We’ve all heard it – the three most important things in real estate is “location, location, and of course, location”. Do your vendors sometimes have difficulty locating a property based on the information you’ve provided? Are property addresses and or property tax parcel numbers incomplete or missing? We know that the most important aspect of any due diligence is correctly identifying the (subject) property, but we’re often struggling to obtain adequate location information.
Inaccurate or incomplete location information contributes to delayed responses, extended deliveries, and increased costs, as your vendors must verify and correct inaccurate information before or during the course of their investigations. The risk of error is present in those cases where an on-site meeting with a property contact is unnecessary or impossible; how confident are you in the accuracy of your location data? Is your data sufficiently accurate for later reporting and analysis?
Numerous solutions have been tried, from required form fields, look-up tables and similar data intensive solutions.
RIMS recently integrated a customer’s site with an automated GIS (Geographic Information System) web service through which property addresses are authenticated in real time. This approach takes the guess-work out of property addresses, including City, County and Zip Codes, all of which may be useful for future data retrieval and analysis.
Eliminate spelling errors and frustrations related to inaccurate addresses. All RIMS sites benefit from an integrated addressing wizard that ensures accurate City, County & State information. Through our integration with GIS services we can improve this accuracy to the property level with address verification; capture accurate longitude and latitude for data retrieval, exposure mapping, collateral concentrations – the potential uses are endless!