To underscore a shift in direction that has resulted in a rapid penetration of the U.S. multifamily market, the platform for capturing, processing and analyzing multifamily transactional data has changed its name from ResiModel to redIQ.
As part of this rebranding effort, the company has launched a new company website, and introduced an updated corporate identity.
According to redIQ CEO Elliot Vermes, the new moniker — an acronym for “Real Estate Data Intelligence” — better reflects the firm’s overarching goal of facilitating data flow across all parties involved in multifamily transactions, including brokers, buyers, loan originators and servicers, and appraisers.
With its expanded mission, redIQ will build upon the successes of its predecessor firm, which achieved significant market penetration through a suite of service offerings that included a cash flow projection model as well as data standardization and analysis tools.
“We thought it was important to adopt the ‘redIQ’ name because it more effectively communicates the services we provide to the commercial real estate industry as well as the sophisticated features we will roll out in the coming months,” Vermes said.
“In our previous iteration, we provided investors and brokers with a robust financial model that helped our users generate cash flow projections that reflected the property’s expected revenue and expenses. But in the process of providing these services, we realized that the real opportunity was to provide professionals with a way of transforming all of the data that they typically receive in disparate PDF and Excel property management reports into actionable intelligence.”
Added Vermes: “Through the groundbreaking data capture and processing system that we have developed, our clients have already uploaded and normalized rent rolls for nearly 6,000 properties across the country. In addition to the many leading multifamily investors and brokers, we are now adding prominent appraisers and lenders to our client base.”
redIQ is preparing to roll out platform upgrades, creating a central hub for different parties involved in multifamily transactions.
