Reonomy Overview
Reonomy, acquired by Altus Group in November 2021, operates as a Commercial Real Estate (CRE) data provider using proprietary algorithms and machine learning. Its primary goal is to aggregate data from multiple sources, employing it to generate market insights for investors. Reonomy seeks to solve the problem of fragmented, disparate commercial real estate data to help investors and brokers find data faster and thus make quicker decisions. It doesn’t simply aggregate data but is a machine learning tool using the power of AI to bring data together.
The platform enhances public data with information from various private sources, including transaction data, mapping coordinates, legal entity records, and ownership details. Using machine learning techniques and unique property identification strings, Reonomy consolidates these varied data sets at the parcel level, creating a unified database covering over 50 million US properties across all 50 states.
Our Take On Reonomy
Best for finding off-market deals and investment opportunities
Reonomy caters to investors and brokers looking for business development opportunities such as new property acquisitions or listings. Reonomy can help uncover target properties and connect to owners directly. Alongside essential property specifics, Reonomy offers comprehensive data on lenders, occupants, tenants, mortgages, and contact information (names, addresses, emails, and phone numbers). This rich dataset provides valuable information for showing listings to buyers and prospecting for new clients. Additionally, Reonomy can integrate with CRM platforms, facilitating access to information through API or bulk data feeds for companies seeking streamlined data management.
Pros- The platform is easy to learn and use, with very minimal training needed in order to be effective.
- Predictive analytics produce a “likely to sell” score, which is helpful for business development purposes.
- Users not only get access to the names, emails, and phone numbers of the real person behind each property, they can also see the string of ownership data.
Cons- The use of machine learning and AI produces data that isn’t always accurate. Smaller markets are more likely to be inaccurate or not have as much coverage.
- Limited comp data: Sales comps for nearby properties aren’t always accurate, and lease comps are nonexistent.
- Research and market insights are stale and haven’t been updated since 2021.
Pros Explained
- Easy-to-use interface: The Reonomy web application is user-friendly and easy to navigate. The search function is intuitive, with multiple options to filter based on address, submarket, owner name, property type, and more. The search also has an interactive map where one can zoom into specific areas or draw a radius or focal point to search. Learning the web application takes very little training.
- Predictive analytics can show properties likely to sell: Reonomy’s Machine Learning technology captures national market trends and utilizes local county-level geographic data to assign each property a “likely to sell” score. This AI-generated score gives the likelihood of each property being sold soon, allowing users to identify and prioritize market opportunities based on ranking. The predictive analytics look at property sales history, debt history, and an owner’s portfolio to see trends specific to that owner. Users can search and filter by the “likely to sell” data point.
- Ownership data tree: Reonomy’s machine learning algorithms scour billions of contact records to connect true owners with accurate phone numbers, emails, and mailing addresses. The algorithms pierce LLC layers to get to the actual property owner. Reonomy takes ownership data one step further by allowing users to see all businesses and properties owned by the same business owner. A user can build phone, SMS, and email campaigns with targeted owner lists using that data.
Cons Explained
- Accuracy of data: When it comes to the accuracy of data, Reonomy falls short. No data platform will provide 100% accuracy. Since Reonomy uses AI to pull data, there are no researchers to confirm accuracy. Smaller properties and markets are likelier to have inaccurate data, especially regarding ownership data.
- Limited comp data: Reonomy will provide sales comps for nearby properties, but lease comps are nonexistent. As noted previously, sales comp data may not be accurate. Reonomy aims for about 80% accuracy in its data.
- Stale market insights: The research tab on Reonomy’s main website doesn’t appear to be updated regularly. The newest report is from 2021. Reonomy’s “Market Glance,” an analysis of historical market data from select MSAs, hasn’t been updated since 2021. However, the Web Application pulls in census data, which is regularly updated, to aid market and submarket research for a specific property.
Reonomy Product Offerings
Reonomy has two main product offerings: Web Applications and Data Solutions.
Web Application
Reonomy’s flagship solution is the Web Application, which gives users access to a vast database of property information. The web application aims to help CRE professionals recognize potential investment opportunities for acquisitions or new listing opportunities. The platform’s data pool consists of over 50 million properties and has customizable filters that facilitate targeted searches based on specific preferences.
