Finding the true owners of the property and negotiating good deals isn’t always an easy task. This is especially true when many individuals form an LLC where it becomes extremely difficult to pierce through the corporate veil of LLC and get in touch with the real owners of the property.
While it is understandable that the very purpose of an LLC is to protect individuals from personal liability and intentionally obscure or blur the identities of those involved – it can get frustrating when you aren’t able to get past the veil of LLC.
When you are a commercial real estate investor who wants to source an off-market deal, it might get very difficult to track down the names and contact information of true owners when there are so many corporate veils.
However, the new CRE technology is changing the way investors find and engage with property owners. The latest one on the list is reonomy.
Reonomy is a CRE technology that allows investors, developers, and other real estate professionals to find accurate and updated information about contacts of more than 50 million properties across the United States.
This means that tracking the contact information of countries’ entire supply of commercial assets is no longer difficult. Between having access to granular property details and the ability to pierce the LLC to get straight to the true owners – reonomy gives modern investors special leverage by providing everything they need to win the best of market deals.
Great way to avoid expensive broker fees
Additionally, CRE technology like Reonomy is also a great way to avoid expensive broker fees as Reonomy provides an off-market data platform to everyone who wants to access these records.
Besides, instead of relying on various listing platforms – CRE technology tools like reonomy will provide investors and other professionals with an unobstructed view of a market and the contact addresses of real people behind it.
This not only means that you can now avoid the expensive broker fees, but it is also a great time saver as you can save a lot of time by staying at bay from deals where you know you cannot negotiate a good deal with the decision-maker.
The best part about CRE technology like Reonomy is that you can directly get in touch with the ultimate decision-maker. Thus, you can save both time and money and all the stress that comes with it—no more waiting for your broker to get back to you on your negotiations and deals—no more waiting until your broker gives you the true owners’ contact details of the property.
Most importantly, no more relying upon the middlemen to carry on negotiations on behalf of you. It will also give you an immense understanding of the industry as you will directly talk with the ultimate decision-makers, thus adding to your real estate market knowledge.
Variety of search filters to make your work easy
Further on, CRE technology like Reonomy allows investors to create custom searches to find the exact properties they are looking for. These custom searches enable investors to cut the properties that are not of their interest right from the very beginning, saving a lot of time.
After the custom search, there will only be a handful of properties. The investors can deeply research this limited number of properties instead of going through a long list of properties following a traditional approach.
From there on, investors can explore each property individually and research every minute detail about physical building characteristics and other transactional details like sales and debt records, including LLC owners.
Find a property interesting? Directly get in touch with the decision-maker and start a conversation! Yes, it’s that simple.
There is a wide variety of data platforms that will provide the name of the umbrella-owning corporation. However, some CRE technology like Reonomy stands out, which pierces through the veil of corporate LLC and provides its accurate user’s names and corresponding contact information, including the phone number, emails, and posting addresses.
Reonomy will provide a list of anyone associated with the company, including the principal signatories or owners.
Comparison of the traditional approach with CRE tech
The old approach of negotiating deals with investment owners would be to search on the property listed on various listing platforms and then research in Google, the individuals involved with a particular LLC.
It might not update the owner names in Google company data search. This was one of the biggest drawbacks of the traditional approach. Thus many investors sought help from commercial Real Estate brokers to unveil the LLCs and negotiate with the owners.
With the latest tech like Reonomy, a multi-family investor can find an apartment building which he thinks is a worthwhile pursuit with reonomy’s custom filters. Thus, a lot of time and stress is saved. In essence, the commercial real estate investor now has everything he or she needs to reach out to the apartment building owners, and all it takes is just a few clicks of a button.
Hence, it is safe to believe that LLCs are no longer a problem when searching for the best property. With the latest technology like Reonomy, the commercial real estate community can get in touch with the real owners of the properties at light speeds with accuracy and ease.
Moving beyond contact information
You are wrong if you think that CRE tech like reonomy will only provide you the basic primary contact information details. Along with the names of true owners, their contact information, and a comprehensive view of property details, real estate investors also have access to many other property details, which might maximize their deal winnings.
CRE tech platforms like Reonomy provide specific property details like physical characteristics of buildings, holding periods, portfolio information, and much more.
What’s in it for you, as an investor? You can now tailor your pitch according to the details you have received from the platform and thus increase your chances of winning a good deal.
For example: let’s say you are hunting for a multi-family property investment and finding a property that fits your bill. When you dig in more, you also understand that this property owner has recently closed sales of two other multi-family properties, and the apartment building you are interested in has not been sold for a decade.
As a smart investor, you can now tailor your pitch and make a compelling deal directly to the property owner, who will entice him to make you a good offer on the property. These are some of the hidden benefits of CRE technology, like reonomy.
Thus, you can safely say that the new technology is ushering in a new era of deal-making, and this is here to stay for many years to come.