What is the ideal real estate database for investors is based upon the best strategy, tactics, and tools to win and prevail. What is the ideal real estate database? It has to have more than just consumer and property data, but what else? Should it have a spatial database or a flat file database, or both?
Your Ideal Real Estate Database
Ideally, you need a real estate database with information that is both up to date and relative to price movement. Not just some Real Estate Contact Database or simple Real Estate Database Software or Real Estate Contact Management Database.
Up to date does not always mean that all information is collected daily. Economic reports can be released monthly, quarterly, or even annually. But they MUST have current leading economic indicators. Some factors may be even be updated daily. The point is that you want the most current and accurate information possible on all the variables affecting price movement. Not just today, but in the future, future price movements, at the Census Block Level and higher levels.
The ideal real estate database that powers the ideal real estate tool would need the following information classes updated at regular intervals:
The Real Estate Database of the Future has Demographic Data:
Updated Monthly and Quarterly and Yearly Demographic Economic Data: Updated Monthly, Quarterly and NOT Yearly:
Income growth, new jobs, unemployment data, and all of these affect value determination all the way down to block level. The most current and accurate macro and micro economic data will help produce the clearest, most reliable property valuation while also helping to project future price movement.
No simple Commercial Real Estate Database Software or Real Estate Data Base will do.
Market Data at National and Block Level: Updated Monthly and Quarterly: New housing starts, resale value, existing home sales, sales and pricing data. All of this information combines with the economic and demographic data to provide the actual value of any given property. Logic tells us that we need the most current and relevant demographic, economic and market information in order to truly assess value, but where do we get this information and how do we identify sources that can be trusted?
And, before we go looking for the important specific sources of information or trying to assess their objectivity, we first need to know what factors we’re looking for.
The factors that will truly affect price movement.
With the Growth Maps technology and a quality database, the next step is to make sure your database is populated with the best data.
The ideal real estate database for the ideal real estate tool will specifically contain accurate and relevant information with respect to the following factors: Income and Recent Changes in Income:
Historically, no other factor other than scarcity of land and resources has correlated more with home prices than income and income growth or decline. As average wages go up or down in an area, so do real estate values, assuming all other factors remain constant. The problem is, this is rarely the case.
This is just one reason that our ideal real estate tool needs to take into account the many other factors that truly influence current and future value.
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