Technological revolution is the new key to reformation for every industry — especially those running entirely on outdated technology and redundant systems. Modern web-based applications have become a necessity. The latest industry to see the aforementioned growth and revolution is the commercial real estate industry. The startup that has thought of changing its rules to form a new set of policies is CREXi. CREXi stands for Commercial Real Estate Exchange. It is definitely not the only marketplace for real estate products, but it might be the next game changer.
CREXi saves time, money, and effort to execute a deal
The founder and CEO Michael DeGiorgio and Chief Product Officer Luke Morris both worked for real estate site Auction.com. Michael DeGiorgio said that auction.com helped them point out a crucial loophole: the extremely outdated deal making process. According to him, it remains antiquated and old-school in an odd sense. “You have to use 15 different kinds of platforms. There are a lot of emails, a lot of fax machines, a lot of flying to meet somebody,” said CEO Michael DeGiorgio.
The website for CREXi went live about three months ago. According to the company and as per the present statistics, there are now nearly 200 properties listed on the site. If we look at the cumulative value of these listed properties, it adds up to a whopping $800 million in value. The site is highly user friendly. It can be used by property owners, buyers, and brokers.
Luke Morris says that CREXi aims to be “very, very broker friendly.” The portal is already being used by brokerages including CBRE, Marcus & Millichap, and Cushman & Wakefield. There is more to CREXi than listing and searching for properties. It also allows users to view due diligence documents, schedule in-person tours, see analytics around their listings, and make offers. The company further plans to integrate more advanced features such as incorporation and integration with DocuSign. This will help the users and make it convenient for them to sign the deal documents electronically.
Assured transparency and highly user-friendly
But there is one extravagant feature that makes CREXi highly efficient and popular. It is the trading capability of the best and final offers. It is highly user-friendly whether you belong to the industry or not. For people who are not familiar with real estate language, it is explained in layman’s terms. It means that when several offers come in and the seller can’t decide between them, they can create a limited time window during which potential buyers are invited to compete against each other to offer more money and better deals.
“If I’m the buyer, I can come and I can see the price is posted, and by seeing where I need to be with the offer, it gives me confidence [to make] a better one,” explains Luke Morris. “Through transparency, you can get great competitiveness. It’s only human nature. That’s what we saw in our previous career.” Currently, most of the properties on CREXi are located in California, New York, and Texas, but it can be used by users from any location.