The short answer
A permit tells you work is planned on a specific property: what kind, and often who will do it and what it will cost. An acquisition tells you a property has a new owner, with decisions still to come. Neither tells you who makes those decisions, whether the money is in place, or exactly when anything starts. Subcontractors and suppliers should start from permits; general contractors and architects often need an earlier signal. Firms that serve owners should start from acquisitions. The two together say more than either alone.
What a permit tells you
A building permit is issued before the work starts, so it gives you time. Many cities publish theirs as open data, and the records are detailed:
- The work. The type of work, a description of the job, when the permit was issued and when it expires. New York City’s permit data has all four.
- The people. The owner, and often the contractor who holds the permit. New York lists the owner’s business name and the applicant’s business and license; Chicago’s permit data lists up to 15 contacts, each with its role.
- The size. Many cities record the cost of the work as the applicant reported it. Chicago’s data includes it.
What a permit can’t tell you
- Whether it gets built. Under the International Building Code, a permit becomes invalid if the work doesn’t start within 180 days of issue, or stops for 180 days once started (IBC 2021, section 105.5). An issued permit is not yet a started project.
- Who decides. The owner on a permit is often an LLC set up for one property. Finding the company behind it is its own job: see how to find the developer behind a property LLC.
- The money. A permit says nothing about financing, and the cost on it is what the applicant reported.
What an acquisition tells you
A sale is recorded as a deed with the county (New York City’s ACRIS, for example). The deed names the buyer, the seller and the date, and depending on the state, the price. Larger deals also reach the news, and a public company that completes a significant acquisition, real estate included, must report it on Form 8-K within four business days (SEC Form 8-K, Item 2.01).
Some decisions are made before the deed is recorded. A lender wants the building insured from the day it funds the purchase loan (Fannie Mae’s multifamily guide requires it as of that date), so the loan and the first insurance policy are usually in place at closing. Others come after: who manages the building, what to renovate, and later how to refinance it. That is the window for firms that serve owners.
What an acquisition can’t tell you
- The plan. A deed doesn’t say whether the buyer will renovate, reposition or simply hold.
- Who is behind the buyer. As with permits, many purchases are made through an LLC set up for the deal.
- When the work comes. A renovation may follow within months, or never.
Which signal fits your service
- Building and supplying the work: subcontractors and suppliers. Start from permits: they show the project, its size and often who already holds the job. General contractors on negotiated work are usually brought in during design (CMAA), and architects and engineers earlier still, so for them a permit comes too late: start from rezonings and land purchases (Construction & design).
- Serving the building: property management, maintenance and building services. Start from acquisitions: a new owner decides who manages and maintains the building (Property & facility services).
- Tax, insurance and finance: cost segregation firms, insurance brokers and lenders. Cost segregation firms can start from acquisitions: a new owner has a building to depreciate (Tax & valuation). For insurance brokers and lenders, the first policy and the purchase loan are usually placed by then, so a purchase points to the next one: a renewal, a renovation loan or a refinance (Brokerage, insurance & legal).
- Owner’s reps and project managers: both. A purchase followed by a permit is often a new owner starting a project.
Use them together
A building bought this year and a renovation permit filed since point to a new owner planning work, though not that the work has started or who pays for it. Line the two up by address, and check the owner on the permit against the buyer on the deed. When the same company, or the same parent, appears on both, you have found the company; you still need the person who decides on your service.
How Buildwise does this
Buildwise is a service, not a database. We use technology we’ve built to track building permits, real estate transactions and construction projects, and select the ones that match your services and market. For each one we identify the company behind it, check it against your criteria and find the people who decide. Our team runs the outreach from your accounts, after you approve the messages and a sample of the companies and contacts. This is how Buildwise works. See our services.
