Data Quality

5 reasons why you need real estate data now

There are many reasons why businesses need detailed property data to make more informed business decisions and thrive in a competitive economy. From commercial real estate brokers to construction to energy & utility, this data can provide crucial insights into the market. That’s why we are expanding our business data to include commercial real estate data. Our data is updated monthly in order to deliver you the latest information on property ownership, purchase information and dates, structural characteristics, and much more.

The addition of this data means that Data Axle is the only data partner to offer over 350 attributes for business data.

“Comprehensive coverage of commercial properties is essential for many industries. We’re seeing that companies are using this information for deep insights and are incorporating sophisticated analytics into their products and services, as well as in their sales and marketing strategies. These companies are able to use the data to make more informed business decisions, giving them a competitive edge in the industry. We are excited to announce that this property real estate dataset is now available for our clients to overlay onto their existing data and give their customers more insights than ever before.”

Bob Toth, Senior Vice President & General Manager of Data Licensing at Data Axle

We’ve outlined how you can put our commercial real estate data to work to achieve your business goals.

1. Help customers make more informed business decisions

According to PwC’s Global Data and Analytics survey, highly data-driven organizations are 3X more likely to report significant improvement in decision-making.1 Tech companies, data providers and agencies can help their customers make better decisions and attain their business goals by providing them with data that is comprehensive, accurate, updated frequently and easily integrated into their systems or products.

Example: A local analytics company delivers enhanced building insights using Data Axle business data

A local analytics company provides its customers with access to a platform that they can use to gain more insight into businesses and/or consumers in their area. Their customers use the platform for a variety of purposes, including market segmentation in a specific geographical area, prospecting to reach new customers, site selection to decide where to put a business, or even indexing for building out a new neighborhood.

Leveraging Data Axle’s data, the local analytics company improved the insights their customers could access by adding comprehensive business and consumer information such as which businesses are inside a specific building, the square footage of each office, how many employees are employed by each business, which buildings have high leasee turnover and which industries cluster in which buildings or locations.

2. Uncover key contacts and better target marketing & sales efforts

Bad data costs U.S companies three trillion dollars per year.2 Accurate and complete contact information is crucial to zeroing in on potential new customers. A huge pain point for the construction, security and commercial real estate industries is finding out who the actual property owner is. Our data allows for these industries to pinpoint and contact the right person to market their services too.

Example – A roofing company uses expanded insights to market to property managers

A roofing company needs to know the proper person to contact and when to contact them. Our data gives roofing companies information on the property managers and owners, as well as important data to use in personalizing their campaigns. For example, if a roofing company knows the year the property was built, they can identify when a scheduled repair would be needed and approach the property owner with this knowledge at the right time. A building that’s coming up on 50 years old will probably need its roof inspected and repaired. The roofing company can approach the owner at the 50 year mark and explain why their services are needed.

 

3. Target newly opened businesses

When companies integrate Data Axle’s APIs into the applications they build, they gain access to a wealth of in-depth, accurate data that is continually verified by our research team. For example, in just the last month, we’ve tracked over 86,000 businesses that have opened and nearly 11,000 that have closed their doors. Contacting a business when it’s newly opened is a great way to catch them before they have their vendors lined up.

Example – A security company is able to catch new businesses at the optimal moment

Security is important for newly opening business. Especially at a time when in-person business might need someone to enforce social distancing and COVID precautions. Access to the latest business openings can help a security company pinpoint who they should be advertising to and when. Savvy security companies can get to a new business before the competition by using this data. The detailed attributes on the property of the business can also help the security company as they draw up proposals – they will know how large the property is, which of their products will work best to survey the space, how many employees they will need to secure it, etc.

4. Identify market trends with expanded data attributes

There’s a difference between a fad and a legitimate market trend and data is the only way to truly understand and account for the difference. The onset of the COVID-19 epidemic in March of 2020 has changed the way we do business. Consumers need different services and products and the best way to reach audiences has shifted. To keep up with COVID’s impact, technology providers can ensure their platforms have access to reliable, real-time data on business status including recent disruptions and changes (out of business, suspended operations, open for business) etc.

Example – Financial services companies predict risk in a changing marketplace

Financial services companies use predictive models that rely on historical data to predict the future, for example assessing credit, fraud, and risk to understand a property building. These clients need very specific data from their data providers – such as real-time property owner, appraisal information, square feet, market value, etc. Layering this data with firmographics that indicate which types of businesses are opening/closing, how many employees they have, and where they are located helps finance companies for commercial lending and deciding how much a property is worth.

5. Calculate power needs and usage

Our final point is mainly relevant for utility and power companies. However, this is an important use case for this data. Utility and power companies can use these attributes to estimate how many new hookups and disconnects they will need to perform as well as calculate usage and assess risk.

Data Axle’s Commercial Real Estate Database contains information to help you paint a detailed picture of business properties in order to help you make better business decisions. Our commercial property data enables our clients to focus on the real estate transactional market, gain a deeper understanding of a specific business, and expand marketing opportunities beyond what business data can offer alone.

Want to learn more? We’re here to help.

Natasia Langfelder
Content Marketing Manager

As Content Marketing Manager, Natasia is responsible for helping strategize, produce and execute Data Axle's content. With a passion for writing and an enthusiasm for data management and technology, Natasia creates content that is designed to deliver nuggets of wisdom to help brands and individuals elevate their data governance policies. A native New Yorker, when Natasia is not at work she can be found enjoying New York’s food scene, at one of NYC’s many museums, or at one of the city’s many parks with her two teacup yorkies.