What Did I Miss & The $7MM Question

Posted: January 25, 2017 by Eli Randel, Director of Business Development

WHAT DID I MISS & THE $7MM QUESTION

I invented a drinking game. I came up with it in grad-school while…. drinking.

Here are the rules:

Ask your group a provoking choice question. If all choose the same answer, then it was a bad question and you take a drink and try again. If you can split the panel, then it was a good question and you choose someone to ask the next question. Encourage debate. It keeps the brain moving even while you’re potentially ingesting liquids that slow it down.

Some examples (it’s usually not a PC or PG game – a sense of humor is required):

(1) Would you rather be 8’6” or 4’3”?

(2) Would you rather have one or three ____­_____? (pick a body part there are two of; risqué parts usually generate great debates)?

I get to interview lots of people and consider myself good at improvising conversation on the fly. But I would like to come up with a list of questions to help me recognize patterns and establish a more consistent process. However, like my game, if everyone answers a question the same way, I think it’s a bad question. Below are questions I’ve recently been trying and why some are flawed and require me to “DRINK”.

PLEASE SEND YOUR QUESTION SUGGESTIONS AND I’LL COMPILE AND CIRCULATE. WE ARE ALSO HIRING FOR SEVERAL ROLES, PLEASE SEND RESUMES AND REFERRALS.

FIRST TASK: Don’t read off your resume and give me a 60 second introduction so I know who’s on the other end. 

Better than “tell me about yourself,” followed by them and I reading their resume together. This is a task. A pitch. If this takes more than two minutes, they aren’t following instructions and aren’t concise. Both forgivable, but I believe everyone should know how to tell their story in a proverbial elevator.

1. What are your work habits: work harder or smarter?

DRINK. 95% choose “smarter.” No one wants to be perceived as working less-than-smart. In my experience those few who choose “harder” are sincere and probably have a chip on their shoulder which I like. Bad question.

2.  If forced to choose would you be all-guts or all-brains?  

DRINK. Most choose “guts.” They think it’s what I want to hear. Or maybe just the act of submitting a resume shows guts. A former boss and now partner told me years ago: “Two equally talented people are separated by audacity.” Clearly a “guts” guy.

3.  If this position gets filled by someone else but we want you to join the team, which job would you take assuming you were qualified: CFO, CMO, COO, Chief-Deal Maker, or Jack-of-all-Trades?

DRINK. 90% of the time they will choose J.O.A.T. to be safe (yawn). I immediately eliminate that option and ask for a new answer. Being forced to decide quickly, the candidate sometimes gravitates towards sincerity but usually chooses COO (another neutral pick). Two things I want to uncover (a) if a phone interview and they need me to repeat the options, they aren’t ready to take notes; (b) if applying for a sales role and they want to be CFO (or vice-versa), they might be going against their natural wiring.

4.  Politics aside, if you were hosting President Trump for dinner, what would you cook for him?

(a) can the candidate put politics aside? Opinions are great, knowing when to express them is crucial; and (b) less important, but can the candidate cook? To me it shows self-sustainability, independence, and the ability to follow a recipe. My favorite answer: “Trump probably eats $300 steaks once a week so I wouldn’t try to impress him. I would make something comforting and master the best macaroni-and-cheese recipe.” She recognized she couldn’t compete with the chefs whose cuisine he eats, and chose to differentiate and find an area where she could compete. Smart young lady.

5.  If money and ability was not an issue, what non-business career would you have pursued?

I’m genuinely curious. I want to know the candidate’s interests and roots. I’m surprised how many can’t/won’t answer the question. Did they dream of being a businessperson at age 5? If anyone wanted to be a fireman, I can assure them the business world will provide plenty of fires to put out. Me: the next Jimmy Page.

6.  What are you like outside of the office?

DRINK. An open-ended question shouldn’t generate the same answer, but I seem to always get some version of: “I like to exercise and spend time with friends. I like the outdoors and mostly relaxing on the weekend.” Considering the amount of colleagues I’ve run into at bars and restaurants in my life, I don’t buy this.

