How does Homesearch evaluate our data sources?
Not all data is created equal.
We use 39 different data sources here at Homesearch. This gives us roughly 60 unique points of data that appear on every single homesearch in the system. That's over one billion, seven hundred and forty million pieces of information you can call on.
But like we said above, not all data is created equal.
A question we've been asked these past few weeks is where does our data come from and how do we know its accurate?
And it's a good question.
While we don't discuss our sources as a rule, given data is our business and we don't exactly want to be copied before we're even off the runway, we're pretty happy to discuss the processes we use to evaluate any of the property data we can get our hands on before deciding if it's fit for purpose to use in the system or not.
Whenever we check out a new souce we analyis their market position. Does that source have a good reputation, meaning one for accuracy, and is there existing trust in that source. If it's a yes to both, we're in too.
We look for truth in our sources. Meaning, does the data actually match reality. Are there really 60 married couples out of 80 residents on a specific street? We back test, ask our friends, neighbours, colleagues - anyway we can check it stacks up, we use - and if it all checks out, it's in.
Frequency plays a huge part in whether we count a source as one of ours or not. Is the data updated or refreshed regularly? We don't model data here at Homesearch, and we won't buy "lists" that are years old and useless to everyone.
We look for sources that can offer us volume and longevity. Meaning, if we want to be the place estate agents look for all things property data then we've got to plug in sources that match. We look for the amount of historical data, as well as making sure there's going to be the same or more amount of data available in the future, from all our sources.
Will our users be dependent on the data? Sounds kind of evil, right? But in reality, if an estate agent, or a developer, or even a mortgage broker isn't dependent on Homesearch's data, then what's the point of using it. We want to make sure every piece of data in the system makes a difference to your businesses.
Finally we look for completeness. Is everything a user might need to know available from Homesearch? If not, can we find a source that fills the gap. We don't do data for data's sake. Everything must have a purpose and fit within our goal of having the maximum positive impact on the property industry possible.
Hope that's helped provide a small insight into the inner workings of the data here at Homesearch.
If you ever come across anything you want added into the system, and know of a source that ticks the boxes above, let us know!