The way forward for brokers
Your vacancies are now fed by Gmaven, from the property owner or manager’s vacancy schedules, direct into your system.
The details: this happens from near-real-time to a maximum of 3 days from vacancy schedules being released, at an unheard of 99% level of data accuracy.
What info you get: properties, property images, property co-ordinates, property attributes/features, vacant units (asking rentals, expenses, TIAs, parking bays etc.), property owner info, contact info.
The Gmaven data feed gives you a big improvement to normal vacancies data quality – from accuracy to completeness and “richness”. Check out the results below:
<– Please click here to read more about to get an insight into your average brokerage’s data quality
<– A brokerage couldn’t believe us – so we tested their data for them. These are the results
So what do I do now?
A. Focus on doing deals and impressing potential tenants with your hard-to-compete-against, near-complete menu of high quality space options.
B. Use your free time to reach out to property owners and tenants. Build out your private vacancies information: private landlord stock, sub-leasing stock and other shadow space.
C. Work with your colleagues to a) improve your valuable custom data: images, property attributes, property descriptions, even tenants on properties, and b) catch up on all those “not urgent but important” projects you now have time to attack. With this efficiency, you are freed up to take your business to the next level.
Okay, but how does it all work?
Short answer: fairly logically for CRE.
Think about it like this. All data fields on the system belongs to only one of two “families”.
Family 1: property fund/manager data “wins”
These are the data fields that the property funds “own”. Have you heard of the “one version of data truth” golden rule? Well, with these fields, property funds/managers are the source of truth. Therefore, to avoid data chaos, their version wins. Examples of family 1 property fund-owned data: unit GLA or asking rental, property’s street address, suburb, asking basement parking bay rental etc.
Family 2: data fields where you “win”
This is your custom data. Your version of data is never overwritten. You can, if desired, “build on” what is provided by the property fund/manager. Examples here: property name, to let marketing descriptions, property attributes, your entered parking ratio etc.
It’s as simple as that.
Why the need?
Data is the oil that the CRE industry runs on. Your time is precious. And customers rely on you to acquire, manage and maintain all the vacancies inventory, without error, and be able to provide it to them efficiently.
Keeping track of this amount of data, without errors and within acceptable time frames, is enormously complicated. It’s expensive to do it in-house.
And it’s risky.
Leaning on a specialist data provider to do this helps you operate more efficiently. Efficiently for time, and efficiently for cost.
Avoiding data pain – communicating best practices
If you are only going to remember three bits of information from this article, here they:
- If you want to avoid data chaos, always strive for “one-version-of-data-truth”
- Duplicates in data are very, very problematic – avoid at all costs!
Other questions for brokers – now state
Will my data be out of date?
No – the Gmaven data feed means your data is updated in your system by Gmaven. This happens from one day up to a maximum of 3 days from the vacancy schedules coming out.
How does Gmaven decide what data to give me?
Your management team drew a polygon – using Google Earth. This polygon created a “net”. The Gmaven data feed gives you all properties and property-related data inside of that net. (I.e. you get properties, vacant units, the businesses who own or manage those vacant properties, and the contacts you need to deal with to do leasing deals) Your management also further drilled down into what properties and unit types you wanted, so you don’t get data that is not right for your business.
What happens if I add my info to family 1 fields?
(Family 1 fields are those fields where the property fund’s data wins). Your data will remain “on top” until that field gets updated by the “data owner”.
What happens if I delete (custom) data I added in a specific field?
The property fund’s data will now display. If there is no property fund data fed to this specific field, no data will display, as per normal.
Will all the stock/listings fed in go automatically to my website?
It depends. If management has configured the system so has that your stock is private by default, then your stock will not show on your website. You can however choose on your stock if you want it to go public, or not.
Still more questions – my old data
Okay, I understand and can see that one day my data was in another state, and now it’s sitting in Gmaven with these green ticks.
I understand also there was a cleaning (renovation/refurb/overhaul) exercise where
- my existing data was enriched (fields like co-ordinates and correct suburbs etc. were added), deduplicated and removed, and
- new data was added.
But I still have questions…
What does these green ticks mean?
Green ticks indicate your data quality. Please read here for a good explanation
Was data lost in the cleaning exercise?
No. The good news is no data was deleted. All data is backed up and can be reinstated within 6 months.
Where you cannot see a specific data asset now, your management and Gmaven decided to temporarily archive very specific data based on specific rules. Why? That specific data asset was identified as either being out of date, or a duplicate. If the latter, look for the deduplicated version of your data – it should be a merge of both. But remember, merging data duplicates is hard – it’s very tough to guess which data version should win.
Why did some fields in my old data assets change?
As part of the data overhaul project, our job is to fix and clean whatever data we can. This means correcting
- city/town names,
- property names to what is on the vacancy schedule or other source of truth,
- co-ordinates etc.