Innovation seems to be the key that unlocks success. Steve Jobs certainly thought so, known for saying things like, “Innovation distinguishes between a leader and a follower, and, “Innovation is the only way to win.” I’d like to agree primarily with the latter on behalf of most companies not quite on the same playing field as Apple, making the argument that innovation for your business doesn’t have to be industry shattering. It can just mean doing something you haven’t done before that helps you to achieve your goals. Taking inspiration from others who’ve already paved the way could be a great way to validate a good idea that you can build upon in a way that makes sense for your business.
The real estate industry is seeing a firestorm of innovation. Just look at how VC funding in proptech has grown 200x in the last 10 years, reaching ~4B in 2018. Much of this innovation is an effort to digitize the industry and better meet current customer expectations. One look at CB Insights’ Real Estate Tech Market Map and I bet you’ll empathize with the founder(s) and the pain points they are trying to address.
Adding raw data and data insights to a product/service can be used in tandem with innovation to unlock the opportunity in proptech to improve the entire transaction process. At Estated, a property data company, we’re seeing lots of customers gaining a serious competitive edge in this way, and many others taking it on and doing it right.
Since I mentioned being inspired by others, here’s just one example innovator. SquadVoice is using AI and data analytics to automate CRM lead scoring. So what is the value behind the product? Organizing leads in your CRM by engagement or contact date could be done by you with a simple scoring system. But, what about a lead who has these properties and owns a home in your zip code and built in the last 10 years, and so on? By analyzing more indicators, SquadVoice is using property data in their proptech to offer an innovative solution in a competitive industry.
If you’re also considering making property data a primary or secondary component of your proptech, there are a few paths you can take. Which one you choose will be based on a few key factors, including the data delivery format. Most obtain/retrieve property data in one of two ways:
- An API.
- A one-time file transfer known as a Bulk request.
If you have a technical team or technical abilities of your own, an API can be a fast and effective means of adding the data to your real estate technology. You must have the addresses you’re interested in researching to pull from an API, however, unlike with a Bulk request.
These slight yet critical differences are why we put together an essential guide to a property data API that outlines everything you’ll need to know. If you’re more tech-savvy it will help you better understand the property data quality and ease of integration for an API. If you’re not, it will help you to assess an API from a business sense, looking at cost and opportunity. No matter what your particular focus, think about whether property data could help you take your proptech innovation to the next level. And if so, the process doesn’t have to be tedious. Use the checklist at the end of the guide to walk simply through the critical questions you should be asking of your team and your vendor that will make the integration and your initiative a success.