Residential real estate investing at scale, powered by data-driven insights from CoreLogic®
Haystacks.AI (“Haystacks”) is a data aggregation and intelligence platform for single-family rental property investors to evaluate their portfolios and investigate new areas for investment. A startup in the initial stages of production, Haystacks is aiming to create a true market exchange for single-family rental portfolios.
To do this, Haystacks required nationwide Multiple Listing Services (MLS), property and owner transfer data to power the insights provided on their platform. Uncovering these insights is why
customers subscribe to their platform, so the reliability and accuracy of the data fueling those insights is critical. Haystacks’ goal was to continue to ramp up data sources and provide best-in-class analytics powered by not just fundamentals but by alternative data.
Without a large data science team, Haystacks was finding it challenging to access reliable, accurate data sources with depth of coverage and manage ingesting bulk data. Joseph Lee, Haystacks’ Chief Data Scientist and Co-Founder, approached CoreLogic to see if they could help.
“The breadth and coverage of theJoseph Lee,
data is really the top thing for us
because, while a lot of listings
and tax reports are technically
publicly available, it’s hard for us
to gather it at scale.”
Haystacks.AI Chief Data Scientist
CoreLogic proposed a three-part solution:
- Customize: Evaluate Haystacks’ needs and accommodate them with flexible pricing that takes into consideration the organization’s size and custom use case.
- Simplify: Provide Haystacks with CoreLogic’s best-in-class, nationwide data, sending it directly to Haystacks’ cloud environment. Sending bulk data directly to their cloud environment reduced the resources needed from the client and simplified the data transfer process.
- Save Time: Deliver exceptional customer support to ensure a smooth transition and provide engineering and analytic expertise to expedite Haystacks’ entry into the broader market, saving them valuable time.
Proof of Concept
Initially, Haystacks believed they couldn’t afford CoreLogic’s data and services due to the depth and breadth of the coverage offered. However, they recognized that the valuable data coverage CoreLogic offered would allow them to compete with major players in the industry. So, when Joseph Lee inquired, he and his team were pleasantly surprised to discover that CoreLogic offered flexible pricing options instead of a rigid, one-size-fits-all approach. Joseph expressed appreciation for this context-based flexibility in pricing stating, “It was reassuring to know that there were various options available.”
CoreLogic was able to provide an easy transfer of their bulk MLS data to Haystacks’ cloud environment to help them scale.
“The breadth and coverage of the data is really the top thing for us because, while a lot of listings and tax reports are technically publicly available, it’s hard for us to do it at scale. We started off using scrappy methods to get almost equal quality data or depth, but the coverage was something that CoreLogic was able to provide,” said Joseph.
Once CoreLogic delivered the data, their customer support team went to work. Joseph said, “The ability to have your team provide quality assurance along with us was very impactful for getting the data into our system easily and efficiently. From an engineering sense, your support has been great.”
The regular check-ins from CoreLogic’s client success team allowed any concerns to be quickly addressed and also supported the timely resolution of any unexpected issues.
“Ingesting data as large as this could get quite noisy,“ said Joseph. “But we understood what was happening and it was great having you maintain communication.”
The proof of concept proved useful to Haystacks, allowing them to gain significantly more reach without maintaining cost and without hiring more tech support.
“At CoreLogic, they have one of the best data-savvy teams. CoreLogic’s data has the coverage, so Haystacks is now able to expand into other markets while being supported. The coverage has been fantastic and we are able to grow. We are now able to scale our analytics to CoreLogic’s entire MLS coverage. Initially, we were only looking in New York,” said Joseph Lee.
CoreLogic not only provided the necessary breadth of data but they were also transparent about its
quality, availability and capabilities. The continuous open conversations about the data and possibilities
for future improvements are fundamental to CoreLogic’s approach. In contrast, many other vendors, for
example, lack clarity regarding data transfer capabilities, often claiming to have APIs or flat files when
they do not. CoreLogic was consistently dependable with its data offerings, building trust in its
relationship with Haystacks.
The benefits for Haystacks included extensive high-quality data, operational efficiencies through direct cloud transfer and responsive customer support. CoreLogic’s data coverage allowed Haystacks to expand quickly into new markets. The ongoing support and collaboration from CoreLogic’s team also contributed to a seamless onboarding process and efficient resolution of issues.
Haystacks is transforming the real estate investment landscape by leveraging the power of property data and advanced analytics. In this study, CoreLogic’s flexibility and support expedited Haystack’s expansion
process and limited its growing pains. Overall, the partnership between Haystacks and CoreLogic empowers real estate investors to make informed decisions and navigate the dynamic real estate market confidently.
“There’s still a lot of work that needs to be done collaborating together,” said Joseph. “I’m positive more opportunities will come up, especially as we scale and better understand the impact of all these sources on our output.”
©2023 CoreLogic, Inc. The CoreLogic statements and information in this blog post may not be reproduced or used in any form without express written permission. While all the CoreLogic statements and information are believed to be accurate, CoreLogic makes no representation or warranty as to the completeness or accuracy of the statements and information and assumes no responsibility whatsoever for the information and statements or any reliance thereon. CoreLogic® and Marshall & Swift® are the registered trademarks of CoreLogic, Inc. and/or its subsidiaries.