14 Aug 6 Hurdles to Building a Property Owner List (And How to Leap Them)
This post originally appeared on Marketplace Advertiser, Reonomy and is republished with permission. Find out how to syndicate your content with theBrokerList.
A property owner list is an incredibly useful resource that can determine the quality of prospects, and therefore the quality of business you bring in on a regular basis.
The problem is that, until very recently, it has remained a time-consuming and difficult process to get right.
In this article, we’ll take a look at the main hurdles that you may experience when building a targeted list of property owners, and how you can swiftly leap over those hurdles with ease using technology.
Property Owner List
There are a great variety of professional types that build property owner lists. Brokers, roofers, appraisers, insurance providers, and lender originators, for example, all rely heavily on finding and contacting property owner leads.
The thing is, they’re all seeking a different set of characteristics of an owner or portfolio, and will therefore go about building their owner list in different ways, using different resources.
Because of that, the best practices of how to build a list of property owners have remained a bit amorphous.
The one consistency, however, has always been that, regardless of the type of owner you’re looking for, the hurdles you run into when building a list are largely the same.
The typical hurdles to building a property owner list:
- The time-intensiveness of identifying target properties (in bulk).
- A lack of real, accurate property ownership details.
- Limited access to owner contact information.
- Difficulty exporting lists.
- The need for multiple data sources.
- The lack of scalability.
As more and more CRE data aggregators arise, these processes are becoming a little more consistent across the board, and a little more standardized.
Below, we’ll be taking a look at each of the aforementioned hurdles. We’ll discuss the problems that arise with each hurdle, then provide you with some tips and tools to help you leap clean over them.
Leaping Over the Hurdles of Building a Property Owner List
A property owner list that’s filled with hyper-targeted individuals can be the difference between you finding adequate success, and you being an industry leader in your market.
The tools and tips mentioned below can serve as the fresh pair of shoes propelling you up and over every hurdle with consistent ease, always helping you lead the pack and outrun the competition.
1. The time-intensiveness of identifying target properties (in bulk).
The problem: Whether you’re looking for an owner you’re already familiar with or are seeking brand new opportunities, you’ll have to run a property search.
Without the right resources in place, identifying the right properties can take a lot of time on its own.
Many property databases are not searchable. Many others are searchable, but offer well-below average user experiences.
The other option is to visit the county clerk’s office in-person—an option that is becoming increasingly unnecessary by the day.
Because of all of this, CRE professionals rely heavily on their established relationships and market stature to find new opportunities.
Solution #1: First up, let’s look at Reonomy OffMarket.
With Reonomy OffMarket, you can search any commercial property type in any market nationwide, using a number of different physical and financial filters.
Search for properties by:
You can be looking for a list of multifamily owners, a list of owners in California, or a list of apartment building owners in New York City with a mortgage maturing in the coming year.
Whatever the case may be, Reonomy’s off-market property search will give you an avenue to identify new opportunities in bulk.
Solution #2: Another way to quickly identify target properties is with the help of your local county clerk. And no, we’re not referring to an office visit.
While the days of having to visit the county clerk in-person are (or should be) long gone, in many counties and cities around the country, you can now quickly search public records online.
Searching public records portals for properties will often require you to know an owner name or address. In other cases, you’ll be able to search for specific documents types that were filed in a certain date range, and view them to see the people and property involved.
2. A lack of real, accurate property ownership details.
The problem: Getting some semblance of ownership information is one thing. Finding accurate details of the individual people behind properties and property-owning LLCs is much more difficult.
When seeking out brand new opportunities of any kind, you’ll need to drill into a property’s ownership details from the surface. You can spend tons of time researching property owners only to be left with the name of an LLC, and no one to contact.
Solution #1: Reonomy TrueOwner gives you access to ownership details on commercial properties in a matter of seconds. Then, in just a few more seconds, you can drill further into the LLC itself to see who its affiliated members are.
Solution #2: You can now access public property sales records online to see transaction deeds and documents that will show you the parties involved, and who the most recent buyer was.
Public records may only give you the recorded owner or LLC behind a property, but still serve as an easy way to run a free search on a single property. Consult the websites mentioned above for relevant examples.
