With the right CRE tech tools, commercial brokers and investors can identify — and expedite — valuable off-market opportunities.
An example of one of the Reonomy filters to be explained below.
CRE Tech Tools Facilitate Off-Market Opportunities
The key to finding true off-market gems when conducting a property search is to know the precise property characteristics that will lead you to those unlisted opportunities.
By constantly aggregating and organizing up-to-the-minute marketplace data, tools like Reonomy offer investors and brokers the opportunity to research nuanced property characteristics that indicate the likelihood of a future sale.
Below, we’ll explore five Reonomy filters that can help commercial real estate brokers and investors uncover their next off-market opportunity.
If you’d like to skip the reading and start searching, you can trial Reonomy for free.
Filter 1: Sales and Debt History
A property’s sales history can often indicate whether it may soon return to the market. For example, did the current owners purchase the property during a downturn in the market? If so, they may be motivated to sell if the market has since improved.
Alternatively, if a property has been owned by the same person for decades, there is a chance an aging owner may be looking to liquidate assets.
In similar fashion, debt history can expose potential distress, increasing the likelihood of a property soon being up for sale. Reonomy allows you to tailor your searches in both these fields by value and time period.
In the example above, a sales history search was performed for San Diego. The criteria was a property being sold between 2007-2009 for a value of $1-$10million.
Filter 2: Ownership Portfolio Search
Property ownership information is an invaluable asset for brokers and investors searching for off-market properties. Not only does it save them the headache of a time consuming search for contact information, but it also allows investors to determine the type of sellers they’re dealing with — important information to consider as different sellers are motivated by different messaging.
Reonomy users can also leverage the full potential of their network by searching properties by a specific owner in order to identify trends in an that particular contact’s portfolio.
In the first screenshot below, you can see a search for the owner ‘Simply Urban LLC’. This resulted in 9 results, as displayed by the blue dots on the map.
Taking this a step further, users can go into one of the properties and pierce the LLC to find the owners associated with this LLC. As can be seen below, this LLC has several individuals associated with it and each person has at least one phone number tied to it.
Filter 3: Radius Search
Reonomy allows users to search location/geography in a number of ways. One of the popular methods is to draw on the map with a radius search. This tool is used in a range of ways. For a broker, one may be looking for other properties within the area of a property they have recently listed.
Another use case is investors looking for commercial properties in the vicinity of a certain location. In the example below, the radius search is set for just over 1 mile of a Walmart Supercentre in Austin, producing 1,303 results.
By zooming further in on the map, users can start searching via parcel. For brokers that know a particular area or a street well, this saves that time spent ‘walking the block’.
In the example below, you can see the outline of each parcel. When one of the parcel’s are clicked/selected the parcel shape turns blue and brings up all the information Reonomy has on that property.
Filter 4: Land Use
It’s essential for commercial real estate brokers representing a client’s particular interests to remain aware of every qualified asset in their market. Reonomy’s land use filter enables users to be extremely specific in identifying which properties fall under various use categories within a specified geographic area, making it easy to stay on top of opportunities within an investor’s area of interest.
Users may begin by selecting one of five major land use categories: commercial, industrial, multifamily, special purpose, and vacant land. Within each of those primary categories, users can explore numerous subcategories — from light industrial spaces and retail stores to bowling alleys and boat slips.
Filter 5: Zoning
Using standard zoning codes, Reonomy users can quickly determine which properties comply with their desired zoning regulations. If someone is evaluating a potential development site, for example, the zoning encumbering a site becomes a top consideration, as such regulations are important should a developer wish to change, modify, or extend the use of the site.
It can take time and dedication to uncover the right off-market opportunity for your portfolio or client. With Reonomy, commercial real estate brokers and investors are empowered to accelerate that process and increase the scope of their research efforts. Reonomy offers CRE professionals real-time access to the data points they need to grow their network and uncover potential deals before they go to market.