Despite the strides the commercial real estate (CRE) industry has taken to become more data-driven and digitized, many industry professionals and organizations still struggle to conduct simple property searches. While it should be easy to find basic information on a property or parcel online, it’s rarely a straightforward process. Properties are represented and searched for in a variety of ways because there’s no uniform method of data standardization.
For example, the building “123 Third Avenue” in New York City might be known by records based on its cross-streets. Or, depending on who’s searching, the address could be abbreviated in multiple ways, such as “123 3rd Avenue” or “123 Third Ave.” This lack of uniformity makes it frustrating and time-consuming for professionals to track down accurate property information. Even worse, it’s almost impossible to verify physical asset information, ownership records beyond an LLC and transactional history when there are multiple associated addresses.
That’s why Reonomy, a leading commercial real estate data and software provider, is using machine-learning to standardize its data and create a universal language everyone can speak. This unique identifier cleanses CRE information to alleviate discrepancies in record linkage. Fundamentally, this consistency empowers greater efficiency, increased connectivity across systems and ultimately, more actionable property insights for both individuals and companies.
What’s At Stake
Without a universal method to identify an asset, there’s no foolproof way of collecting other associated intel, like ownership and tenant-related details. For individuals, like brokers and investors, this is risky, and can lead to wasted time and missed opportunities. This lack of regularity also results in limited connectivity and agility at the organizational level, as disparate asset records are difficult to verify, let alone integrate with systems. These redundancies prohibit scalability as a commercial real estate company grows and hinders internal collaboration between stakeholders.
Furthermore, it’s not practical nor productive to rely on internal data alone. Especially in a dynamic industry like commercial real estate, access to accurate geospatial, transactional and ownership data from external sources is vital. Relying solely on internal data can restrain data integrity as asset details change, putting individuals and businesses at risk for harmful decision-making. The commercial real estate industry needs a way to create data regularity for better integrations and, in turn, maximized insights.
How Reonomy Helps
Reonomy has realized the need for a universal standard to connect property, people and company information. To successfully aggregate property records for over 50 million properties across the United States, Reonomy created an easier way to identify assets and cleanse diverse datasets with the Reonomy ID. This unique identifier is similar to a CUSIP or D-U-N-S Number, but for commercial real estate. By assigning every property a proprietary code, Reonomy successfully collects records from various public and private data sources, bringing CRE into the age of connection.
That same resource that empowers Reonomy’s prospecting tool is available for enterprises to harness their data. No matter how fragmented or siloed a company’s commercial data may be, the Reonomy ID can be adopted to cleanse, collect and consolidate property information. In turn, businesses are equipped with better connectivity and agility; their systems can communicate effectively to ensure records are paired with the proper properties, regardless of the source. With the Reonomy ID, companies can construct a scalable, relational database for better accuracy and entity resolution.
This level of standardization also supplies companies with better insights. Using the Reonomy ID, companies are armed with a comprehensive knowledge of their assets. Reonomy also offers flexible integrations that leverage the same universal language, so businesses can augment internal data with best-in-class people, property and company information. Ultimately, this genome promotes holistic visibility into a business’s commercial real estate strategy, empowering savvier decision-making.
As the commercial real estate landscape continues to evolve, data standardization is no longer a nice-to-have, it is a necessity. The Reonomy ID answers the industry’s call for simpler data aggregation.
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