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CIOReview Recognizes redIQ as Most Promising Tech Startup
redIQ Recognized for Transforming the Way that Real Estate Deals are Done
CIOReview has recognized redIQ as one of 2019’s Most Promising Tech Startups in its annual ranking, published in the magazine’s May 2019 edition. The annual list recognizes the most innovative startups, whose efforts are transforming their industries and raising the bar for what consumers and other businesses can expect from technology companies.
redIQ was founded in 2012 under the name ResiModel, designed to offer a robust proforma underwriting model. Since rebranding as redIQ in 2016 the company has grown into a comprehensive multifamily underwriting platform that allows users to take a deal from initial processing to final underwriting in as little as 30 minutes. Three hundred of the top acquisitions teams, brokerage companies, and lenders active in the multifamily space use redIQ, and our users processed 100,000 rent rolls and 50,000 deals using the system last year. This award comes at a pivotal time for redIQ as the company continues to expand its sales, engineering, and marketing teams in new a newly refurbished Midtown Manhattan office.
The real estate industry is notoriously slow to adopt new technology. That behavior is changing, and firms are increasingly turning to software solutions to woo clients and to gain a competitive edge using their proprietary data. Major industry players such as CBRE have developed technology divisions dedicated to creating and implementing new solutions. redIQ’s success is in part due to the fact that the system simplifies tedious daily tasks for multifamily professionals.
“What led to redIQ taking off was a feature we built in our solution to process a rent roll,” said Luke Behrmann, redIQ’s vice president of product management. The rent roll and operating statement converter that redIQ now offers transforms a user’s static financial documents into a flexible, standardized output, where the platform then offers deep insights and analytics. Sensing a greater need in the marketplace, redIQ developed a powerful, Excel-based underwriting model that syncs directly with the data uploaded into the platform and provides its own rich set of features like ROI calculation, cap rate sensitivity assessments, value-add analysis, and more.
redIQ’s rapid growth has been the result of hard work, good fortune, and a dedicated, loyal client base. Of those three, the hard work is the part that we can control, and as we continue to scale, our dedication to providing the solutions that meet the needs of the marketplace needs to scale along with it. We have some exciting projects in the works that we are confident will demonstrate that we are up to the task.
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Read CIOReview’s article recognizing redIQ as a top tech startup, click here.