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 

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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.

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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.

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