3. Limited access to owner contact information.
The problem: So, let’s say you’ve found who the actual owning individuals are behind a property or LLC and now would like to get in contact with them.
To find property owner contact information that is accurate and reliable, you’ll often either have to pay a very high price, or do immense amounts of researching and data scouring. It can eat away at the time you could otherwise spend prepping a more targeted pitch.
The solution: Reonomy TrueOwner also gives you access to accurate contact information tied to property owning LLCs and the people behind them.
Contact information on individuals includes verified phone numbers, email, and mailing addresses.
You can use this tool alongside Reonomy OffMarket or your public records search to find the people behind your most targeted properties and reach out to them with ease. All the while, you can rest assured that you won’t be stopped by gatekeepers, allowing you to build your talking points specifically around property owners.
Let’s look at a real-life example of how you can build a list of property owners using Reonomy. Say you’re looking to build a list of multifamily owners in LA County, California.
You can start your search by adding location and asset type filters for LA County, and for the multifamily properties you’re targeting—that could mean all multifamily, or specifically duplexes, triplexes, student housing, etc.
From there, you can add filters for any additional characteristics you’re looking for in a property—including building and lot characteristics, sales history, and debt history.
In the Building and Lot tab of Reonomy’s search page, there are filters for building size and age, lot size, lot acreage, number of units, zoning, and whether or not the property is within a Qualified Opportunity Zone.
Once you have added the filters that specify the physical layout of your target property, you can begin adding sales and debt filters to identify the intentions (or likely intentions) of property owners.
For example, investors and brokers can add sales filters to see properties that haven’t sold in a long time, and thus are likely to sell or list in the near future.
On the other hand, a mortgage broker or lender could use the filters in the Debt tab to search for properties that have a mortgage maturing in the near future, or that have a loan that originated 5 to 7, or 7 to 10 years prior, and therefore are likely to refinance in the near future.
Once these filters are added, you’ll be given a list of results. To find the ownership details of any property in your list, simply click into its profile page and visit the Ownership tab.
When you have assessed the property owners you’d like to reach out to, you can either label specific properties to export, or export the list in its entirety.
Your exported list will include the ownership details and contact information for each property. This can serve as your targeted list of property owners.
4. Difficulty exporting lists.
The problem: Another hurdle that often arises when building a property owner list is the inability to easily integrate data into your existing systems.
After all, an in-depth property search is great, but loses a lot of value if the information you’ve uncovered cannot be taken elsewhere.
Compiling property and ownership information in the CRE industry can sometimes require you to basically copy and paste data from other sources to then implant into your existing CRM and other management platforms.
The solution: After you’ve found properties, owners, and contact information using Reonomy, you can very easily export your list of prospects as a CSV file, to then take and work into your CRM, owner database, or any other systems already set in place.
You can also have Reonomy’s in-depth property and people data fed directly into your existing systems, or delivered to you in detailed, customized data reports. For more on that, visit our product page.
5. The need for multiple data sources.
The problem: Perhaps the biggest reason why building a property owner list can take so much time is due to the use of multiple data sources.
Different CRE data sources focus on property data, financial data, market data, and so on. The more sources involved in your listing building process, the more time-consuming everything becomes.
Until recently, there had never been an all-in-one source to refer to throughout the process.
The solution: As you may have gleaned throughout the previous sections, Reonomy covers essentially all bases when it comes to building a list of commercial property owners—whether you’re building a list from scratch or compiling contact information of properties and owners you’re already familiar with.
6. The lack of scalability.
The problem: The other issue that lingers when relying on public records and a variety of other one-off services is the lack of scalability.
Public records are reliable in the sense of searching for details on a single property, but don’t allow you to find properties and owners in bulk.
The solution: Reonomy’s property search, contact information unlock, and list export can all be done at scale, whenever you please, in the manner that best suits your needs.
One list can go a very long way in bringing in new business on a repeatable basis.
When it comes to building a list of property owners, your equipment is key. Reonomy is the resource that can take you from high school athlete to world-class olympian.
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