New Tax Sale Data Platform (Formalytx) Provides One-of-a-Kind Auction Property System for Buyers & Counties
Investors and clients use the Tax Sale Management Suite tools and property data compilations to minimize risk, identify profitable opportunities and review several auctions at once
SAN DIEGO, July 5, 2016 /PRNewswire/ -- Formalytx® Inc., a provider of advanced real estate information solutions powered by data, analytics, workflow processing and decisioning, has unveiled its Tax Sale Management Suite that provides configurable solutions to meet subscriber-specific investment criteria, solve tax auction management problems and identify high-return opportunities related to tax liens and tax deeds.
"Maintaining a complete and accurate picture of all upcoming tax deed and tax lien auctions has never been easier," said Kendall Bond, CEO of Formalytx.
The Tax Sale Management Suite identifies upcoming sales and provides the County and type of sale in an easy to use calendar or map format. Once the user selects a County that he/she is interested in, then assets can be sorted using several different criteria, including but not limited to; bedroom, bath, structure square footage, lot square footage, property type, and year built. The manual process in gathering this information can take 20 minutes per parcel which adds up to days or even weeks for some auctions and is usually full of errors, something Formalytx addresses through its software solution.
Enabling users to identify and capitalize on specific property criteria, lien data, comparables, and more, will open up auction portfolio opportunities and support specific investment strategies. Regardless of an investor's purchase intention, he/she can expect to see an ROI of 18% to 25% per property in many counties.
"Monitoring one auction is tough via the typical manual process, but trying to manage several auctions is pretty much impossible. Even so, it's astonishing how many still find themselves operating on inconsistent, manual or poorly thought-out processes that do not address the auction process in its entirety," said Kendall Bond, CEO of Formalytx. "The Formalytx system allows an investor to not only review several auctions, but also apply a due diligence process within those auctions which allows him or her to have a better chance in acquiring assets that meet individual needs by simply increasing the number of assets he or she can review."
The solution consists of six core components: a user dashboard, auction calendar, property map, property summary with the ability to sort the assets, property detail and an informative website to answer all questions related to the process, such as learning about the auction process for newer or inexperienced investors.
"The system's automation is able to provide an accurate, quick and cost-effective auction review every time," continued Bond. "The technology that drives the automation allows for a faster and more frequent evaluation of the auction assets and reduces the review time and staff needed to perform time-intensive manual reviews on an upcoming tax deed or tax lien auction. Imagine trying to evaluate 4,000 assets in an excel spreadsheet."
The Formalytx system is available for purchase on a monthly, quarterly, or annual basis, with a free trial lasting 30 days. Counties may also contact Formalytx directly regarding online auction hosting.
About Formalytx
San Diego-based Formalytx, a data information and analysis company, delivers advanced information solutions powered by higher quality data, innovative analytics and automated decisioning across a national footprint.
The company drives better decision making and improved profitability for the Tax Deed and Tax Lien auction investor and auction host, through the Tax Sale Management Suite. For more information, visit the company's website at www.formalytx.com
Contact for Formalytx
Chelsea Brown
Email
(800) 559-6119
SOURCE Formalytx Corporation
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