Reonomy: The Validated Commercial Real Estate Property Information You Need
Public sources. Red tape. Yuck. While it can be difficult enough to compile all of the specific information about a property, or set of properties, that you need as a commercial real estate professional, insuring that this information is accurate and up-to-date is a whole different ballgame. Reonomy, a research and data startup based in New York, is out to simplify the tedious and time-consuming due diligence process that often ensues when it comes to analyzing specific properties or groups of properties.
Reonomy aggregates data from over 100 New York City public sources on information such as sales transactions, ownership and mortgage information of approximately 280,000 multifamily properties in the area. The catalyst for Reonomy’s beginnings stems from the fact that these sets of data are often fragmented and even incorrect. Therefore, loads of time (that could be used more productively) is otherwise spent organizing and vetting this data to ensure its accuracy.
Reonomy, on the other hand, allows users to “follow the breadcrumbs” from some “opaque” LLC to the actual individuals behind these properties, and provides their accurate contact information as well. In this way, open conversations about investment opportunities can occur between principals.
Reonomy is a modular platform that has different types of offerings, depending on what each user is looking for. It’s database of property details, mentioned above, presents four years worth of historical and financial data on each property, including: zoning information, square footage, outstanding mortgages, capital expenditures and outstanding Department of Building violations, just to name a few.
But, in these modern times, what use is having reams of data if you’re unable to analyze it and develop potentially lucrative investment strategies? That’s why Reonomy integrated a detailed analytics system in with the rest of their platform. Using Reonomy’s comps and analytics, users are able to select a potential opportunity that has caught their interest and compare it against the rest of the properties stored in Reonomy’s database.
It can be as simple as entering an address
From there, you can enjoy the benefits of the substantial of information offered in the Advanced Search
After users have had the time to properly digest the information of the property they’re interested in, they can compare its performance against other properties in the area
Another feature that Reonomy plans to roll out soon is “Market Pulse,” which will not only allow users to research different properties, but specific portfolios of properties and the owners behind them as well.
Reonomy is currently up and running in New York, but has plans to expand to San Francisco, Los Angeles and Chicago relatively soon. This makes sense, because with their recent announcement of raising $13 million for their Series B fundraising round, led by Bain Capital Ventures, it seems as if the Reonomy team doesn’t have anything on their minds except expansion.