The biggest investment an average person will make in his life is to buy a house or real estate property. This is why it is very important for real estate agents, brokers and agency owners to use correct data. They must give their clients the right information. This will ensure that the client does not regret his decision later.
Data integrity plays a very important role in the conduct of the real estate industry. That is the very first thing that you need to know about data integrity as it applies to the real estate business.
Data integrity is the accuracy of the information that you use to convince the client. You should only use accurate data to help the client realize that the property is the right one for him. The information should also be the latest information for it to be accurate.
You are hoodwinking your client if you use inaccurate and outdated data. Unfortunately, some real estate agents, brokers and owners of agencies use inaccurate information. They are only concerned about making the sale.
Will Klopp, a real estate professional, wrote an article in 2016 about data integrity in the real estate industry. He said the real estate industry has some significant challenges in data integrity.
The industry needs to address these challenges, he said. Consumers can access huge amounts of data. Real estate practitioners and customers alike make poor decisions with incorrect data. There are times when correct data is not applied in the right way.
Klopp also observed that many property listings were sourced from tax records. He said that this is not the right way to get data because this is not the purpose of tax records. This causes deficiencies in data integrity.
AVMs or Automated Valuation Models use only one algorithm. Real estate practitioners use these AVMs to compute prices and home values. He asks if this practice is right. He implies that it is not correct to use only one algorithm. It can't give the correct information because there are different types of properties. They are also under different conditions.
Real estate practitioners can be honest in their dealings with their clients. There is a good source of correct real estate data that they can use. The National Association of Realtors with headquarters in Chicago, U.S.A. is that source.
This organization provides its members with accurate data about the real estate business. They do this regularly. Use the information that they give and you will be a better real estate practitioner. Their data will help you and your clients to make good real estate decisions.
Be concerned about data integrity. Don’t follow the unprofessional real estate agents. They are not afraid to use incorrect data to achieve their money goals. You can use correct data and give your clients the best service that they deserve.