7.  What did I miss? Famous sibling? Unique talent? This is a chance to brag without being obnoxious.

Sincerely, what did I miss? Not that it will guarantee you a job, but is the candidate the son of your biggest potential customer? Were they a serious athlete (athletes are usually disciplined, coachable, and competitive)? Some people are humble and don’t like bragging. I’m asking them to brag about or share something.

It’s a work-in-process, and I hope to get recommendations to share. My goals:

(A) Catch the candidate off-script to strip away their façade so they reveal their actual selves,

(B) See if they are able to connect with their audience (me), think fast, and sell themselves,

(C) Ensure the candidate has a sense of humor, and

(D) Differentiate myself. They may be speaking with several firms and can get fatigued and go on auto-pilot during the usual fluff (where will you be in five years?). Following the job and resume related questions, I think a more loose and conversational approach sets the tone for a potential working relationship. They will also likely remember me.

LAST QUESTION FOR ANYONE WILLING TO ANSWER (I’ll have a drink and buy all respondents one if the answers are all the same):

Would you take $7MM (tax-free) today, if you could never earn money again (you can work without pay, but no salary, no interest, no home appreciation, no investing)?

Eli Randel

Eli Randel, CREXi Director of Business Development

Eli Randel is Director of Business Development based in CREXi’s Miami office. Eli spearheads CREXi’s growth and sales throughout the east coast as well as overseeing the national sales team. Prior to joining CREXi, Eli was director of dispositions for Blackstone’s Invitation Homes. Eli has also held management positions and production roles with Cohen Financial, Auction.com, LNR and CBRE where he began his career spending three years in Investment Sales before leaving to obtain his Master in Business Administration from the University of Florida.

Profile of a Legend – Trammell Crow

Posted: January 20, 2017

PROFILE OF A LEGEND – TRAMMELL CROW

There’s as much risk in doing nothing as in doing something. – Trammell Crow

Trammell Crow was a famed developer, investor, and executive who for decades built iconic properties and lasting partnerships across the country before taking Trammell Crow Company public in 1997. TCC would sell to CBRE in 2006.

After World War II Crow left the Navy and eventually would build his first warehouse in 1948. By 1970 his firm had become a national developer which was unique at the time given that most developers were local or regional. By 1971 Crow was considered by many to be the largest landlord in the US an unofficial status he would again receive in 1986. Crow once had interests in 300 million square feet of developments comprised of 8,000 properties in 100 cities.

Traditionally, developers worked in mostly a third-party capacity using other people’s money. Crow realized one could make a great living this way, but couldn’t build an empire. With the help of deep pocketed investors like David and Winthrop Rockefeller, Crow would hold his assets following development noting: “You can get rich selling real estate, but you can only get wealthy by owning it.”

Trammell was famed for his ability to work with partners and nearly always did. His ability to build lasting friendships and find win-win scenarios for he and his partners would earn him a loyal network of friends and professionals to do business with. His partners allowed him to take on some risk and Crow would become one of the first developers to build assets that didn’t already have tenants calling himself “a confirmed gambler, a speculative builder.”

Trammell Crow’s legendary career is a rags to riches story of a man who grew up in Dallas in a three-bedroom house with his eight other family members. With no connections Crow relied on hard work ethic by plucking chickens and cleaning bricks before landing his first “real job” at Mercantile bank. In 1940, Crow would join the Navy and serve in World War II before launching his real estate career in 1948 when he made his first (in-part) speculative development.

Trammell Crow passed away in 2009 but he left a lasting mark on the Commercial Real Estate industry. Known for his vision, boldness, kindness, and risk-taking, Trammell Crow would build an empire in this great industry through entrepreneurial grit, work-ethic, and smarts.

His spirit and passion for the real estate business is best exemplified in his words:

Work is more fun than fun.

—Trammell Crow

Trammell Crow

Unclaimed Property

Posted: January 11, 2017 by Paul Cohen, Regional Director

UNCLAIMED PROPERTY

Read to the end to see if you have any unclaimed property….

