BNP Paribas Real Estate, CBRE, Colliers International, Cushman & Wakefield, Gerald Eve, GVA, JLL, Knight Frank and Savills have become the first major UK real estate agents to commit to sharing their data via Radius Data Exchange.
The commitment will see the firms automatically submit deals and availability data through the system, taking out layers of friction and wasted work hours, freeing up employees to do more valuable work.
Delivering deals information via Radius Data Exchange, which was launched in April, will also provide a detailed and comprehensive view of the market, with more accurate and more timely data.
More than 75,000 deals are expected to flow through Radius Data Exchange each year.
The contributory data exchange, which has been developed for the market, by the market, allows users to analyse deal and availability data and generate major cost and efficiency savings.
The data platform 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.
Pete Kumposcht, executive director of the EG Group, said: “The fact that the UK’s major agents have committed to Radius Data Exchange is a clear signal that the real estate industry is embracing the future.
“We all know the value of quality data and the impact that it can have on our businesses and the advice and expertise we can offer to clients, but now the real estate industry is taking action and committing to contributing and sharing their data in a way that will ultimately provide the most comprehensive view of the UK market.”
Data expert and founder of proptech advisory Alpha Property Insight Dan Hughes added: “If you look at most of the leading global companies that have grown over the past few years, the common thread is their effective use of data to support their businesses.
“For property companies to be successful, we will need to do the same. For a business in real estate to be successful, it must have a robust data strategy and understanding of the role that data plays to compete in the future.”
Alongside delivering a comprehensive view of the market that is instant and exportable via Excel or Word, Radius Data Exchange provides users with smart notifications on availabilities, reliable comparables, customisable and dynamic league tables, access to more than 650,000 historical deals and comprehensive planning data.
For more on Radius Data Exchange and what it can offer click here