
Anthony Romano | CREtelligent CEO
03/28/2023 | Real estate agents collect a myriad of information to help their clients move smoothly through a transaction. From sales comparables and property information to traffic and neighborhood statistics, the more insights agents provide their clients, the more value they add.
The ability to sniff out anything that could delay a transaction – at least from a property perspective – is critical. However, on most transactions, it is not until later in the game – during loan or deal underwriting – that detailed building inspections, environmental due diligence, flood exposure, and other risks get looked at closely. If you’re a real estate agent, you’ve likely experienced delays in a deal as due diligence caught up with credit and loan approval.
Would knowing earlier in the process help?
When due diligence starts late in the process, it can slow deals down and delay closings. If issues are discovered, it can derail the transaction altogether.
Full due diligence, like appraisals, property inspections, and environmental assessments, can take weeks to complete. These are all prudent means of analyzing property conditions and are almost always required by a lender. As expected, the buyer only wants to pay for due diligence if the deal has a 100% chance of closing.
So how can you anticipate issues if due diligence is delivered late in the game?
CREtelligent has developed the solution with its Early Insights instant property report. Accessing the most reliable and accurate data sets, the report provides the property insights that are most important to you and your clients. And it is highly cost-effective. With it, you get insights into several key categories: building conditions, environmental, valuation, climate, and crime statistics.
Early Insights is ideal for early-stage acquisition or disposition to help determine the appropriate level of due diligence a property will require. With it, you move through a transaction more smoothly and more informed.
Lev Capital, an NYC-based CRE Broker, uses the early insights. “We like to go into a deal with our eyes wide open,” said Daniel Greenblum. “The early insights screen helps us get an initial look at potential concerns. In a CRE transaction, the devil is in the details, and sniffing out anything that may derail or delay a transaction is key.”
Summary: Know Before You Go!
Traditionally, formal property due diligence begins late in the process, during loan or transaction underwriting, after a buyer or seller and their agent have spent considerable energy on the deal. Know before you go! Identifying potential areas of concern early in a transaction and preparing for them can make the difference between a closed or delayed deal.
Recent advancements in data aggregation, machine learning, and AI have made it possible to get instant insights into commercial properties. The Early Insights report is cost-effective and helps real estate agents and their clients anticipate and prepare better for downstream due diligence requirements.
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About CREtelligent.com. Commercial Real Estate Due Diligence. Simplified.
CREtelligent opened its doors more than six years ago as eScreenLogic, a Commercial Real Estate (CRE) environmental due diligence firm focused on desktop RSRA, Phase I, and Phase II site assessments and reporting for commercial lenders, insurance companies, and brokers. The company has grown quickly and market demand for a “one-stop” CRE due diligence platform that offers more than environmental expertise for lenders and corporate entities has become clear. As a result, we’ve expanded to offer not only our full-service Environmental reporting but Valuation, Flood, Full Portfolio Asset Risk Monitoring and a number of other “Platform-as-a-Service” offerings too.
Commercial Real Estate Due Diligence, Simplified isn’t just a tagline, it’s become our product development mantra.
We are building the tools that you need to face the new markets we all find ourselves in today. This unique innovation-based approach enables our clients to make fast, accurate, and intelligent commercial real estate transaction decisions faster and simpler than ever before.
Media Contact: Chris Barry | Executive Vice President | c.barry@cretelligent.com