I got my first job in sales when I was still at college. It was from a blind ad in the newspaper (no internet back then). I showed up to an office in Central London to find a dozen or so hopeful young men all looking for the same job. Turns out it was for Encyclopedia Britannica; selling the full 32 volumes door to door. Unfortunately for me, I got the job and so did the other dozen young gents! I could share many a tail of a door-to-door salesman but I’ll save that for another time (remind me to tell you). What I did want to share was the one good piece of advice I get from the sales trainer regarding call reluctance.

I don’t remember the trainers name but he had certainly found his calling in life. He got the group pumped to go sell Encyclopedia’s. He asked us this one simple question:

What if you had to call somebody and tell them they had one thousand pounds in a bank account that they had forgotten. Could you make that call?

“Of course,” we all responded.

He asked us why because this was someone we had never spoken to before, they didn’t know we would be calling and they probably had just sat down to dinner. “Well, because they would be getting a thousand pounds.” “Exactly! So just do the same thing with these,” he yelled holding up a volume of the EB.

The group was not convinced but he was ready for us. He explained how EB would look great on the bookshelves, educate their kids, satiate their curiosity; a value that was priceless. Looking back at it now I’m not so sure but at the time we all bought in (remember, this was before google and Wikipedia). We hit the streets and the phones and started selling. I lasted a month which was about three weeks longer than everybody else in my group and I sold three complete sets of EB. The reason I quit was because one of the top salesman at EB showed me a CD ROM of EB and told me that soon nobody would be buying the book version (the year was 1990).

So why do I tell you this story? Well, I find myself at a firm that is currently offering CRE brokers the opportunity to market their properties for free in addition to providing all the tools needed to manage the marketing process! All I have to do is let them know that this is available and that they can get buyers for their properties, do client reports, send out up to 50,000 emails all for Free. It’s like I’m calling to tell Brokers they have unclaimed property in a bank account!

By the way, if you think you may have unclaimed property then go to this website and claim yours.  Either way, you can still put your properties on CREXI for free by Clicking Here.

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Paul Cohen

Paul Cohen, Regional DirectorPaul Cohen is a Regional Director with CREXi based in the firm’s Miami office and focused on business development in the southeast. Prior to joining CREXi, Cohen was a Managing Director specializing in investment sales and equity raises at Cohen Financial, a national debt and equity advisor. Prior to Cohen Financial, Paul owned and operated his own independent real estate firm following a 12-year tenure at CBRE where Cohen was a Senior Vice President and led the Private Client Group in Miami-Dade County with a specialty in office and industrial investment sales.  Email Paul

Short & Sweet With No Fluff

Posted: January 4, 2017 by Eli Randel, Director of Business Development

SHORT & SWEET WITH NO FLUFF

No, that is not my order at Starbuck’s or my match.com header, this week’s blog is meant to be short, sweet, and sans any company fluff about why you should visit us at CREXi.com (although you should).

Having grown up and spent my whole career in the commercial real estate industry, I wanted to share some concise thoughts on why I love the industry and asset class:

  1. Low individual barriers to entry. Real estate investing requires no formal education or licensing requirements and while some areas of the business can be incredibly sophisticated, many concepts are very simplistic and intuitive. The result is a colorful and entrepreneurial culture full of unique personalities and personal stories.
  1. Diverse skill sets. Within one day you can exercise your finance chops and underwrite a complicated deal, exercise your marketing muscle and promote your newest project, or put your salesman hat on to win a new tenant. There are a broad set of skills which drive the industry;
  1. Instinct and intuition. While there are many sophisticated nuances, many of the concepts in CRE are intuitive. We all live somewhere. We all shop somewhere. These are not foreign concepts. Recognize that there aren’t enough apartments for rent in your area? Buy or develop an apartment building to capitalize.
  1. Control. Some of us don’t like the idea that unless we are an activist investor we can’t control the value of our equities investments (stocks). Further, the value is at the mercy of someone else’s control. What if the CEO gets caught in a scandal or retires sooner than thought? Most CRE professionals can still directly (attempt to) add-value to their investment or business.
  1. Real estate is a hard asset. Some people (myself included) don’t have the wiring to blindly trust an investment that can only be seen as numbers on a computer screen. Real estate is a real tangible asset you can drive by and touch.
  1. They aren’t making any more of it. I hesitated to include this as I believe this idea can sometimes be a trap. This notion does not mean values always rise and I think it’s underestimated how much untouched land there is. Additionally, technology has blurred the lines of physical and virtual space. However, the fact remains, the population continues to grow while land availability continues to decrease.
  1. Use of debt. Real estate is financeable whereas financing bonds or equities investments is a tricky business. Debt allows investors to lever returns, do more with less, and creates other industry opportunities (lender, servicer, appraiser).
  1. Other people’s money. The use of other people’s money (OPM) is an important component of the industry. Friends and family or institutional capital investors are always looking for avenues where they can find returns and are willing to pay fees and promoted interests to those who can access those investments. This allows investors to further lever returns and/or play in a greater arena than they otherwise could.
  1. It’s fun. For the restless like myself, it’s an industry that often revolves around meetings, looking at properties, driving, or getting a drink with other professionals. It’s a people industry that often puts you on the move as opposed to chained to your desk.

