Sponsored by Reonomy
The industry is abuzz with Opportunity Zones. Established in 2017, the government program encourages development in low-income and under-developed areas throughout the nation providing benefits for communities and real estate professionals alike. While neighborhoods will value from job creation and economic growth, investors and developers are promised notable tax breaks over the next decade.
Interest is piqued, but the industry remains fuzzy on the specifics; how, exactly, can professionals efficiently locate and analyze these assets for investment? Reonomy, the industry’s largest off-market commercial real estate platform, allows users to streamline their Opportunity Zone property pursuit.
The Value of Off-Market Data
Opportunity Zones wait for no one. Despite tax incentives being stretched over a 10-year span, those who invest in the first year will see the best returns. In turn, demand for these incentivized assets has suddenly increased, while supply across the 8,700 different areas remains static, making the property pool much more competitive.
Accessing the entire supply of national commercial real estate expands an investor’s potential selection in each Opportunity Zone. On-market properties listed as “for sale” create a small proportion of all national assets—which is why access to off-market property data opens the door to a realm of possibility. A database of the country’s entire asset stock can broaden an investor’s scope of property options, enabling them to identify potential opportunities.
While the breadth of data is helpful to real estate professionals searching for properties in Opportunity Zones, depth of off-market data is equally essential. Rich, granular data allows investors and developers to perform more targeted searches and dive deeper into property details, empowering them to make smarter decisions about their future investment. Accurate ownership records, LLC titles, and contact information enable them to reach out before the competition does to conduct stronger, more flexible deals.
Endless Opportunity (Zones) with Reonomy
To simplify the Opportunity Zone search, Reonomy, a commercial real estate data platform, leverages powerful search features to provide an enriched user-experience. Backed by a data trove, the platform lets users perform highly-targeted searches to quickly find off-market properties within these geographies, then explore individual asset details to make better decisions.
Of the 54 million different properties and land parcels available in the Reonomy platform, nearly 6.8 million are located within Opportunity Zones. Reonomy's new Oppportunity Zone feature streamlines the prospecting process, allowing users to find target assets in specific Opportunity Zones and census tracts with the click of the button. Users can further refine their searches with various filters, such as physical building characteristics, like parcel location, asset type, and lot size, or with more comprehensive data, such as sales records, debt history, and ownership information. These dynamic search capabilities eliminate tedious sourcing roadblocks and give users a tool to better navigate an increasingly complex commercial real estate landscape.
Successful prospecting strategies are contingent on the accuracy and availability of ownership information. Reonomy users can retrieve these details in seconds. Each property in the platform allows investors to go beyond the LLC to uncover the true owner and their contact information. From there, users can negotiate directly with owners and ultimately unlock ‘deal making’ in Opportunity Zones. This eradicates hours spent digging through physical property records and county files, giving users time back in their day to nail their pitch. It also allows investors and developers to surpass competition and create stronger off-market deals before others do.
As more real estate professionals invest in Opportunity Zones, the need for comprehensive off-market data will continue to grow. Consider technology in streamlining your property search for a simpler, savvier experience.
To learn more about Reonomy and try the platform for free, click here.