NEW YORK, March 28, 2012 (GLOBE NEWSWIRE) -- Reis, Inc. (Nasdaq:REIS) ("Reis" or the "Company"), a leading provider of commercial real estate market information and analytical tools, today announced a strategic marketing partnership with the Appraisal Institute, a global membership association of professional real estate appraisers. The Appraisal Institute will promote Reis's small business product, ReisReports (www.reisreports.com), to its 23,000 members. The two organizations will also jointly conduct educational webinars for Appraisal Institute members.
According to Aziz Akin, Vice President of Business Development for Reis, "We see these strategic partnerships as great ways to extend our reach to potential new customers and are presently exploring similar relationships with other leading organizations serving adjacent markets. This partnership drives awareness of Reis's products and services with a new audience of tens of thousands of potential users, generating new revenue opportunities while also creating a growth path to our higher-value institutional product line, Reis SE."
Sara W. Stephens, MAI, president of the Appraisal Institute, said, "The Appraisal Institute is dedicated to providing its members with significant benefits and discounts and is focused on creating greater value in its membership. The ReisReports benefit does this by providing superior quality research at an affordable price."
Through its partnership with Reis, the Appraisal Institute will make available to its members data which has long served as the authoritative source for large commercial lenders and other financial institutions, but packaged and priced in a way to make it more accessible to the small business user.
ReisReports provides rent, sales and construction comparable reports for 200 metropolitan areas across the United States. These reports cover multiple commercial property types, including apartment buildings, office buildings and retail shopping centers. The service also includes quarterly trend analyses, reporting on rent, vacancy and inventory across those metro areas and their submarkets.
The agreement formalizes a natural affinity between ReisReports and the nation's appraisers. "Already we have seen rapid adoption among appraisers," said Akin. "Being able to support their analysis with the gold standard of research provides added credibility to their appraisals; and with comprehensive, accurate data at their fingertips, appraisers can expand their geographical coverage, enabling them to attract new business, and complete appraisals sooner and more cost effectively."
About Reis
The Company's primary business is providing commercial real estate market information and analytical tools for its subscribers, 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 and flex/research & development 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.
Reis, through its flagship institutional product, Reis SE, and through its new small business product, ReisReports, 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 evaluations. Depending on the product, users have access to trend and forecast analysis 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, and equity investors. 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.
The Reis, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7042
About the Appraisal Institute
The Appraisal Institute is a global membership association of professional real estate appraisers, with nearly 23,000 members in nearly 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. Learn more at www.appraisalinstitute.org.
The Appraisal Institute logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12194
