Having spent most of his career in the real estate and mortgage information business, Mike has developed a strong sense for the potential uses of data both locally and on a national scale. He worked for over two and a half decades in the formation and success of DataQuick Information Systems Inc. , C&S Valuation Technologies (now Corelogic) working in numerous roles including president of each company, respectively. Continuous innovation was important to Mike and a critical element of success in both companies as well as staying focused on the core business of each firm which was essential to their growth.
Through the use of national data, Mike believes that there is huge opportunity for companies offering product innovation and highly focused attention on their respective markets. “Large data companies should ‘incubate’ smaller more innovative firms with more favorable data rates” according to Ela “because they are smart people with vision who are willing to take larger risks. Those same small companies should be willing to channel their products through these larger firms to widen distribution into the market” he says. Further, Ela states that a critical objective should be legitimate and compliant use of that data. “The markets will no longer stand for the use of scraped, gray market data of questionable origin with so much at stake”.
Additionally, large data users are so intent on cost reduction that data companies are pressured to offer their outstanding products for prices that are at or below their cost, according to Ela. “This is an incredibly risky formula as product quality will suffer in the long run or companies will go out of business should this practice continue”. Client companies need to recognize these products for value and also understand what would happen to them if they were no longer available. These products need to exist to benefit consumers, and the real estate and mortgage companies engaged in serving them.