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