Interest Strong among Established Client Base and New Potential Sales Partners
NEW YORK, Feb. 20, 2018 (GLOBE NEWSWIRE) — Reis, Inc. (NASDAQ:REIS) (“Reis” or the “Company”), a leading provider of commercial real estate market information and analytical tools, today revealed the Company’s initial successes in selling its recently launched Application Programming Interface, or “API,” which delivers Reis data and analytics directly into clients’ transaction-related documents and research platforms. The API and the efficiencies that it enables constitute a competitive differentiator for the Company.
Established technology companies and start-up Fintechs serving the commercial real estate market may now license the Reis API in order to include Reis data in their platforms — but only in the service of clients that also subscribe directly to Reis, a provision that effectively transforms these firms into supplemental Reis sales channels. “There is significant potential upside in striking API integration partnerships with commercial real estate data firms and Fintechs that are then motivated to bring new clients to Reis,” said Reis’s President and COO, Bill Sander, “as evidenced by the success of our first such deal, which, in addition to the baseline subscription, has brought us four additional subscribing firms so far.”
The Company is experiencing a high level of interest from established technology and start-up Fintech firms interested in similar data integration partnerships that, like the inaugural one, are likely to bring Reis incremental business from verticals historically beyond the Company’s sales footprint. These potential integration partners would use the Reis API to help bring efficiencies to the commercial real estate market through technological advances in cloud-based valuation, holistic sales brokerage support, crowdfunding, portal access to deal flow support, and sector-specific site selection, among other related categories. In all use cases, the multiple value propositions of the API are magnified by Reis’s announcement last week that it now covers all commercial real estate properties in the nation — “Every Property, Everywhere” — regardless of location and use type.
In addition to opening up new sales avenues and vertical markets for Reis, the API also appeals to Reis’s traditional client base of financial institutions. “Among our established client base, the API is a factor in virtually all ongoing renewal discussions,” said Mr. Sander, “with one major bank already subscribing and others likely soon to do so.” Reis’s institutional subscribers that opt for API access to the Company’s data and analytics will immediately realize a return on investment as their employees reclaim time now spent manually downloading reports and re-keying specific data points.
The API creates both a reason to subscribe to Reis and a disincentive to switching to another data source. “Once any firm, whether a traditional Reis client or otherwise, makes the technical investment to weave Reis data directly into its internal processes, the marriage of back-end systems and the resulting advantages to the subscriber increase the likelihood of renewal,” said Mr. Sander.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to Reis’s or management’s outlook or expectations for Reis’s business, operations or performance. Forward-looking statements reflect management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Please refer to Reis’s annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of various risks that could cause results to differ materially.
Reis provides commercial real estate market information and analytical tools to real estate professionals through its Reis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietary database containing detailed information on commercial properties in metropolitan markets and neighborhoods throughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing, student housing and affordable housing properties, and is used by real estate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.
The Company’s product portfolio features: Reis SE, its flagship delivery platform aimed at larger and mid-sized enterprises; ReisReports, aimed at prosumers and smaller enterprises; and Reis Portfolio CRE, and other portfolio support products and services, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions. It is through these products that Reis provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations. Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings and property valuation estimates. Reis’s products are designed to meet the demand for timely and accurate information to support the decision-making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.
For more information regarding Reis’s products and services, visit www.reis.com and www.reisreports.com.
Press/Investor Relations Contact:
Mark P. Cantaluppi
Vice President, Chief Financial Officer
Reis Sales Contact:
Michael J. Richardson
Executive Vice President, Sales and Marketing
Source: Reis, Inc