Tell me what I missed or share your thoughts @ eli@crexi.com or 305.331.2881.

Eli Randel

Eli Randel, CREXi Director of Business Development

Eli Randel is Director of Business Development based in CREXi’s Miami office. Eli spearheads CREXi’s growth and sales throughout the east coast as well as overseeing the national sales team. Prior to joining CREXi, Eli was director of dispositions for Blackstone’s Invitation Homes. Eli has also held management positions and production roles with Cohen Financial, Auction.com, LNR and CBRE where he began his career spending three years in Investment Sales before leaving to obtain his Master in Business Administration from the University of Florida.

CREXi Opens New York Office; Names Key Hires to Continue Expansion in the Northeast, Southeast and Western Markets

New Hires Photo

CRE Online Marketplace Spikes to $20 Billion in Investment Sale Properties

Venice, Calif. October 19, 2016CREXi, the online real estate marketplace, has announced its expansion to the northeast with the opening of a New York office in tandem with several key hires to continue the company’s rapid growth. To further develop CREXi’s market presence in the northeast, southeast and western U.S., the company has named three new regional directors: Christina Host, Doug Shankman and Paul Cohen.

“Hiring Christina, Doug and Paul, who bring with them incredible experience from three industry leading commercial real estate firms, will significantly increase our company’s real estate IQ and further enhance our client map,” noted Mike DeGiorgio founder and CEO of CREXi. “We strive to create the most fluid marketplace and best transaction management tools for brokers and our new team members fully understand the pain points of our clients and can help us solve them. Before joining CREXi, all three were clients which is a testament to their belief in our product and our belief in them.”

Opening the New York office, Host will focus on developing the northeastern markets. Host joins CREXi from Cushman and Wakefield where she specialized in Net Lease investment sales. Previously Host worked at Cassidy Turley representing tenants in the New York City office leasing market.

Focusing on growing CREXi’s western U.S. presence, Shankman joins the firm after a seven-year tenure as an Associate Director with JLL where he successfully managed corporate accounts for JP Morgan, Aetna and Bank of America. Additionally, he assisted creative technology tenants with their space needs. Shankman will be based in CREXi’s Venice Beach headquarters.

Cohen joins the CREXi team from his privately held real estate firm where he specialized in investment sales and equity raises. Previously, Cohen was a Managing Director at Cohen Financial and a Senior Vice President at CBRE. Cohen will focus on expanding southeast markets from CREXi’s Miami office, which opened in March earlier this year.

About CREXi

CREXi is a commercial real estate marketplace that simplifies transactions for brokers with a suite of easy-to-use tools to manage the entire process from listing to closing. Bringing the traditional CRE sales process online, CREXi leverages the latest advances in technology to make transactions ultra efficient. For more information visit CREXi.com.

