redIQ: Analyzing and Transacting Real Estate Deals, Simplified!

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.