RealNex, a proptech firm with an integrated product for commercial real estate property research, business development, marketing, and transaction, is announcing today a national database to provide extensive property information. The data is supposed to connect with and populate the rest of the company's system.
Called RX Data, the information is on land and buildings, ownership, debt, tenants, and transaction histories. Users can access the data on a national or local level, segmented by property size and type.
The company claims that its RealNex Navigator product allows users to "maintain all their property, market and client information to generate business and manage deals." A transaction manager and virtual deal rooms allow discussions among parties.
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"As part of the RX Data service, RealNex has added a capability to help clients scrub and maintain their existing data as well as import data from a host of third-party services, linking common ownership, eliminating duplicates, standardizing addresses, normalizing naming conventions and even geocoding," the company says. "Data is then put to effective use within the new custom configuration of RealNex NavigatorPRO which includes industry 'Best Practices' for prospecting and business development, as well as predictive analytics for targeted lead generation."
The company says that its research algorithm can identify most likely active sellers, buyers, and tenants.
RealNex Navigator is an example of what is called the integrated versus best-of-breed product approach. An old tech theme, an integrated platform claims to offer the greatest convenience and efficiency. In theory, because all the parts have been designed under a common architecture and approach, there should be no trouble with having to separately provide for data and use integration.
The best-of-breed advantage is the assumption that more limited offerings from companies that specialize in doing one thing can probably provide more sophisticated expertise and capabilities.
Which companies adopt is very much a personal decision. Sometimes the best-of-breed approach is the best choice because a company has specialized needs and require the deeper levels of knowledge. For other firms, the amount of work to fully integrate software from multiple companies is beyond their set of in-house skills and levels of patience.
As with all data services, it's best to try and verify the quality and accuracy of what is provided to ensure that what will populate the system is correct.
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