CREXi Features

CREXI logo update 4.13

Platform features include:

  • Secure transactions. CREXi’s online community redefines real estate deals through a secure and transparent transaction environment
  • Customized communications. Marketplace messaging system plus immediate notifications of all offer activities keep brokers updated in real time
  • Digital best and final. CREXi brings best and final commercial real estate negotiations to the digital age – saving time and money along the way
  • Deal vault. CREXi’s deal vault ensures safe transactions and document management including due diligence reports
  • Immediate analytics. Advanced analytics enable brokers to quickly view activity from potential buyers on listed properties in visual charts/graphs giving brokers an at-a-glance snapshot of real-time activity

5 Reasons CRE Should Pay (Even More) Attention to Technology

Team CREXi – May 9, 2016

When it comes to tech adoption, CRE is a sleeping giant. The industry is one of the world’s most significant asset classes, with about a trillion dollars in capital changing hands globally each year. (National Real Estate Investor/Penton report on Global Leasing and Investment Sales Volume). It generates massive amounts of associated data, related documents, and critical correspondence.

The amount of information that must be handled and considered is far too large to manage without digital tools. Anyone who tries to tell you otherwise is just not paying attention. One of the fastest-growing areas of development for apps and platforms is in the CRE field, and the tools that are now available address virtually every task and process that we encounter.

Still, as an industry, CRE is lagging behind others in its rate of tech adoption. A recent report from the Altus Group surveyed more than 300 international CRE executives and made some findings that illustrate this. It found that worldwide CRE firms spend, approximately 50% less on technology than Financial Services and the Public Sector (including Healthcare).

The study found that more than 30% of the CRE industry worldwide is still primarily using spreadsheets for asset and portfolio management. This represents up to $11 trillion in assets -a stunning figure, when you consider the increased risk of human error and resulting inaccuracies inherent in handling these manually.

The remaining 2/3 of the industry does employ digital tools for managing portfolios and properties, but of those users, the study found that ¾ did so in “data silos.” This outdated approach of storing data in separate, unconnected applications is certainly an improvement over spreadsheets, but it fails to unlock the real potential of technology for CRE.

We stand to gain the same benefits from utilizing digital tools as other industries –and increasingly, our competitors- do.  Taking advantage of coordinated systems for managing customer relations, transactions, listings, marketing, and contacts is essential for moving our industry forward, and for keeping pace with related service providers in finance and development.  There are several advantages to tech adoption that apply regardless of the specific tool selected.

Security

Handling sensitive documents, including contracts, in the Cloud enhances security. Since they no longer reside in a single computer or a file cabinet, these documents are immune to theft and loss, safe behind the layers of protection and encryption that these services provide.

Accuracy

The use of coordinated tech tools eliminates redundancies that can be a source of error. Information is consistent and up to date across the organization.

Access

As more of us collaborate with remote colleagues and clients, the ability to access a project or transaction at any time, regardless of location is a tremendous time-saver.

Transparency

Working together virtually creates a clear story of every transaction that can be tracked by all team members. Actions are clearly dated and attributable, making everyone more accountable and heading off miscommunication.

Efficiency

All of the factors above contribute to increased efficiency.  Consider, for example the time involved in just securing signatures on a contract. Without online document sharing and e-signatures, multiple paper copies of the document would need to be produced and mailed. On arrival they would be reviewed, signed (if approved), and eventually mailed back. This can easily eat up 2 weeks, while multiple parties can often review and sign a contract online in one day.

Learn More at: www.crexi.com 

3 Times We Wished CRE Understood Technology

Team CREXi – April 28th, 2016

The CRE industry is not known for being particularly cutting-edge when it comes to technology, and that’s a shame really. There’s so much we could accomplish if everyone would just get their feet wet.  Of course many of us are fully immersed, so to speak, but every now and then we encounter someone who has yet to abandon the old way of doing things, and it can be jarring.

In many cases, another agent’s lack of tech adoption doesn’t really affect us. If they want to manage projects with Excel, print and mail contracts, and keep their contacts in their phone, that’s up to them. In fact, it gives us an advantage.  

But when we have direct dealings with people who are operating that way, there’s pain. Real, mental pain and tremendous frustration. Because once you’ve conducted transactions and managed projects through a digital platform, the old ways, with their redundancies, inaccuracies, and delays are nearly intolerable. At times like these we really, really wish that CRE understood technology better. Can you relate?