Some of the key features of the Web Application include:
Property Search by Filters
Users can filter properties by over 200 filter options, such as property name, asset type, address, city, form of ownership, debt status, and sales period. A user can layer in as many search criteria as possible in order to filter down to a manageable list.
Property Search by Map
Reonomy also allows users to search directly on the map. Users can zoom in or out to a specific state or region or use the radius and polygon tools to draw boundaries for the search area.
Owner Information
Reonomy’s machine learning algorithms scour billions of contact records to connect true owners with accurate phone numbers, emails, and mailing addresses. The algorithms pierce LLC layers to get to the true property owner. Reonomy takes ownership data one step further by allowing users to see all businesses and properties owned by the same business owner. A user can build phone, SMS, and email campaigns with targeted owner lists using that data.
Debt
Another helpful feature is the debt tab, which allows users to search by maturity date to see properties that may be more likely to sell. The debt tab will also show all loans that have been tied to the property in order of most recent. Properties with Commercial Mortgage-Backed Securities (CMBS) loans will show additional detail, including interest rate, loan terms, loan amount, signatories, and financials from the past two years.
Prospecting Workflow Tools
Reonomy also has workflow tools to help stay on top of prospects. Users can add their notes directly to the property card. Users can also create labels to track a list of properties and create dynamic searches by saving recent filters.
Data Export
After using the search filters to narrow a list of properties, a user can export the list to Excel for further analysis.
Users can choose which columns to display, customize the column order, and create labels. You can sort the data by the likely to sell algorithm that assigns a likelihood score to a property’s potential to sell within the next two years based on historical transactions, current property data, and market-level trends.
Data Solutions
Reonomy offers the ability to customize data directly into a company’s CRM via API or a bulk data feed. Bulk data feeds allow users to add Reonomy data to their systems (typically >10k records), whereas API gives immediate access and real-time updates.
The platform’s API makes it easy for clients to connect their systems, making the experience more personalized. Customized data feeds and access to sales and debt details give users a complete history of properties and helpful insights. This feature cleans up and improves user data, offering details like sales and debt data and providing the full property picture.
The Data Solutions software will attempt to customize searches and overall experience based on individual company preferences. The site will also suggest other relevant property data to provide users with a property’s potential.
User Experience
The Reonomy Web Application is intuitive and easy to use, with a dynamic mapping function and the ability to create multiple types of lists for tracking and following up on leads. The search function is intuitive, with various options to filter based on address, submarket, owner name, property type, and more. Since Reonomy data is refreshed weekly, users can save their search and run it multiple times to see new data. Additionally, search results can easily be exported to an Excel file for further analysis.
Customer Support
The Reonomy website has a Help Center with training guides, FAQs, and best practices, where a user is directed first if they have any questions. If someone wants to reach out to a support person directly, it may need to take a few steps before getting a live person. If a Help Center article doesn’t answer the question, a user can message the chatbot in the lower right-hand corner of the site. Response times are within 2 hours.
A user can also reach someone by emailing [email protected], which will first direct the user to an employee at Altus Group, Reonomy’s parent company, who will then connect the user with a Reonomy team member.
Once someone is a paying subscriber, they receive a dedicated customer success rep as the main point of contact to answer any questions.
Pricing
Standard pricing is $4,800/year per user or $400/month per user. Discounts are given if paid in full upfront. A subscription allows users access to all geographies and property types across all 50 states.
Anyone can sign up for a free trial directly from the Reonomy website, which gives access to 100% of the features any paying subscriber receives. Trials are good for 7 days.
To get pricing more specific to an organization’s needs, a potential user must contact Reonomy directly at [email protected] or (646) 882-6260.
Competitors
Some of Reonomy’s competitors are CoStar, Trepp, and CRED iQ.
Trepp, founded in 1979, provides data, technology solutions, and insights to the structured finance, commercial real estate, and banking markets. Trepp offers a suite of products for monitoring and analyzing both securitized and non-securitized commercial mortgages and properties, whole loan portfolios, and nationwide commercial mortgage financial statistics.
CoStar is a widely recognized and utilized commercial real estate information company. It provides a comprehensive database of commercial properties and market intelligence to a broad spectrum of users, including investors, brokers, landlords, and tenants. The platform offers various services and tools that enable users to access detailed information about available properties, market trends, property analytics, comparables, lease and sale listings, and research reports.
