LOS ANGELES—Xceligent, the GlobeSt.com Thought Leader whose national roll-out we’ve been tracking in such locales as Florida, North Carolina and Texas, is about to release their office and retail datasets in the Los Angeles basin.
According to senior director of client services and sales Michael Foxworthy, the firm, which recently unveiled its industrial data for Los Angeles, Orange and Ventura counties and the Inland Empire, along with the 200 dedicated advisory board members needed to support that effort, will kick off the next wave with the office sector. After that, the plan is to repeat the process for the retail segment.
“From a data collection standpoint we are approximately 60 days from launching the office segment of our database,” Foxworthy tells GlobeSt.com. “Retail will be another 60 days out from there.”
At this point in the process, the drives—the visual confirmation of properties and contacts Xceligent performs at the start of its rollouts—is completed and the Xceligent staff is now going through the painstaking process of creating data plans to collect listing information with each firm in the market, and then certifying the information once collected and entered into the database. The final step is the selection of the advisory board members—Foxworthy projects a whopping 200 members for office alone—and their scrubbing of the accumulated data each quarter.
“The painstaking practice of initiating the numerous checks and balances in the data collection process is what sets us apart from our competition,” says Foxworthy.
When asked about the size of the boards, Foxworthy explained that the teams are generally made up of 16 to 22 of the top locally based brokers per location. These are dedicated office brokers, he explains. There is another team of 200 brokers for the newly launched industrial segment.
GlobeSt.com has tracked the association partnerships that Xceligent has racked up in recent months, on a national basis with CCIM and on a more local scale in North Carolina. Much the same dynamic occurred here with the AIR Commercial Real Estate Association. In the past Xceligent was the technology platform before signing a strategic partnership between the two entities. AIR and Xceligent will be tracking nearly all the inventory from Ventura to Oceanside out through the Inland Empire. This relationship between Xceligent and AIR provides a nucleus to build on while providing the group’s membership with the company’s “vetted and transparent data,” says Foxworthy, who joined Xceligent last year after a nine-year stint at DAUM Commercial Real Estate. The years-long relationship with AIR was formalized earlier this year. “Xceligent stepped in and drove the entire market—meaning we studied the entire 3.65-billion-square-foot SoCal market.”
No matter if the conversation is about industrial, office or retail, Foxworthy states that “we’ve created a better mousetrap.” The mousetrap to which he refers is found primarily in the difference made by Xceligent’s focus on data quality through advisory boards, its data-collection process and broker-centric approach. “There are checks and balances we have in place. The top brokers in each of those markets, representing 80% of the area’s transactional volume, go through all of our analytics and essentially verify or correct everything. The guys who control 80% of the transactions in the marketplace all verify our accuracy, allowing us to push this highly valuable information out with an enormous amount of certainty.”