“I’ll fax the contract in the morning.”

You’re ready to close the deal. Your client is anxious. The financing is set. The terms are all ironed out. Now we wait, the contract is faxed, the client is contacted, signing is completed, and the contract is faxed back. If all goes smoothly. And this can take days.

Digital solutions allow for contracts to be shared and approved online, made simultaneously available to all parties involved, and signed digitally. It’s miles faster, completely secure, and more transparent. How could you not love that?

“I’ll send you the details when I get back to the office.”

First of all, do the words “strike while the iron is hot” mean anything to you?  With digital tools, you can shoot a gorgeous brochure over to clients from your phone, right now.  You can generate and share market reports, property details, or link to a virtual tour – all housed in an integrated platform that can be accessed anywhere, 24/7.

Yes, non-tech-adopters, that is how we do all that when we’re in the field. Which is where we spend a lot of our workday. The office is where we stop for coffee.

“I’ll bring you up to speed at the meeting.”

There may be some disconnect in what is considered “speed” here. Waiting for a weekly meeting is a waste of time. Team members can get updates in real time when projects are managed in the cloud.  Everyone is operating with the same, completely current information, so the work goes forward smoothly. No wasted time.

Let’s be real: CRE teams are incredibly complex. We work with contractors and vendors, tenants, accountants, and property managers. Our teams can be scattered across the country and beyond. Time zones can be involved. With digital tools, we can operate in a shared, synchronized space to generate unified decisions and planning for CRE.  This is what we need. Everybody in the pool.

Learn More at: www.crexi.com 

CREXi Opens Miami Office Led By Eli Randel Of Blackstone

New CRE Tech Platform Portfolio Spikes to 350+ Properties Valued Over $1.5B

Miami1logoMIAMI and VENICE, Calif., March 29, 2016 /PRNewswire/ — CREXi, the most powerful commercial real estate exchange for brokers, buyers and sellers, today announced the opening of its Miami office which will be led by Eli Randel, CREXi’s new director of business development. In addition to heading and growing CREXi’s east coast presence and sales, Randel will oversee the national sales team. Since launching its beta in Nov. 2015, CREXi has already attracted 350+ properties valued at over $1.5B.

“Eli brings a wealth of expertise in operations, overseeing sales from beginning to end, all while proficiently managing a team,” said Mike DeGiorgio, CEO and co-founder, CREXi. “With the incredible growth that we are experiencing at CREXi, we needed someone we trusted and knew first hand that he could help us grow operations quickly and efficiently.”

Randel was previously the director of dispositions of Invitation Homes, Blackstone’s single family rental division, where he managed bulk dispositions on behalf of the nation’s largest single family home investor. Before Invitation Homes, Randel served as director of capital markets at Cohen Financial where he was responsible for sourcing and structuring debt and equity for real estate developers and investors. Previously, Randel was a vice president at Auction.com Commercial, which he joined and helped launch when LNR Partners, where he was employed at the time. There Randel obtained an equity position in the online platform. Randel began his career at CBRE where he spent three years as a senior financial analyst before leaving to obtain his MBA at theUniversity of Florida on a full academic scholarship.

“I’m excited to be around an incredible team of deal makers and tech visionaries at CREXi. I truly believe our culture, product and technology, and lack of fees or friction costs make our product the best-in-class,” said Randel. “Buyers can find an aggregated marketplace of quality commercial real estate while brokers and sellers can ensure their listings are being exposed to the widest audience with white glove service and tools including deal activity tracking, comprehensive one touch reporting, and due diligence management. Brokers can operate significantly more efficiently allowing them to do more deals in less hours.”

The CREXi Miami office is located on the south side of the Miami River west of Brickell and Downtown. Miami and South Floridaare active investment sale markets, ripe with foreign capital, a hub to lenders and servicers, and home to an increasing amount of New York investors and high net worth individuals. The new location allows CREXi to have a home base well suited to cover the entire east coast.

