Xceligent was a real estate data firm that provided commercial real estate information such as building data, listing information and true owner contact info. It had coverage across the U.S. with focus in tertiary markets.
On December 14th, 2017 Xceligent abruptly filed for Chapter 7 Bankruptcy and closed immediately.
The sudden closure left many existing customers confused and without a commercial real estate data provider.
With the growing reliance on data in CRE, many have been scrambling to find new replacements. In the following article, we clarify what happened and help guide some useful alternatives including Reonomy.
What happened to Xceligent?
While the closure of Xceligent was sudden, the company had experienced numerous setbacks in the preceding twelve months.
Many attribute the beginning of Xceligent’s closure to the ongoing lawsuit with rival Co-Star. The lawsuit was grounded in data theft allegations, though both parties were involved in filing suits against the other.
The competition between the two was not limited to the courtrooms and involved a range of questionable tactics targeting each other’s clients.
With the ongoing court battles, the last few months saw problems at Xceligent continue to increase. This included the replacement of CEO Doug Curry and Xceligent’s parent company – the British Daily Mail and General Trust – writing the carrying value of Xceligent down to zero.
What happened to my Xceligent Login?
If you were a Xceligent client, you will quickly realize that you no longer can login to your Xceligent account. Not only that, but the Xceligent website is no longer live.
The abrupt closure of access has caused many Xceligent users to lose precious information. This included listings, saved off-market research and property owner contact information.
With an inability to log in, the search for Xceligent replacements has been a high priority for many.
What are the replacements of Xceligent?
Xceligent had several products in-market that covered a range of features/uses. We’ve included some of the more popular features and their replacements.
Sales Comparables are used by CRE professionals to help estimate the current value of a property under consideration.
They are generated by looking at recently sold properties that have similar data points. Data points include locality, building size, property type and year built.
The Reonomy Platform has coverage of 50+ million commercial assets nationwide and allows you to run sales comparables on each of these properties.
The image below displays a sales comps search on the property at 124 Seigel St. That search resulted in three comparable properties with an attributed relevance score for each.
Other alternative tools for sourcing comps include Compstak, Loopnet and Reis.
Another feature of Xceligent was the ability to list properties through their platform.
Their listing service through Xceligent CDX integrated with a number of parties, allowing listings to be displayed on a broker’s website.
The most popular listing integration was with commercialsearch.com. Commercial Search was owned by Xceligent and has also since shut down.
Finding places to list properties is an important activity for any broker or property owner.
We cover the various commercial listing platforms in more depth and explain what to consider when replacing Commercial Search.
Off-Market Property Research
Beyond properties that are listed or ‘on-market’, off-market property research was an important use case for Xceligent customers.
This included property records and building level data of properties regardless of listing history. Off-market research is important for all CRE professionals and has a range of use cases.
One example is off-market acquisitions.
Just because a property is not listed for sale doesn’t mean it can’t be bought. For investors looking for a particular property type, considering off-market properties widens the pool of properties and means that an investor is far more likely to find a property that fits their criteria.
Xceligent’s off-market coverage was nationwide, with their aim to cover 65 major markets in 2018.
To replace this feature of Xceligent, look no further than Reonomy.
Reonomy is the most extensive database of commercial properties nationwide, covering 99% of all assets. This is also significantly more than Xceligent’s coverage.
One use case is brokers filtering to find new potential listings. A broker would firstly run a filtered search for their asset class and geographic focus. They would then filter for properties that have not sold in the last 10 years.
The average holding period of commercial assets is 10 years, therefore properties that have not sold during this period have a higher probability of selling soon. The end result is a lead list of the most relevant prospects to win as a listing.
True Owner Information
Another popular feature of Xceligent was the ability to find the true owner and their contact details beyond the owning entity.
This is useful for any CRE professional involved in off-market real estate, as they need to make contact with the owner to progress an off-market deal (because of the absence of a broker/contact listing information).
There is a range of ways to find the owner of the owning entity. The issue with choosing tools here is one of time. Many alternatives are time heavy as they do not give all the information in one location.
For example, many people search the local county public records to find the name of the person behind the LLC. Following this, another step would be required to find the contact information of that individual. To complete this step software tools like TLO can be leveraged.
Again, Reonomy is an easy replacement for this – we consider ownership information our bread and butter. As described above, we go beyond the LLC that owns that property. We provide the people associated with that owning entity and when available; phone numbers, mailing addresses, and emails.
Finally, Xceligent users combined true contact information with Xceligent’s email features to run email marketing campaigns.
For a sales broker, this could be used to run an email campaign to property owner prospects for future listing opportunities.
As stated above, Reonomy can help you with part one of finding the email addresses of your target property owners. From there you will need to find email service providers to send emails through.