redIQ: Analyzing and Transacting Real Estate Deals, Simplified!

Follow redIQ on :

Luke Behrmann, Vice President, Product Management
An identifiable issue that professionals from the realty industry have is the time taken to complete the processes involved in closing a deal. Before meeting a screening committee, or underwriting a contract for a property, the buyer and the seller discuss terms, and this is where the issues persist. While the points of dialogue generally occur around the fundamentals of a deal, at times the conversation deviates, and issues with a person’s approach and assessment of a deal begin to materialize. The founders of ResiModel, a precursor to redIQ, seeking to solve these issues began to develop a platform for this problem specifically for executives in the property deal space. The idea was to create a platform that helps ease the pressure during negotiations between all parties involved in the property offer. The offering though successful, did not take-off, and as a result, the team went back to research the possibilities to enhance the valuation process further. They began to look at the data that goes into an underwriting model, and shift their focus to real estate data intelligence, an impetus that put redIQ on the chart forever.

“What led to redIQ taking-off was a feature we built in our solution to process a rent roll—a summary of the tenancy that you have in a multi-family housing property,” says Luke Behrmann, VP of Product Management, redIQ. The core platform, “dataIQ,” processes collected data and standardizes it to inform users of the intricate details within a contract, and this helps them save time while underwriting an agreement. It encapsulates the information and provides an outline of the lease terms, any additional charges the tenants may incur, the size of the rental property, and so on. Besides dataIQ, the company leverages an add-on, “valuationIQ,” that clients can choose to further leverage and counter the issues they have while evaluating a property deal.
The additional accompaniment can take institutionalized information and put it into an Excel-based discounted cash flow model to allow consumers to assess the intrinsic value of a property.


What led to redIQ taking-off was a feature we built in our solution to process a rent roll

To stay ahead of competition, redIQ employs a marketing strategy that focuses on being customer friendly. Any new features added to redIQ’s platforms are based on the feedback from clients. One user of the solution met Behrmann at a conference in Orlando. “The client was so content with our application, they abstained from sharing it with anyone else,” reveals Behrmann. By using redIQ’s solution the customer was able to double assets under their control without having to add any new real estate data analysts to their team. It helped them save much time and generate higher revenue through their deal processes.

With more than 300 clients currently leveraging their services in the real estate arena, redIQ continues to grow. Presently, the team at the firm is in the process of upgrading its underlying platform and its core technology to be compliant with the latest issues in the underwriting process. Since relationships play a critical role in real estate deals, they are planning to add a feature that allows for better correspondence amongst the personnel beginning and concluding these agreements. The updates of the platform will be rolled out prematurely to a limited number of users to gain an understanding of its new functionality structure. “We plan to really drive an aggressive feedback loop around this re-envisioned platform to take redIQ to the next level, and further streamline the deal process,” concludes Behrmann.

Company
redIQ

Headquarters
New York, NY

Management
Luke Behrmann, Vice President, Product Management , Ben Beggs, Vice President, Sales & Marketing, Michael Hallman, Director of Marketing

Description
redIQ has transformed the way multifamily real estate transactions are analyzed and completed. Our platform automatically extracts detailed data from PDF or Excel rent rolls and operating statements in seconds and offers a sophisticated underwriting model. Whether using the system for cursory analysis or a full underwriting, multifamily owners, brokers, and lenders can execute more deals with greater speed and accuracy when powered by redIQ

RedIQ