The company recently raised $4.3 million in seed funding from Lerer Hippeau Ventures, Freestyle Capital, TenOneTen Ventures, Founder Collective, Karlin Ventures, Leon Capital Group and prominent angel investors and in the past month took on an additional $175K in funding from Cooley LLP, Baroda Ventures, and Dan Murillo.

About CREXi

CREXi is a commercial real estate marketplace that simplifies transactions for brokers with a suite of easy-to-use tools to manage the entire process from listing to closing. The platform currently has over 350 properties available to buy listed by some of the best brokers and brokerage shops in the country. Bringing the traditional CRE sales process online, CREXi leverages the latest advances in technology to make transactions ultra efficient. For more information visit CREXi.com.

CREXi Launches Platform to Transform the Trillion Dollar Commercial Real Estate Market

Announces $4.3M in Seed Funding from Lerer Hippeau Ventures, Freestyle Capital, TenOneTen Ventures, Founder Collective, Karlin Ventures & Leon Capital Group

Venice, Calif. February 25, 2016 – Taking commercial real estate into the modern era, CREXi is announcing the launch of its commercial real estate platform for brokers, buyers and sellers. CREXi is a commercial real estate marketplace that simplifies transactions for brokers with a suite of easy-to-use tools to manage the entire process from listing to closing.

From digital LOIs to customizable best and final trading arenas, CREXi integrates a series of tools that until now could not be found in one comprehensive CRE transaction platform.

“The digital age has transformed almost every industry in the most profound ways. We felt it was time that the commercial real estate industry caught up so we created a platform designed to simplify the transaction process, saving time and money along the way,” said Michael DeGiorgio, CREXi founder & CEO. “We designed a fully integrated and superior suite of transactional tools for CRE brokers while creating a ubiquitous marketplace for buyers and sellers creating a win-win scenario for all.”

The CREXi platform has obvious appeal to the industry. In less than three months in limited beta, CREXi has attracted nearly 200 properties valued at $700 million. The properties are available to purchase from over 35 leading brokerages including CBRE, Marcus & Millichap, Cushman & Wakefield, Newmark Grubb Knight Frank and Transwestern among others.

Commercial real estate is one of the largest asset classes in the world, with over $1.1 trillion transacted globally* each year.

CREXi makes brokers’ jobs easier, giving them the tools and flexibility to more easily manage all aspects of their transactions on one platform. Platform features include:

  • Secure transactions. CREXi’s online community redefines real estate deals through a secure and transparent transaction environment
  • Customized communications. Marketplace messaging system plus immediate notifications of all offer activities keep brokers updated in real time
  • Digital best and final. CREXi brings best and final commercial real estate negotiations to the digital age – saving time and money along the way
  • Deal vault. CREXi’s deal vault ensures safe transactions and document management including due diligence reports
  • Immediate analytics. Advanced analytics enable brokers to quickly view activity from potential buyers on listed properties in visual charts/graphs giving brokers an at-a-glance snapshot of real-time activity

“This is, without question, the future of how commercial real estate will be transacted. Between the strength of the product itself and the CREXi team, we knew we needed to be a part of it,” said Fernando De Leon, founder and CEO of Leon Capital Group, who manages a $3 billion-plus portfolio.

The founding team at CREXi boasts a combination of commercial real estate veterans, entrepreneurs and data and analytics experts. Michael DeGiorgio and Luke Morris, chief product officer, both hail from Auction.com with VP roles at the company where they partnered with owners and brokers to execute commercial sales in 90 days. Co-founder Erek Benz previously founded Position Tech, an athletic technology company used by top NFL teams. Rounding out the team is Ben Widhelm, chief technology officer, previously SVP at Millenial Media and CTO of Burstly, which sold to Apple.

The company raised $4.3 million in seed funding from Lerer Hippeau Ventures, Freestyle Capital, TenOneTen Ventures, Founder Collective, Karlin Ventures, Leon Capital Group and prominent angel investors.

About CREXi

CREXi is a commercial real estate marketplace that simplifies transactions for brokers with a suite of easy-to-use tools to manage the entire process from listing to closing. Bringing the traditional CRE sales process online, CREXi leverages the latest advances in technology to make transactions ultra efficient. For more information visit CREXi.com.