Reonomy is materially less expensive than CoStar but also offers fewer features. While CoStar covers a much broader property universe, Reonomy’s bread and butter is to aid in uncovering off-market investment opportunities. CoStar has a much broader reach and is used to help in market and submarket research, listing and marketing a property, underwriting, and much more. Reonomy tends to lack information on more rural listings, focusing on larger cities instead, whereas CoStar’s data reach is much broader.
CRED iQ is a comprehensive platform for commercial real estate information, analysis, and assessment, delivering practical insights to investors in CRE and capital markets. Users subscribe to access valuable prospects for leasing, lending, refinancing, distressed debt, and potential acquisitions.
Moreover, the platform provides a streamlined valuation tool applicable to all property types and geographies. The platform is powered by over $2.0 trillion in transactions and data covering CRE, CMBS, CRE CLO, Single Asset Single Borrower (SASB), and all of GSE / Agency.
Compared to Reonomy, CRED iQ covers much more property data. CRED iQ covers 100% of all securitized and agency markets and will soon cover around 93% of all properties, including land and residential. Reonomy’s coverage is much more limited. CRED iQ offers many more features than Reonomy, including a valuation tool, updated market research and insights, and more. While both platforms pride themselves on having true owner and borrower contact information, Reonomy gathers that data using machine learning technology, while CRED iQ has a team of researchers. While no platform will be 100% accurate, Reonomy data tends to be less accurate than CRED iQ.
FAQs
Reonomy is a CRE data provider utilizing proprietary algorithms and machine learning AI to aggregate data from exclusive partners, including secretaries of state, census data, public sources, and more than 3,0000 county assessors, into one easy-to-use web application.
Reonomy covers all asset classes across all 50 states, including Multifamily, Industrial, Retail, Office, Hospitality, Commercial, and Land.
Reonomy’s machine learning technology collects data from public sources such as tax assessors, municipalities, and third-party data partners, including credit rating agencies and title companies.
Yes. Anyone can sign up for a 7-day free trial directly at reonomy.com.
Reonomy is suitable for investors and brokers looking for off-market opportunities to either invest in or bring to market.
Standard pricing is $4,800/year per user or $400/month per user. Discounts are given if paid in full upfront.
How We Evaluated Reonomy
When evaluating Reonomy, we looked at several factors, including:
- Product offerings: We looked into the depth and breadth of data provided on Reonomy, including what offerings set it apart from competitors.
- Pros and Cons: We weighed what potential customers should watch out for against the features they would find stand out amongst competitors.
- Ease of Use/Functionality: We tested how user-friendly and intuitive the Reonomy platform is and how quickly a new user could understand its functionality.
- Customer Support: We evaluated Reonomy’s support network for response time, training materials, and accessibility to customer service reps.
- Pricing and transparency: We examined how Reonomy’s products are priced and how readily available pricing information can be found.
Summary of Reonomy Review
With competitive pricing, Reonomy is an excellent choice for investors and brokers looking to save valuable time on research and more time on growing their business. Reonomy’s target market comprises property investors and brokers looking for business development opportunities. Investors can use Reonomy to find off-market opportunities for potential acquisitions, while brokers may use Reonomy to find potential listing opportunities.
The machine learning technology provides hundreds of data points aggregated together, saving hours of research time. One of the biggest value adds is the ownership data tree that pierces the LLC layers to find the true owner and draws a string across all related LLCs with the same owner. While the data is accurate isn’t always accurate, it’s enough to be a value add for business development. Overall, Reonomy is a solid choice for CRE professionals looking to grow their portfolios or book of business.
Disclaimer
This page may contain affiliate links. If you make a purchase or investment through these links, CRE Daily LLC may receive a commission at no extra cost to you. These recommendations are based on our direct experience with these companies and are suggested for their usefulness and effectiveness. We advise only purchasing products that you believe will assist in reaching your business objectives and investment goals. Nothing in this message should be regarded as investment advice, either on behalf of a particular security or regarding an overall investment strategy, a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised, and we recommend that you consult with a financial advisor, attorney, accountant, and any other professional that can help you to understand and assess the risks associated with any real estate investment. For any questions or assistance with these resources, feel free to contact [email protected]. We’re here to help!
