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What It Means to Have Ethically Sourced Data
What It Means to Have Ethically Sourced Data
Do you know where your data comes from? Not all data is the same. How it's pulled can result in varying (and potentially unpredictable) outcomes–one of the more unpleasant being private data sharing.
Using ethically sourced data ensures compliance and precision in your comp reporting and market surveys. Unlike private and semi-private data, market insights from ethical sources are clean, accurate, and unassociated with antitrust litigations.
Owners and operators are reconsidering their current pricing process and proactively seeking alternatives. 40% of the NMHC Top 50 moved away from private sources because of data silos, quality inconsistencies, gap reporting, and the legality concerns facing the industry.
Ethically Sourced Data is Public Data
So how do you get ethically sourced data to base your decisions from? You use public data.
Public data provides users transparency and better market representation because of high-quality information. The data pulled is what consumers see on property websites, meaning there's no proprietary information or private data sharing.
Helps Multifamily Maintain Compliance
Ethically sourced data helps multifamily maintain compliance and work smarter in their job responsibilities by increasing market visibility, reliability, and accuracy from publicly available sources. Everyone in the organization can benefit from public data usage, including:
- Owners-Operators use public data to evaluate portfolio success and identify trends that can impact their holdings' or clients' growth objectives.
- Revenue managers use public data to make high-reward decisions from fact-based pricing, market demand, and property-specific details.
- Legal advisors use public data to protect business interests and ensure local and federal compliance mandates are followed.
- Operations use public data to aggregate comp insights for a full story on performance and occupancy.
- Asset managers use public data to assess and optimize financial plans across their holdings.
Public Data + Automation
AI technology is a powerful tool that automates workflows, empowering teams to be more efficient and effective in their comp analysis. With the joining of AI and public data, forming a standardized and productive aggregation process encourages analytic democratization, giving teams access to reliable and ethically sourced insight.
Using both helps multifamily consolidate workflows, freeing time to focus on revenue-driving strategies.
The 5 biggest benefits of public data and automation:
- Most accurate reporting, obtaining property information from high-quality public-facing sources.
- Eliminate human error and manual data entry.
- Covers an extensive range of markets and submarkets from small towns to concentrated MSAs nationwide.
- Complete datasets that give a better understanding of the market to make more confident and informed decisions.
- Substantial breadth and depth of market survey scope beyond what comp calling and survey swaps can accomplish.
Making Public Data Your #1 Priority
The landscape is tough right now for those using private or semi-private data to drive their decisions. Compliance concerns, reliability issues, and lack of quality data obstacles stand in the way of growth objectives.
Making public data your top priority can improve your reporting processes, yielding better revenue outcomes and lowering risk for your bottom line. It's easy to achieve confident data-backed decisions with the right market survey and public data provider in your corner.
Will you be prioritizing public data in 2024?
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