Data Entry Accuracy: The Lifeblood of Real Estate Transactions

Data Entry

It won’t surprise you to hear that the world runs on data. And our dependence on it continues to grow.

The International Data Corporation (IDC) in its white paper, The Digitization of the World – From Edge to Core, said that in 2010, businesses created 2 zettabytes (ZB) of data. That grew to 33ZB in 2018 and is estimated to balloon to 175 ZB in 2025

Nowhere is that data more significant to the successful functioning of an industry than in the mortgage and real estate business.

While our industries thrive because of the data available to us, the challenge our industry faces is ensuring the data is accurate. The need for accurate data in the transaction itself is paramount. But we also heavily rely on the data, as do all companies, to run and grow our businesses.

Ensuring the accuracy and efficacy of our data begins in our own offices and an effective data management strategy.

Here are some things to consider in creating that strategy.

Limit the amount of data entry

Investing in effective automation, such as RPA, is the best way to avoid data entry errors. RPA can vastly limit the number of keystrokes, moving data from one application to another to avoid repetitive data entry. Eliminating these repetitive tasks can also free up staff time to address our next point.

Eliminate common errors

Common errors include incorrect formatting, transposition of letters or numbers, misreading of data, and inconsistencies. Inconsistencies are particularly rife in the real estate industry. Do we input the address as Northwest, N.W. or, NW? Street, ST or St.? There is no better way to eliminate these issues than thorough training on the recommended style guide for each application your staff employs. Good technology can also be “trained” or programmed to eliminate such errors consistently.

Review before uploading

Proofreading before hitting “send” is also key. Here are some effective proofreading tricks to share with your data input staff:

  • Proofread backward, by starting at the bottom of the document and working your way up.
  • Place a card or a piece of paper under each line so you are focused on the content and not moving too quickly to the next line.
  • If possible, try to step away and do another task before coming back to proofread so you are bringing rested and fresh eyes to the document.
  • Read the information aloud as you are proofreading. This works great for audio learners!

And finally, proofreading early in the day is always the most effective since we are more likely to be more rested and alert. Conversely, avoid proofreading important documents at the end of the day. If possible, save them for the next day.

Robotic Process Automation (RPA)

Enlisting RPA in the effort to better manage the vast amount of data we handle in the real estate industry can go a long way to ensuring we are providing the cleanest data possible for our transactions and our business.

In addition, RPA frees up staff to handle more complex problem solving, or more importantly, gives your staff time for the more direct and attentive human interaction your customers require to navigate the complicated steps of the real estate transaction process. Contact TrueFocus today to learn more.

Photo by Patrick Amoy on Unsplash

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