Multi-Housing News: Eastern Union and Reonomy Join Forces for App
Friday, October 7, 2016
Analytics company Reonomy has applied its data and technology expertise to mortgage brokerage firm Eastern Union's innovative real estate app.
The real estate industry has a reputation for being less than tech-savvy, and slow to adoption when new technology does emerge. However, New York-based mortgage brokerage firm Eastern Union is looking to flip the script on the stereotype with an app that the company’s president and CEO, Ira Zlotowitz, calls a “digital toolbox.”
“The goal is to deliver tools to a real estate professional who’s not tech-savvy and have it be something very easy to use. That was the foundation, and every day we keep refining it and keep adding different tools to provide that value,” he said of the app.
“I always felt there was value in data and information, and I’ve always liked technology. I utilized it from when we first opened the company, I’ve always tried to stay ahead of the curve, based on what the technology was at that time,” Zlotowitz told MHN. In the past couple of years, he noticed that the available technologies in the industry were increasing, but they were always fragmented in focus. Instead of a singular digital tool with one focus, Zlotowitz and Eastern Union set out to create a comprehensive app that includes a variety of tools for clients, brokers and the general real estate community.
Incorporating a mortgage underwriting calculator, a contact directory, a rate sheet and news feed, the resulting app is an entirely unique and valuable asset to the industry. “What tools do real estate owners need? I already have a lot of that internally. What can I give out to provide value to the real estate community and to my clients and my brokers, and at the same time, it won’t be undermining my core business,” Zlotowitz said.
Founded in 2001, Eastern Union Funding is the country's second most active commercial mortgage company, on a transaction volume basis, and one of the top 50 fastest growing companies in NYC as reported by Crain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union closes an average of $3 billion annually nationwide. The firm’s sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more information, visit www.easternuc.com.
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