Today, data has become the backbone of decision-making. However, not all data is created equal. Bad data—whether incomplete, outdated, or inaccurate—can have significant repercussions, particularly in industries like commercial real estate (CRE), where precision and insights are critical. While artificial intelligence (AI) holds immense promise for transforming CRE, its effectiveness depends on the quality of the data it processes.
The Consequences of Bad Data
Bad data wastes time and money, especially when outdated data drives decision-making. In a survey by Gartner, organizations believe poor quality data leads to an average loss of $15 million annually for businesses. Even more troubling is the fact that almost 60% of those surveyed are unaware of how much bad data is costing their organizations because they don’t track or measure it. When agencies or third platforms try to target prospective tenants with incorrect data, budgets are wasted as digital strategies miss the opportunity to engage key decision-makers. With 86% of deals failing to close after entering the leasing pipeline, bad data compounds inefficiencies, delaying decisions and prolonging vacancies. Over time, this erodes trust in technology, stalling AI adoption and slowing innovation.
The Benefits of High-Quality Data for AI
On the other hand, quality and well-maintained data unleashes AI’s true potential, offering transformative benefits for CRE. High-quality audiences, powered by RealtyAds’ advanced AI and strategic partnerships, provide a competitive edge by ensuring the highest accuracy and relevance of data. With $0.60 out of every $1.00 spent in America today goes towards digital channels this precision enables properties to consistently reach key decision-makers, reducing time waste and helping leasing success rates. Leveraging this robust data helps to uncover trends, create actionable leasing strategies, and reach quality tenants. By maintaining superior data standards, RealtyAds helps CRE professionals maximize their budgets and make a lasting impact, helping them stay ahead in the market.
Conclusion
Bad data can hinder the potential of AI, but the good news is that CRE professionals have the tools and strategies to overcome this challenge. By focusing on data quality, they can unlock AI’s full potential, creating smarter, more efficient workflows and driving meaningful results. With clean data, AI becomes a powerful ally.
RealtyAds is helping commercial real estate find, advance, and close more deals by engaging decision-makers and their representation on the world’s most effective customer acquisition channels. For more information, visit RealtyAds.com and follow RealtyAds on LinkedIn, Facebook, and Instagram.