Whether you’re reading generally about commercial real estate, technology, data, or artificial intelligence, a term you’ll find yourself reading more and more is “property intelligence.”
It’s transforming the way organizations run and grow their businesses, and we’re here to tell you all about it.
What is Property Intelligence?
First off, let’s define the words “property” and “intelligence.”
“Property,” in this case, very simply refers to real estate properties.
“Intelligence,” has a few different layers of meaning. Merriam-Webster offers two notable definitions that apply in this case:
- “The ability to apply knowledge to manipulate one’s environment or to think abstractly as measured by objective criteria.”
- “The ability to perform computer functions.”
“Property intelligence” can be defined as actionable insights on any point of information on a property, driven by the combination of data, technology, and artificial intelligence.
You can think of property intelligence as a form of AI that’s being applied to aggregate and organize big data on real estate, and distill that data within the lens of individual properties.
The end result? An infinite amount of actionable insights on any property.
…from intel on the physical attributes of a property, to intel on the people and companies who own, operate, transact, and service the building and land.
Professionals that arm themselves with a property intelligence source can make property-related decisions with the utmost acuity, often in a matter of seconds.
Who’s benefitting from property intelligence?
Above, when we say “professionals,” we are referring to both real estate and non-real estate company types.
1. Real Estate Professionals
For starters, property intelligence helps real estate professionals discover and compile new opportunities on a regular basis, analyze full markets and owner portfolios, and get in direct contact with property owners.
Many of the largest U.S. real estate companies are fueling their business growth operations with property intelligence.
- Brokers/Brokerages (sales, mortgage, and leasing)
- Investors/Investment Teams
- Lenders (analysts, originators, and underwriters where necessary)
Because property—whether residential or commercial—is so ingrained in the success of these professionals and companies, property intelligence can serve an immense benefit in all of their business growth efforts.
In a matter of seconds, any individual or team can grasp a full understanding of a market, property, or owner, then act on it.
2. Non-Real Estate Professionals
Property intelligence can also be used by any non-real estate company that is looking to understand properties, owners, and tenants as a means of generating new business.
- Construction companies
- Solar installers
- HVAC professionals
- Insurance agents
- Tax professionals
The boundless, yet pliable nature of property intelligence allows it to be truly all-conforming, no matter who the end-user is.
It offers any kind of professional the ability to learn and understand a property in any manner they need to.
It also gives non-real estate professionals the ability to speak to property owners as peers with regards to real estate knowledge, while showcasing their expertise as a service provider.
Now, of course, much like any other form of AI, property intelligence doesn’t just happen on its own. You’ll need the right source (or sources) to gain full access to the full world of possibility.
Reonomy: Your Source of Property Intelligence
Reonomy is a property intelligence platform that connects a world of property intel, helping users access the insights they need to grow their business in a faster, more efficient, and smarter way.
Users (real estate and non-real estate industry) typically rely on Reonomy property intelligence to:
- Seek and find new potential opportunities.
- See and understand the full picture on a property, owner, or market.
- Close deals/business with owners.
How Property Intelligence Fuels Your Business
Seek and Find New Potential Opportunities
For starters, those looking to identify new business opportunities can turn to property intelligence to unlock the full universe of prospects in their target market.
Then, when you consider the fact that Reonomy’s platform is entirely off-market, no stone is left unturned for users.
See the Full Picture
Whether it’s the picture on a single property, an owner’s full portfolio, or an entire market, property intelligence helps you stay ahead of the curve in understanding what’s happening (and what’s likely to happen) before you make property-related decisions.
Where are a market’s sales likely to trend, what is an owner’s next likely move, and what could a property benefit from that an owner might not be aware of?
Close Deals with Owners
Closing business in real estate is all about speed and timing.
With property intelligence, you can make much quicker decisions that are also very well-informed.
You can come to the table faster and more informed than your competitors—not to mention that you can connect directly with property owners.
With that, you’re destined to win more business, and at a much quicker rate than previously possible.
Knowing all of that, let’s look at the intel that’s actually being connected to make all of the above possible.
The Intel: What info is being connected?
The Reonomy platform connects all of the pieces of intel listed below through the lens of individual properties—meaning, the property is the subject, and all of the pieces of information are connected—via AI—to the individual property that they’re associated with.
First and foremost, what is the address of the property, and what are all the different locational delegations that it could fall under (city, county, neighborhood, street, etc.)
This includes sales dates, loan origination and maturity dates, the year a property was built, renovation dates, foreclosure auction dates and more.
3. Dollar Amounts
This includes sales amounts, loan amounts, tax amounts, and so on.
This includes building area, building square footage, and number of units, as well as lot area and acreage.
This includes the property type, zoning classifications, whether the property is in an Opportunity Zone, in pre-foreclosure, and more.
This includes the names of the companies and people that own property, mortgage signatories, and the names of tenants.
7. Contact Details
This includes the phone numbers, email addresses, and mailing addresses of the LLCs and individual people associated with the ownership and tenancy of different properties.
Why You Need to Adopt Property Intelligence
The speed of the real estate industry is especially high velocity—and it’s only getting faster.
And so, for those yet to adopt property intelligence and other new technologies, as time passes, the speed at which you fall behind will grow as well.
In fact, the speed of the industry is precisely why real estate and non-real estate companies need to rely more heavily on property intelligence, just as a means of keeping up and remaining efficient.
Do more than competitors in less time.
Like almost any other industry, to remain an elite leader in real estate, companies need to continually do more and more work—but in increasingly smaller timeframes.
They need to find more prospects, research those prospects, learn about them, connect with them, then nurture the relationship to close the deal.
But at any point in that process, in just a flicker of time, an opportunity can slide through the cracks because something wasn’t handled in a clean, prompt manner.
Property intelligence helps keep individual professionals and full companies on their toes at all times.
Stay ahead of the curve.
It’s one thing to stay ahead of the curve in terms of beating your competition to new clients.
It’s also extremely important, however, to stay ahead of the curve in terms of utilizing new tech, and being prepared as the industry inevitably continues to evolve.
Property intelligence is at the forefront of real estate technology, and enables teams and companies to operate at optimal levels of efficiency.
Expand your realm of possible success.
The last big reason to utilize property intelligence is because it unlocks a door to an entirely new world of opportunity.
Whether you’re an individual agent in small-town, USA, or one of the largest commercial brokerages worldwide, property intelligence can be the engine that grows as you grow, fueling your growth at every step along the way.
While the options for property intelligence remain a bit slim, those that adapt sooner rather than later are sure to set themselves up for higher levels of future success.