How Crexi leveraged hyper-accurate property owner data to create a faster entity resolution process.
“We want to supplement your work and make you superhuman so you can do things in seconds not hours. That’s where BatchData comes in. What used to take our users 30 minutes now takes them 30 seconds.“
Chris Finck, Crexi Director of Product Management
Crexi is a real estate lead generation and research platform with more than two million active monthly users and 500,000 commercial listings. Commercial real estate investors use Crexi’s property intelligence to fuel revenue-driving business decisions by making investment opportunities easy to find and evaluate.
Using Crexi to find and evaluate off-market opportunities was easy, but because most commercial real estate is owned by LLCs, S-corps, and holding companies, engaging with the actual owners was a difficult task.
To see behind the corporate veil, investors had to use state websites to identify property owners. The Crexi team estimated that this process takes investors 30-40 minutes per record, which turns prospecting into a slog and decreases the number of opportunities investors can capitalize on.
The Crexi team recognized that they could streamline this process by providing detailed ownership information alongside property data. So they decided to find a data provider that could supply the information they needed.
Crexi compiled a randomized sample of property records from their database and worked with more than 20 providers to determine which one had the best ownership data.
Crexi evaluated the results based on three categories: accuracy, coverage, and completeness. Most vendors lacked the coverage that Crexi needed to maintain users’ trust, only returning relevant records around 20% of the time. However, BatchData blew past the accuracy, coverage, and completeness standards Crexi had set, providing right-party contact information rates nearly three times greater than the industry average.
Finally, Crexi took advantage of BatchData’s flexible pay-as-you-go model to ensure its users were receiving the data they needed. During the evaluation phase, users reported that the data was accurate and helpful, so Crexi moved forward with BatchData as its property ownership data provider.
By leveraging true property owner data, the Crexi team has introduced instant entity resolution and eliminated the most cumbersome part of generating CRE leads. Complementing property data with right-party contact information empowers Crexi users to identify and pursue opportunities from a single platform.