National Real Estate Investor: For the dwindling number of property managers who are not keeping up with the changes taking place around us, the rise of big data might seem like something out of George Orwell. This is especially true when you add in the ability of building systems to “talk” to each other, share information and respond in real time in what is mystically referred to as the Internet of Things.
But, for the sake of our survival, we must not only see the rise of big data as an inevitable part of the industry’s growth, but embrace it as a key tool in our ability to remain competitive and stay ahead of the ever-changing curve.
An understated Christopher Lee, president and CEO of CEL & Associates, wrote in his eye-opening book, Transformational Leadership that “Knowing the ‘inside’ of every deal, assembling real-time data on pricing, being able to aggregate and share information, and to gather proprietary data to facilitate a successful transaction will be powerful tools for real estate investors.” Indeed, and not just for investors, but for brokers and property managers as well.
This real-time knowledge and the ability to execute swiftly—based on up-to-the-minute analyses of property and market conditions—will be the key to success going forward. In this increasingly competitive business environment, big data will be your best friend. But it is a friend that also presents very specific challenges.
We live in a world that is increasingly driven by data. Your organization’s data strategy will drive your company’s success or failure. As one entrepreneur recently told me (it should be noted that she was a millennial): “We’re no longer in the business of real estate. We’re in the business of data.” You may balk at that. But therein lies some truth, and those who do not realize that big data drives better business decisions have sealed their fate.
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