More and more key real estate agents from across the UK have committed to start sharing their data as part of an industry-led initiative to create a more accurate, reliable and timely view of the UK real estate market.
CBRE, JLL, Savills, Colliers International, GVA, Knight Frank, BNP Paribas Real Estate and Gerald Eve were among the first to commit to using Radius Data Exchange. They have now been joined by firms including Cushman & Wakefield, Lambert Smith Hampton, Farebrother, Bidwells, Carter Jonas, Alder King and Monmouth Dean as the industry works towards creating the first complete view of the UK real estate market.
The commitment will see the firms automatically submit deals and availability data through Radius Data Exchange, taking out layers of friction and wasted work hours, and freeing up employees to do more valuable work.
Andy Martin, UK chief executive of BNP Paribas Real Estate, says the establishment of Radius Data Exchange was a necessary next step in the evolution of the consultancy world.
“We all saw that we were collecting our own data so thought it would be easier if we actually spent time looking at how we could create trends information, rather than on collecting the data,” says Martin.
“Clients want to know what the data means, not what the data is. So in some respects that was the obvious place for us to fix. The industry knows how to come together on important projects and this is just another way in which we can work together for common good.”
That common good is creating the best view of the UK market with the most up-to-date, accurate and reliable data.
“If you’re going to have good, reliable data you need it from us all and it has to be national,” says Martin. “It is quite surprising actually how much data is held by local businesses and getting them involved in this is massively important.”
Simon Pritchard, senior partner of Gerald Eve, agrees: “It is important that it is not just the top seven or eight firms that are involved in this. There are many firms around the country and valuers need to know what is going on in Felixstowe as much as they do in Oxford Street.”
For Cambridge-based Bidwells, being part of and having access to a system such as Radius Data Exchange allows it to offer even deeper advice to its clients.
“Bidwells’ chosen markets include some of the most interesting outside of London with many equally as complex,” says Liz Craig, managing partner of the commercial division.
“Radius Data Exchange allows us to track recent activity across the Golden Triangle of Cambridge, Oxford and London, ensuring we remain as fully informed as we can be when advising our clients on the capital’s relationship with the rest of the South East.”
It is being able to deliver that insight to clients coupled with freeing up time for employees to deliver value-add advice that has prompted the real estate advisory community to look at how it uses data.
For Colliers International chief executive Tony Horrell it is about being able to do something quickly, to be able to tap a few buttons and have the insight you need instantly, rather than having to put together pages and pages of long and laborious reports.
The firm’s head of UK operations Kate Morgan, adds: “It allows us to focus on what we can do best, which is serve our clients rather than sitting behind a computer and doing all of the research. It’s more about being with the clients, spending time understanding their businesses and showing them what’s going on in the market.
“It’s been a great win for us and we’ve definitely seen an uptake in people using the data since it launched back in April so it’s helping us already.”
“What Radius added for us is coordination and a single platform for the agents by the agents,” says Knight Frank partner Tim Robinson. “It means we can make sure we are intelligently using that data to the benefit of our clients, which ultimately is why we are all here, to help them improve the value of their assets.”
Radius Data Exchange, which was launched in April, provides a detailed and comprehensive view of the market, with more accurate and timely data. More than 75,000 deals are expected to flow through the system each year, adding to the 650,000-plus historical deals already on record.
The contributory data exchange, which was developed for the market, by the market, allows users to analyse deal and availability data and generate major cost and efficiency savings.
It also includes EG’s award-winning news and analysis, giving professionals access to the deepest insight on the market from a single site, enabling them to offer better advice and enhanced service to clients in a faster and less labour-intensive way.
Find out more about Radius Data Exchange
