The realization that an “add-on” feature addressed a significant need in the multifamily market inspired ResiModel, a data capture and analysis platform, to shift directions.
“In our previous iteration, we provided investors and brokers with a robust financial model that helped our users generate cash flow projections that reflected the property’s expected revenue and expenses,” remarked CEO Elliot Vermes. “But in the process of providing these services, we realized that the real opportunity was to provide professionals across the industry with a way of transforming all of the data that they typically receive in disparate PDF and Excel property management reports into actionable intelligence.”
To highlight the company’s updated direction, ResiModel has changed its name to redIQ, meaning “Real Estate Data Intelligence.” The updated corporate identity includes a new company website, but continues the initial work of ResiModel plus more updated features reflecting the company’s new purpose.
RedIQ will provide a comprehensive platform for sharing and managing property-operating data with multiple parties. The smart capture system grabs data from PDFs, Excels, and more, eliminating the need for manual data entry. The data is converted into a standardized format matching the company’s internal chart of accounts, making it easy to analyze and identify trends. The service takes disparate data and allows clients to visually analyze data and performance information into a dynamic, consumable format.
The new redIQ service will serve as a central hub for real estate professionals, ranging the spectrum of brokers, investors, appraisers, and property management professionals. A faster turnaround and lower costs helps redIQ users make smarter business decisions while improving their bottom line.
As ResiModel, the company served leaders in the multifamily industry, from brokerages like CBRE and Marcus & Millichap to investors like Berkshire Property Advisors and Starwood. More than 6,000 multifamily transactions have been entered into the platform.
“There are many aspects of real estate that are ripe for technological revolution, and the feedback we’ve received from our clients, who evaluate multifamily properties on a daily basis, is invaluable in terms of assuring that our focus is entirely aligned with the needs of the industry,” Vermes said. “With a name that better reflects our platform’s unique ability to convert numbers into intelligence, redIQ is positioned to tap into the growing demand for technology solutions that empower real estate professionals to make better decisions.”
To visit the new redIQ, visit here.