5 essential types of location data your brokerage needs to thrive

Location data is essential for any real estate brokerage. When you’re engaging clients, recommending potential areas for relocation or expansion, and supporting businesses with their site selection, you need to be confident in your advice. 


And your clients want to be confident in your knowledge and expertise. They’re looking to you to help them find the best location, and they want to know their final decision is backed up by reliable figures. 

So typical location data like metro demographics, local amenities, transportation options, crime rates and market trends should already be central to your brokerage services. 

They’re all important, but they’re only scratching the surface. 

They’re expected by your clients, and arguably, they’re the types of location data they could access themselves. 

If you want to give your real estate brokerage a genuine strategic advantage, you need more strategic insights. 

You need the five essential types of location data that will set your brokerage apart: 

 

  1. Labor market potential 

The first piece of location data you need to add value to your commercial real estate is labor market potential. 

When you’re suggesting new sites to clients and encouraging them to move, you should be able to show them how it’s a smart decision to relocate to the specific area you have in mind. A decision that will help their business grow. 

To do that, you’ll want to share an analysis of the current labor market in the Metropolitan Statistical Area (MSA) to reassure your clients of the available workforce. Or better still, you could drill down even further to showcase the labor availability in surrounding streets – particularly helpful for those employing a casual, hyper-local workforce. 

And with side-by-side labor market comparisons in a site selection tool like Bluechip, you can show your clients the areas most likely to deliver the workforce they need for their business to thrive – whether that’s at a C-suite or warehouse operative level. 

 

  1. Workforce migration 

While labor market analysis gives your clients instant insight into the current availability of workers for their new site, workforce migration analysis lets you show them the future potential for any location they’re thinking about. 

This is especially beneficial for those businesses who have ambitious growth plans, and gives you the opportunity to add real strategic value to your services. 

If you have access to the location data that can assess and predict how labor moves in and around target sites, you can demonstrate a real understanding of labor pool availability to your clients. 

You can clearly demonstrate the benefits of one site over another, whether that’s showing how one city center site is likely to struggle to attract employees as migration patterns shift to the suburbs, or how one edge-of-town industrial site is set to experience a boom in workforce migration in the coming years. 

This type of data is all at your fingertips in Bluechip.

 

  1. Commute analysis 

Workforce migration data is even more effective when coupled with a commute analysis. That’s a type of location data that delivers insights into how current and prospective employees are impacted by the commute into and from any given location. 

A strong, visual commute analysis – comparing travel times and transportation options for two or more different site options – gives your clients a clear visual understanding of how a relocation directly affects their current workforce. 

There are many different benefits of a commute analysis for you and your clients. . It helps clients build a stronger internal culture and ‘sell-in’ a relocation to their workers. It supports facility planning at a new location, in terms of parking spaces and public transport access. And it gives you another invaluable layer of location data to present to businesses searching for the ideal site selection.  

When you can show a business how a new location will reduce travel time for the majority of their workers, or make it easier for 80% of the workforce to get to the office, you add value to your brokerage services and make the decision easier for your clients. 

 

  1. Customer profiling 

If you’re supporting retail clients in finding the next location for their growing business or franchises searching for their next site, then customer profiling is another essential type of location data. 

You’ll want to show your clients what type of customers are within walking and driving distance of your recommended sites. You’ll want to share the data on demographics and earnings of a population area to help your clients understand what level of disposable income is available and better plan their projected earnings. 

More invaluable data and strategic support straight from your brokerage. 

With Bluechip’s unrivaled access to over 100 million data points, your real estate brokers can instantly access a wealth of demographic data right down to individual household level so you can instantly locate and share the very best areas for your clients to set up shop. 

 

  1. Wage & incentive expectations 

Finally, any business moving to a new area will want to understand exactly what their expenditure is likely to be. Specifically, they’ll want to know what kinds of wages and incentives they need to offer to attract the right talent. 

A high-level market overview of a specific MSA will give you this information. You can see what the average wages are for any given role or industry, and, with additional insight from Bluechip, dig deeper into anticipated wage changes for occupations in that area.

This is another essential type of location data that should be at your fingertips as a broker.

If you want to add even more value and offer the strategic services that your clients are looking for, you should also share insights into incentive expectations for metropolitan areas. 

Identify and compare top incentive offers in different metro areas, and then show your clients what type of packages they might need to offer to stay competitive and attract the workforce they want. Better still, you can indicate if a move to one area over another will help your client reduce labor costs, or make sure they don’t overpay for the kinds of roles they need. 

Once again, you can share the strategic location insights that help your clients make smarter decisions about their site selection. 

 

Deeper location data for smarter site selection 

With the deeper location data on hand, you can show your clients exactly where they need to locate their first, next or current site.

And you can do it all instantly with Bluechip. It puts all the location data you need into the hands of all your brokers, quickly and clearly. 

With easy-to-understand visual displays and detailed insight right down to individual household level, it helps your brokerage add the strategic value and input your clients will love. 

When you can dig into those five essential types of location data – and many more – to pair people and place, Bluechip is the only site selection tool you need to support your client’s business. 

 

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