New York’s commercial real estate industry is about as close as you can get to the Wild West these days.
Investors and lenders are spending far too much time researching properties and still coming up short on the information they really want. Reonomy aims to change all that.
The NY-based company just closed a $3.7M Series A round led by SoftBank, with participation from previous investors such as Resolute Ventures, High Peaks Venture Partners, KEC, and FinTech Collective.
But what does Reonomy do?
In short, the company has found a way to scour public records and the internet for thousands of data points on various properties, to offer “unbiased, objective and quant-based data and analysis.” Normally, investors and lenders send out teams of people to research a property, as well as comparative properties, to better understand the potential purchase. This takes weeks, and researchers can usually only find two or three comparable properties to weigh against one another.
With Reonomy, the same hunt for information can be executed in a matter of clicks. Data is taken from more than 100 sources and is formatted, standardized, structured and integrated to provide the greatest possible value to Reonomy clients, such as institutional and private investors, lenders, researchers, and valuation groups at brokerage firms.
This data then allows clients to measure a certain building against more than 300,000 other comparable buildings, instead of just a handful. They can look at over-arching data like the condition of the building, price per square foot, etc. as well as more granular data like past regulatory violations, elevator conditions, boiler room situations, and the capital expenditure that’s been filed.
In early March, Reonomy launched a beta to select institutional real estate investors, lenders and developers. With the new funding, the company plans to expand into new markets, develop for mobile, and build out the team.