Allen Buchanan has been in the commercial real estate business in California for over 35 years. He has helped to build one of Lee & Associates largest offices and has experience in user representation, owner representation, and investment sales, mostly in the industrial space. You may know him from his “Tuesday Traffic Tips” video series where he shares his insights on the CRE market.
Subscribing to multiple resources for owner phone numbers with minimal success
Allen and his team of three colleagues specialize in industrial properties. They focus on owners and occupants of industrial buildings generally between 20,000-100,000 square feet in the North Orange County and West Riverside, California area.
In early 2019, the team decided to build a new, dynamic database of building and ownership information for their specific sub-market of about 1,000 buildings. The team was unable to source ownership information on about 75% of these properties. At the time, they were using separate resources for building & lot details, owners and phone numbers. In their research, they came across Reonomy, which would operate as a single source for all related data points.
“We were never completely satisfied with any other platforms. It seemed like each resource had its good data points, but also its challenges. Reonomy is just a wonderful marriage of all of those systems.”
Cutting costs and utilizing one platform to build a database of almost 1,000 industrial properties with ownership information
Allen initially purchased Reonomy for owner phone numbers before fully understanding the full power of the platform. Their target market typically has lower than 2% vacancy. Reonomy allows the team to narrow down the market to a list of buildings that meet their criteria (but aren’t necessarily for sale) and send mailers or collateral to begin the relationship building process.
“We’re actually able to contact and build rapport with these owners. It really is a great way to stay on top of what’s upcoming as well as what is currently available.”
Allen and his team have been able to cut costs on other subscriptions and save more than 10 hours per week using Reonomy. Allen conducts business from his iPad and enjoys the ease with which he is able to research-specific ownership information on the go. “Now that we are utilizing Reonomy, when I drive around and come across vacant buildings, I’m able to quickly determine who the owner is and make contact right then on the spot.”
Allen was able to make 3,500 canvassing calls last year, 78% owner calls, 22% occupying tenants, all with owner data from Reonomy.