Commercial property data has historically been expensive and time consuming to obtain. Marcus Ginn, CEO of Edozo, explains how they are revolutionising the process of collecting and sharing comparable evidence using an online exchange.
Name of product | Edozo
Price | Available on application, dependent on business requirements
Target audience | Commercial property surveyors
Challenge | My co-founder Andrew Peacock is a career chartered surveyor who became increasingly frustrated with the time-consuming and expensive process of collecting comparable evidence. Until recently the industry has relied on a combination of phone-based research or research platforms that provide poor quality and unverified data. We saw an opportunity to radically improve this process and as a result the Edozo exchange was born.
Solution | Edozo has created a comparable exchange where surveyors can request and share quality comparable evidence at their discretion. To solve the problem of incomplete and inaccurate data being uploaded we provide a data cleansing service for all of our members using their proprietary transaction data to ensure a high degree of accuracy is maintained.
Having a fully cleansed database of historic deal data also helps our members to generate more business through better knowledge of upcoming lease event dates, an important trigger for client follow ups.
We have also just launched a mapping tool using Ordnance Survey data, which provides automated title boundaries and accurate boundary maps.
Results | The feedback from the industry has been very positive and the network effect has started to take shape. Most of our clients achieve an immediate ROI by winning new deals from their lease event pipeline which would have been hidden in their archives were they not brought to life by Edozo. We also have access to UK-wide commercial availability and auction data through strategic partnerships to provide our members with additional sources of quality market data.
Clients | Current users include Farebrother, Chestertons, Avison Young and BDG Sparkes Porter