Breaking the Data Monopoly: How Realie is Disrupting the Property Data Industry

Intro

In the dynamic world of real estate technology, access to accurate and comprehensive property data is paramount. Traditionally, many companies have relied on established data aggregators like CoreLogic to obtain this information. However, emerging platforms like Realie are revolutionizing the landscape by leveraging artificial intelligence to collect and provide property data more efficiently and affordably.

The Traditional Data Model: CoreLogic's Dominance

CoreLogic has long been a dominant player in the property data industry, offering extensive datasets covering property ownership, tax assessments, mortgage information, and more. Their data is utilized by various stakeholders, including real estate professionals, financial institutions, and government agencies. However, this dominance has not been without controversy.

In 2014, CoreLogic acquired DataQuick Information Systems, a move that raised antitrust concerns due to the potential reduction in competition within the national assessor and recorder bulk data market. To address these concerns, the Federal Trade Commission (FTC) mandated that CoreLogic provide certain datasets to RealtyTrac (now ATTOM Data Solutions) to maintain market competition. However, in 2018, the FTC found that CoreLogic had not fully complied with this agreement, leading to an extension of the data-sharing requirement until at least 2022. Read the full article from HousingWire.

The Cost Implications for Data Consumers

Companies like ATTOM Data Solutions, which rely on data from aggregators like CoreLogic, often face significant licensing fees. These costs can be substantial and are typically passed on to end-users, resulting in higher prices for access to property data. For startups, small businesses, or individual professionals, these expenses can be prohibitive, limiting access to crucial information needed for informed decision-making.

Realie's Innovative Approach: AI-Powered Data Collection

Recognizing the limitations of traditional data sourcing methods, Realie has adopted a novel approach by directly collecting property data from public sources using AI agents. This strategy eliminates the need for intermediaries, reducing overhead costs and enabling Realie to offer more affordable data solutions.

Realie's AI-powered platform aggregates data from local municipalities and public records, covering over 180 million parcels across the United States. The platform provides more than 100 data fields per property, including ownership details, tax assessments, zoning information, and more. By automating the data collection process, Realie ensures that the information is constantly updated and readily accessible through a low-latency API.

The Benefits of Realie's Model

• Cost-Effectiveness: By bypassing traditional data aggregators, Realie can offer competitive pricing, making property data more accessible to a broader audience.

• Up-to-Date Information: Realie's AI agents continuously gather and update data, ensuring users have access to the most current property information available.

• Comprehensive Coverage: With data on over 180 million parcels, Realie provides extensive coverage, catering to various needs within the real estate industry.

• User-Friendly Access: The platform's low-latency API allows for seamless integration into existing systems, facilitating easy access to property data for developers and professionals alike.

Conclusion

The real estate data industry is undergoing a transformation, with innovative companies like Realie challenging traditional models by leveraging technology to provide more efficient and affordable solutions. As the demand for accessible and up-to-date property information continues to grow, embracing such innovations will be crucial for professionals seeking to stay ahead in the competitive real estate landscape.