Many of our clients find that the data on which they rely is incomplete, incorrect or out of date. However, fixing it is complex, time consuming and requires rigorous process and project management to both cleanse current data, and put business practices in place to ensure the data remains good.
Why does having good data matter?
Making the most of owning a piece of real estate or portfolio of property relies on data. The more data you have available, the more precise the decisions you can make, but understanding, collecting and managing this data can define the line between success and failure.
In an age where property, asset and fund managers are busy doing deals, monitoring performance and striving for growth, data availability and accessibility are fundamental. This can cover anything from specific lease details within an asset through to the loan agreements with a lender across a portfolio but the question that arises is how to source, collate and store this data in the most efficient and useful manner.
With increased regulation surrounding data protection, greater demand from investors for specific reporting and heightened requirements relating to transparency it is no surprise to see private investors, property companies and funds turning their focus to data management. The stumbling block is the variable quality and quantity of the information available; whether the data already recorded is correct or whether they are in fact collecting the appropriate information.
Your internal teams will inform you of the datasets they require but finding where the information is, working out the best way of collecting it and subsequently making it accessible is no easy task. This not only takes time, effort and experience, all of which may be in short supply within a company that is fully stretched concentrating on the core business of Real Estate Investment Management.
At Remit, we have experience of understanding clients’ data requirements, developing business processes to collect and abstract data and making recommendations on systems and tools to manage the data.
In addition, we are able to put together teams of specialists across a wide-range of disciplines including surveyors, lawyers, accountants and bankers to actually abstract data from original sources so that the client may be confident that the data in its systems is tagged, collated, and accurate. This type of project may be required when a new data system is being implemented, or where a new portfolio has been purchased and the quality of data is poor, or it is not recorded in a digitised format suitable for extraction.
The varied experience within the team provides a wide range of knowledge so that, faced with cumbersome and disorganised datasets we can distinguish the important from the unnecessary data. Where there is a data management team in house our Remit with work alongside them to not only provide support but also external leading practice advice and data quality assurance.