The following is a funny little story of what we are hoping to accomplish with our Knew Home Data Application, we hope you enjoy.
Once upon a time, a group of real estate researchers were working on a new project. They were excited about the potential of their research, and they had a novel approach about a new way to collaborate and conduct market research. They knew that if they didn’t have the right approach, it could lead to inaccurate conclusions and harm the industry.
One day, as they were walking through a small village, they came across a small house. They knocked on the door and asked the kind-hearted real estate developer who lived there if they could spare any data.
“I’m sorry, but I have very little data myself” the developer responded.
The researchers looked confused. “But, have you heard of the story of stone soup? It’s a tale about a traveler who makes soup out of just a few simple ingredients, with the help of the villagers who add what they have to make it even better.”
The developer was intrigued. “How does that apply to our data?” they asked.
“Well,” the researchers said, “you might not have all the data you need right now, but if we serve as an intermediary and facilitate collaboration with others, you might be surprised at what you can achieve. Just like in the story, by working together, you can create something truly amazing.”
The developer thought about it and realized the researchers had a point. The developer provided the data and went about his day. Meanwhile the researchers went out into the village and asked other developers for market data. Some were hesitant at first, and downright against the idea. The researchers were adamant in their pursuit of data, and built a network of secret shoppers and a comprehensive data management software to manage the data, regardless of any one individual developers’ participation.
As they collected more and more data, they added it to their web application, organizing it and analyzing it. And as they did, the ‘stone soup’ began to take shape. Before long, every developer in the village had come to realize the cost benefit and importance of such a novel form of research.
From that day on, the researchers continued to collect data and collaborate with experts in the industry to make their research even better. Through rigorous audits and elaborate standard operating procedures they were able to ensure the accuracy of their conclusions and help developers make informed decisions. The developers in the village never forgot the lesson they learned from the stone soup – that by coming together and sharing what we have, we can create something truly wonderful.
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