Xceligent. What Happened and How to Replace?

Xceligent was a Real Estate data firm that provided commercial real estate information such as building data, listing information and true owner contact info. It had coverage across the U.S. with focus in tertiary markets.

On December 14th, 2017 Xceligent abruptly filed for Chapter 7 Bankruptcy and closed immediately. The sudden closure left many existing customers confused and without a commercial real estate data provider. With the growing reliance on data in CRE, many have been scrambling to find new replacements. In the following article, we clarify what happened and help guide some useful alternatives including Reonomy.

While the closure of Xceligent was sudden, the company had experienced numerous set backs in the preceding twelve months.

Xceligent had several products in-market that covered a range of features/uses. We’ve included some of the more popular features and their replacements.

Sales Comparables are used by CRE professionals to help estimate the current value of a property under consideration. They are generated by looking at recently sold properties that have similar data points. Data points include locality, building size, property type and year built.

Reonomy has coverage of 47 million commercial assets nationwide and allows you to run sales comparables on each of these properties. The image below displays a sales comps search on the property at 124 Seigel St. That search resulted in three comparable properties with an attributed relevance score for each.

Other alternative tools for sourcing comps include Compstak, Loopnet and Reis.

Another feature of Xceligent was the ability to list properties through their platform. Their listing service integrated with a number of parties, allowing listings to be displayed on a broker’s website.

The most popular listing integration was with commercialsearch.com. Commercial Search was owned by Xceligent and has also since shut down.

To replace this feature of Xceligent, look no further than Reonomy. For starters, Reonomy covers 47 million properties nationwide. This is the most extensive database of commercial properties nationwide, covering 99% of all assets. This is also significantly more than Xceligent’s coverage.

Finally, a popular feature of Xceligent was the ability to find the true owner and their contact details beyond the owning entity. This is useful for any CRE professional involved in off-market real estate, as they need to make contact with the owner to progress an off-market deal (because of the absence of a broker/contact listing information).

There is a range of ways to find the owner of the owning entity. The issue with choosing tools here is one of time. Many alternatives are time heavy as they do not give all the information in one location. For example, many people search the local county public records to find the name of the person behind the LLC. Following this, another step would be required to find the contact information of that individual. To complete this step software tools like TLO can be leveraged.

Again, Reonomy is an easy replacement for this — we consider ownership information our bread and butter. As described above, we go beyond the LLC that owns that property. We provide the people associated with that owning entity and when available; phone numbers, mailing addresses, and emails.

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