can useful in developing an edge in ever-growing competitive world.