Reis, Inc. Expands Coverage to All Commercial Properties Nationwide

February 07 14:14 2018 Print This Article

NEW YORK, Feb. 08, 2018 (GLOBE NEWSWIRE) — Reis, Inc. (NASDAQ:REIS) (“Reis” or the “Company”), long a leading provider of commercial real estate market information and analytical tools for properties within the largest 275 U.S. metropolitan areas, today announced the expansion of coverage to include every commercially zoned structure and land parcel in the nation, regardless of location, size, or use type. The announcement comes in advance of the Mortgage Bankers Association’s CREF/Multifamily Housing Convention & Expo, which more than 2,500 commercial real estate professionals are scheduled to attend next week in San Diego.  Conferees may visit Reis at booth 317 to view the associated product enhancements.

The culmination of a multi-year investment initiative that began in 2014, Reis’s “Every Property, Everywhere” achievement marries licensed public assessor records with the Company’s nearly 40-year time series of intelligence at the property and market levels, achieving enriched property information that is more comprehensive than what the competition can provide.   Commercial real estate professionals may now turn to Reis for superior intelligence on any property in the nation.

The expansion of coverage beyond Reis’s traditional geographies and property types affords Reis the opportunity to sell to new user groups within current client firms, and to accelerate sales among tens of thousands of prospect firms that operate at least in part beyond the Company’s traditional coverage, resulting in a multi-million dollar revenue opportunity that we have just begun to exploit.  This achievement was only possible thanks to the measured step up in investments in our database in recent years.

“Reis’s longstanding focus on investment grade properties within major metros and submarkets has made us the perennial preferred source of market intelligence at the nation’s largest financial institutions,” said Lloyd Lynford, Reis’s Chief Executive Officer.  “Recognizing significant revenue opportunity beyond our established client base, in 2014 we initiated a three-stage development effort towards including in our suite of products every commercial property.  In 2016, we expanded our Sales Comparables database to include all geographies, property types, and transactions. In 2017 we added all commercial land sales.  Both accomplishments helped to accelerate our capture of revenue from investment sales brokerages, tax appeal professionals, and other commercial real estate professionals operating on the front lines of deal flow, which is evident in our improving financial performance over the course of 2017.  Today’s release of ‘Every Property, Everywhere,’ represents the fulfillment of our expansion goals, and positions our sales force for even greater success.”

Reis will enrich newly added property records by overlaying Reis’s market trends and forecasts, and incorporating additional property details as they are gathered by the Company’s research team.  “This launch is at once a milestone and a beginning,” said Mr. Lynford. 

Over the coming months, Reis’s sales and marketing teams will exploit the advantages of “Every Property, Everywhere” along with other longstanding features of the Company’s product offering, such as Property Comparables, Metro and Submarket reports, Transaction and Market Analytics, Narrative Suite, Valuation tools, and the ability to deliver all of this directly into clients’ systems via Reis’s Application Programming Interface (“API”).

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to Reis’s or management’s outlook or expectations for Reis’s business, operations or performance. Forward-looking statements reflect management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Please refer to Reis’s annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of various risks that could cause results to differ materially. 

About Reis

Reis provides commercial real estate market information and analytical tools to real estate professionals through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing, student housing and affordable housing properties, and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.

The Company’s product portfolio features: Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises; ReisReports, aimed at prosumers and smaller enterprises; and Reis Portfolio CRE, and other portfolio support products and services, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions. It is through these products that Reis provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations. Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis’s products are designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers.  These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.

For more information regarding Reis’s products and services, visit www.reis.com and www.reisreports.com.

       
Press/Investor Relations Contact:    Mark P. Cantaluppi
    Reis, Inc.
    Vice President, Chief Financial Officer
    (212) 921-1122
     
    Ian Corydon
    Hayden IR
    [email protected] 
    (310) 571-9988
     
Reis Sales Contact:   Michael J. Richardson
    Reis, Inc.
    Executive Vice President, Sales and Marketing 
    (212) 921-1122
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Jonathan Yaniv
Jonathan Yaniv

Jonathan is the founder and editor-in-chief of TrustedNerd.com. Covering major tech shows such as CES, Jonathan is always there for the latest tech news. Want your gadget to be reviewed or have a release you’d like to be considered for publishing? Send Jonathan an email, jonathan [at] trustednerd.com

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