Why a Data Quality Program is Essential for Real Estate Companies

Building a Robust Data Quality Program in Real Estate

Real estate companies must prioritize data quality to remain competitive and make informed decisions in today's data-driven world. A comprehensive data quality program can help companies achieve this by setting clear standards, improving accountability, and preventing data management issues. This blog will explore why such a program is essential and how real estate companies can create one within their organization.

Why a Data Quality Program is Essential

A data quality program supports real estate companies in complying with the law and delivering trustworthy services to their customers and stakeholders. It stops challenges in making poor business services because of using the wrong data.

Therefore, managers must focus on the following topics when creating a successful data quality program. The key drivers are pointed out below.

Establish a Single Source of Truth

Data comes from various sources in the real estate industry. Therefore, creating one ‘place’ where data is read or edited is important. This means that the ‘master data’ is never copied. Without creating a single source of truth, it is difficult to prevent mistakes and improve consistency so that the information is correct for decision-making.

Improve Data Quality with Accountability

Accountability is key to maintaining high data quality. This helps your business identify who you are responsible for to improve expected data rules and follow (legal) regulations. The responsible entity can be a person, department or company. Understanding who is responsible for which data sets will improve data quality. Accountability can also be a legal topic that must be addressed when working with personal data in Europe to comply with the GDPR.

Prevent and Mitigate Data Management Issues

Data management issues, such as document versions, duplication, and outdated information, can complicate your business operations. They can lead to massive data storage and syncing issues between information systems and make it difficult to replace or migrate to new systems in the future. A data management program will address this issue to reduce data complexity in the future. See the following news article on what happens if this issue is ignored: Link.

Conclusion

Implementing a data quality program is crucial for real estate companies that aim to leverage data for strategic decision-making.

By setting clear standards, building the right tools and processes, and continuously managing and improving data quality, companies can ensure that their data remains accurate, reliable, and valuable.

This, in turn, supports better decision-making, enhances business performance, and helps companies stay ahead in a competitive market.

Get in touch with smart city consultants

If are you interested in being supported to set up a data quality program for your business, then get in touch with Robert from Smart City Consultants.