How to use Reonomy as your next commercial data search platform
Xceligent was a Real Estate data firm that provided commercial real estate information such as building data, listing information and true owner contact information. It had coverage across the U.S. with a focus on tertiary markets.
What happened to Xceligent?
Xceligent abruptly filed for Chapter 7 Bankruptcy and closed immediately in December 2017. The sudden and complete closure left many Xceligent clients scrambling for a new commercial real estate data provider. With the growing reliance on data in CRE, many brokers and investors have been attempting to find new replacements.
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 with both parties filing suits against the other. The competition between Xceligent and Co-Star was not limited to the courtrooms and involved a range of questionable tactics targeting each other’s clients.
For even more information on what happened to Xceligent, read our blog post here.
What happened to my Xceligent Login?
If you were a Xceligent client, you likely quickly realized that the Xceligent website is no longer live and you can no longer can log in to your Xceligent account. The abrupt revocation of access has caused many Xceligent users to lose essential and valuable information. Information including 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.
As a former Xceligent user, you are likely looking for a replacement. Especially if the data was acting as your main source for owner contact information. If you are curious how to replace Xceligent, and what your best options for a new platform are, read on.
What are the replacements for Xceligent?
Xceligent had several products in the CRE market that covered a range of features and use values. We cover a few of those top features and go over what a suitable alternative might be for your data needs.
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 for Xceligent users was commercialsearch.com. CommercialSearch was owned by Xceligent and has also 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 CommercialSearch.
Sales Comparables are used by CRE professionals to help estimate the current value of a property under consideration. They are generated by looking at prices and details of recently sold properties that have similar data points. Data points include locality, building size, property type and year built.
Sales records of properties enable the creation of sales comparables. Comparables (also referred to as comps) are a critical part of estimating the current market value of a commercial asset, popular among real estate professionals and investors. Comparable sales are generated from the inputting of data points from the property you are comparing against. Comparables are then created using the prices paid for recently sold properties that are similar in size, characteristics, and location with your targeted property, helping you estimate the value of a commercial asset.
Reonomy has coverage of 47+ 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.
With Reonomy, use the Sales Comps feature to find target properties with similar details. Use comparative criteria such as year built, lot size, number of units or building area. These comparable properties can be limited in search by a specific location. You have the ability to make the searchable location as small or large as you would like. Search comparables for an entire city or for a single block.
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 can offer value for a range of deals and opportunities. 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 potential properties to invest in 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. For starters, Reonomy data covers over 47 million properties nationwide. This information includes date and price of the last sale, debt, lender, ownership information, building details and more. This is the most extensive database of commercial properties nationwide, covering 99% of all assets. This is also significantly more than Xceligent’s coverage.
Using sales history as a search filter allows you to search by date of last sale, properties not sold or sold within a certain time period, price of last sale and seller details. Use ownership information in your search to search through an ownership portfolio of past sale information.
Searching the sales history of similar properties can indicate potential buyers. Sales records will show buyers that are buying similar properties by asset class or geography. These buyers might be looking to develop a portfolio of properties within that particular class. It remains a strong prospecting path for potential buyers. Likewise, sales records show recent sellers that have cash on hand and maybe are looking for new investment channels. Searching for recent sellers enables the creation of a strong list of prospective buyers.
Use debt history as a search filter to identify properties coming to term on loans. Identify lender information, maturity date between or not within a certain time period, amount of mortgage on a property, mortgage origination date.
The maturity date is the date on which the principal amount of a note, draft, acceptance bond or another debt instrument becomes due and is repaid to the investor and interest payments stop. It is also the termination or due date on which an installment loan must be paid in full. The maturity date is often the most valuable indication for an opportunity. When a loan matures, it creates a capital event for the owner which allows a broker to provide a more beneficial refinance package.
Use the Asset Type filter to identify commercial properties in any asset class of interest. Search and filter by Industrial Properties, Vacant Land, Multifamily Properties, Mixed Use properties and more specifications.
Search property records by type. Tailor your search for commercial properties to your asset class focus. Common land searches include multifamily, retail and industrial. Increase specificity of search by filtering by sub-category. Refine a multifamily search by selecting sub-categories such as Duplex or Mobile Home Park.
Filter by Geography in your search. Identify properties in a certain area by using the map draw tool. Use the interactive radius search on the map to identify a target area to search. In the location search bar, filter by City, County, State or Zip Code.
Brokers use the filtering options to find new potential listings. For example, 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.
Unlock Off Market Opportunities
Searching for property owners allows investors and other commercial professionals to go beyond waiting for properties to list. By directly contacting the property owner, you have contact with the decision maker directly to generate outcomes. There are many benefits of off-market opportunities, for sellers;
- Saving money because there’s no commission to a broker.
- Receiving money faster. Instead of waiting for a broker to put together an Offer Memorandum, the seller can simply share the financials and current rent roll. The seller also saves time having to do property yours, qualifying buyers etc.
- It’s less hassle for the seller. Not having to deal with multiple persons/parties and no disturbing the tenants.
For buyers, the benefits are equally valid
- Save money. You’re not involved in an auction-type process where the broker is doing their job of finding the highest paying buyer who will close. Instead, you are working directly with the owner and getting a fair price that isn’t artificially bid up by other buyers.
- More creative financing opportunities. By working directly with the owner you learn their pain points and what they want out of the deal. This gives more flexibility to match both parties end goals.
- Close faster.
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 true owner of the owning entity without a CRE data source, but it depends how much time you have to spend looking for an owner. Many alternatives require a large time dedication, as they do not provide full ownership information in one location. For example, many people search the local county public records to find the name of the person behind the LLC. Then they would have to take another step 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. Reonomy provides details for individuals and entities associated with the property and phone numbers, mailing addresses, and emails whenever available.
For any property search, you have the option in Reonomy to unlock ownership information. Go to any property, click on the property details page, and there you will see the ownership tab. The ownership tab will allow you to unlock the name of the owner and owner details.
With Reonomy, find your target property owners in seconds and make contact even quicker. Search for one owner or prospect owners at scale and generate lead lists. Tailor your property owner search for your geographic and property type focus. Prospect owners to sell services, find buyers, or to search for target properties. Make contact with the owner to get straight to the decision maker.
Property Owner Lead Lists from Reonomy
Ownership lists exported from Reonomy are top of funnel lead lists. They contain target property owners and their contact information to outreach to. Effective property owner lists are highly targeted and relevant to your business. Create an effective lead list of property owners in three steps:
- Run a tailored search for property owners, filtered by the characteristics of the properties they own.
- Save the results of the search and bulk label appropriately.
- Export the results into a CSV file.
High quality, relevant, property owner lead lists serve as a valuable part of any sales and marketing plan. When your target audience is property owners, they serve as a systematic tool for making contact.
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.
Just as Xceligent provided true contact information, Reonomy can provide details about property owners including email addresses. And for a much larger scope of properties than found on Xceligent. The difference between the platforms lies in acting upon the contact information. Reonomy can help you with part one of finding the email addresses of your target property owners, but you will need your own email service provider to send emails through, or contact specific owners directly with your personal email. We have worked through how brokers and CRE professionals can best use Reonomy and other platforms to email the decision makers they need to get in contact with. There is an abundance of email providers to choose from, depending on your sophistication and feature desires. Popular choices include MailChimp, Campaign Monitor and Hubspot.
If you feel like Reonomy could help replace some of the Xceligent features you have lost – trial for free and judge for yourself!