In our previous article we mentioned that despite being a USD228 trillion dollar industry and
the world’s largest asset class, the real estate industry has a huge problem around data. For
anyone involved in real estate, sourcing data is a very painful process. It currently involves
trawling through hundreds of in-house spreadsheets, siloed government departments,
property brochures, planning portals, calling around industry peers and more. Up to 90% of
any project or deal can be spent on manual processes and workflows that are similar to the
way things were done 10 or even 20 years ago. This creates a whole backward-looking
industry plagued by huge inefficiencies and lost value creation opportunities. The way to
drive real transformation in the industry is through data.
At Realinflo, we have devised a more efficient, more accurate and more cost-effective (both
in terms of time and costs saved) method of sourcing data. This is through the first
crowdsourcing platform for real estate professionals in Hong Kong and throughout other
markets in Asia. This is how it works.
As a real estate professional - if you’re an agent / broker, valuer / surveyor or researcher you
will likely have on hand lots of data and information around buildings and lease and sales
transactions. For example, as an agent you may have leased out several floors of an office
building or been involved in the sale of an en-bloc commercial building. In addition, you will
require data for either prospecting, negotiating on behalf of an existing client or providing
market updates related to your area of expertise to your network. As mentioned above, the
current processes of obtaining this data and information can be extremely slow, or even
difficult to obtain at all. This can slow down negotiations, causing deals to fall through, make
it hard to deliver meaningful analysis for your client and takes away valuable time for
developing client relationships. With Realinflo’s free data exchange platform, you can
exchange the data you have on hand for the data you need. This can vary from rental lease
details that an agent may have on hand, to measured floor areas from a valuer / surveyor to
detailed building information from a researcher.
The Realinflo data exchange is simple and easy to use. There is no data entry involved and
data can be submitted simply by drag-and-drop within the platform, by email or even via API.
Realinflo then does all the data validation and standardization, filling in any gaps in your data
and uploading to your individual or team database. There is also full control over your data -
choosing to keep your data private or to submit it anonymously to share with other real
estate professionals. If data is shared, you earn ‘Bricks’, which is the Realinflo in-platform
currency. With Bricks you can then ‘purchase’ the data you need to facilitate your next deal,
strengthen your comparable evidence for your next valuation or deepen your next piece of
research for your clients’ recommendation. It is 100% free to use, for use by the real estate
professional community only and there are in-platform tools you can use to maximise the
usage of your data. Never update a stacking plan in Excel again! As well as other
crowdsourced data, users have access to all data sourced in-house by Realinflo, further
boosting the comprehensiveness of your datasets.
It’s now not about hoarding limited data that gives you a competitive advantage. It’s about
having access to a wide range of data and tools and turning this into something meaningful
and actionable so that you can efficiently deliver value to your clients. Register for a free
account today at www.realinflo.com and save 90% of your research time and leave all your
tedious data entry to us. With Realinflo you can close deals faster, better support your
valuations and produce deeper analysis for your clients.
MRICS Founder & CEO, Realinflo
Realinflo is a platform for real estate professionals to work together and strive towards leading transformation through data. We are in this together. Stay tuned for next week on how you can join the movement to digitize your workflow processes, significantly reduce your research costs and improve your value offerings to clients.