Property data - and most importantly the intelligence gained from it - is the vital ingredient for...
Property data and tools continue to transform the commercial property industry. In fact, online property data tools have become crucial for commercial property professionals to research, buy, manage, and sell properties.
When you think about it, it’s simple: Having better information and more comprehensive data will put you ahead of the competition.
But not all property search tools can give you comprehensive information about the site you’re interested in, and some perform better than others.
The key question then is: how do you know if you are leveraging the best property data available?
This article explores the benefits of using the best property data and the importance of gaining a competitive advantage.
Let’s get started.
Benefits of using the right property data
Searching for that prime opportunity just ripe for development can be tough when there are so many variables to consider - from previous planning refusals to flood risks and building constraints in the area - just to name a few.
That’s why you need access to a fully rounded data set to make the most informed investment decisions.
Here are just a few of the benefits from using the right property data:
🚀 Speed of assessment
Speed is the result of a combination of things. Primarily, the ability to find, assess, and fund a deal quickly.
But you’ve got to know the local market, easily assess what a property has the potential to be worth, and understand what permitted development rights you might have.
Data can also provide you with a strategic head start with insight into off-market properties. This is key because the "low hanging fruit" will soon be bought up by your competitors if you don't, so finding the off-market sites that offer the most potential for profit is essential.
There are only a limited number of the very best opportunities in a location and the speed at which you find and assess the site is critical to make sure you secure it rather than anyone else.
Did you know? Elite+ is a premium overlay from Nimbus Maps that highlights on a map the properties that are relevant for a specific permitted development strategy and only shows those sites that are deemed to meet the requirements and offer a substantial profit.
✅ Correct assessment
While speed is essential, making the most accurate assessment is equally important.
Having the most up-to-date and accurate data ensures opportunities are assessed comprehensively, which allows you to make a more robust bid for you or your client with a lower risk of deals collapsing down the line.
What’s more, using accurate comparable data is critical to ensuring the opportunity stacks up financially. Accurate comparable data also allows you to purchase at the right price and understand the exit price - so that profit can be calculated with confidence.
This is even more critical for commercial conversions where the stakes can be high. Some tools even identify Class E properties that meet the criteria for conversion under the new ‘Class MA’ permitted development rights.
🔁 Complete and comprehensive view
Each project, whether it be a development site, property transaction or valuation report, requires you to look at a wide range of property information.
This will typically include information on different use types and their associated values, along with planning policies and associated planning activity in the area, building constraints, and local market activity.
But not all property search tools can give you access to this level of insight.
The best tools use over 1000 reliable data sources, providing you with the most comprehensive data.
It’s also really important that you can access all the information you need and trust in one place to accelerate your site finding and make fast and informed decisions.
In summary, here’s how the right data helps you:
How the right data helps surveyors/ agents
The right data helps commercial surveyors and agents to provide more timely, in-depth advice to their clients and identify opportunities faster than competitors not utilising Nimbus Maps.
How the right data helps estate owners
The right data helps estate owners to proactively identify new opportunities for continuous value creation. This includes changing or adapting to the needs of tenants, as well as understanding which strategies to take with their assets and land.
The importance of competitive advantage
Like any profitable industry, property can be highly competitive. Seasoned investors and surveyors know all too well that landing the best deals means beating competitors to the punch.
What you need is a unique edge - something that will help you get ahead of the competition and land the most profitable deals before they do.
One of the most obvious ways is to get better at finding deals quicker than everyone else.
The key is to leverage the right data and tools, instead of going after the obvious on-market opportunities like the masses do.
In addition, the right data helps you to be market savvy - giving you greater confidence in the recommendations or decisions you make. This will help you avoid costly mistakes and ensure you buy and sell at the right level for you or your client.
As an interesting side note, at Nimbus Maps, we regularly share our expert advice through a series of webinars, workshops, and of course, our blog. So make sure you bookmark this page or follow us on LinkedIn to keep up to speed.
Free On-Demand Webinar - Watch Now: How Commercial Property Professionals Can Take Advantage of Game-Changing Property Technology
Connect the dots with the right data
It’s not just about accessing information for the sake of it.
It’s about connecting the dots between planning information, comparables, and company ownership - and layering this data on top of one another to find the nuggets of insight you really need.
This is where Nimbus Maps really shines. Our comprehensive property intelligence platform helps developers, investors, and property professionals to find and assess opportunities faster than ever before.
You can discover both commercial and residential property information for both on and off market opportunities. At the same time, you can compare local planning information and make sure that you buy and sell at the right price - every time. 🚀
See for yourself. Book a personalised demo today.