VOTE NOW! 2014 RETA’s (Real Estate Tech Awards)

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Do you know a CRE tech company, venture capitalist or professional who deserves to be recognized for their outstanding efforts in 2014?

CRE App Review wants to honor those innovative and forward-thinking companies and individuals who have played an integral role in advancing tech in the commercial real estate field during 2014.

Please cast your votes now by entering at least one (maximum of five) names in each award category below. Your votes are weighted, so make sure you put your first choice in the first slot, and your fifth choice in the fifth slot.

1st slot = 5 points

2nd slot = 4 points

3rd slot = 3 points

4th slot = 2 points

5th slot = 1 point

The final award winners will be determined based on the popular votes received through survey results. The award winners will be announced on Monday, January 5, 2015 at www.realestatetechnews.com.

FoodTenants.com has the right ingredients for CRE space

Restaurants can often have specific needs when searching for commercial real estate space. Now, a new database has provided the right ingredients to ensure restaurants find just what they need. FoodTenants.com is a specialty database that contains more than 1,000 regional and national restaurant chains as well as emerging food concepts with an interest in expansion. Property information is submitted to the database by landlords. The website is then able to generate a list of prospective tenants seeking similar sites. Through this directory, landlords are able to gain access to tenants’ contact information and real estate criteria. In addition, growth opportunities, projected openings, and site criteria is also made available. Users also gain the ability to search properties according to targeted growth markets, by state, company name, and even ideal property size.

With access to this type of information, users can be assured of the ability to search for a property that will truly meet their specific needs rather than having to simply make do with a property that only checks a couple of the boxes on their list.

There Is No Free Lunch with FoodTenants

Prospective users who want to get a feel for how the database works can take advantage of a demo version, which provides limited access. In order to benefit from full access, users will need to subscribe to the service at an annual cost of $189. With that subscription costs, subscribers will receive daily email alerts regarding updated and new chains that have been added to the directory. Saved searches can also be downloaded directly to the user’s desktop or exported into an Excel document. Although the annual cost of the database might cause some prospective users to hesitate, the cost is actually quite negligible considering the cost and time that could go into finding the right space and/or tenant without access to this type of specialized database.

Will It Be Competitive to Brokers?

In terms of whether FoodTenants has the ability to be competitive to brokers, it is important to note that this same technology, based on direct contact, has been in use by retail brokers for many years. Large multi-state and multi-site owners have been able to speak directly to users spanning multiple states and sites, so that is not a new phenomenon. Where FoodTenants stands out is that it will be delivering this same dynamic to smaller tenants, a segment of the industry that has previously been significantly underserved. This could ultimately make it much easier for small startups to become much more competitive, as they will have the ability to resource properties that are more suited to their specific needs without needing to spend an excessive amount of time in doing so.

Given the unique needs that restaurants and food industry startups often have, particularly in terms of finding the right location with the right combination of space, FoodTenants certainly has the potential to become a major player in the food niche of the commercial real estate industry.

A Review of HiRise

Backed by Jones Lang LaSalle, HiRise is gaining somewhat of an Airbnb of office space reputation in the commercial real estate industry. One element that sets HiRise apart from other similar companies is the way that it tends to focus on smaller companies seeking leasing situations that do not lock them into long term leases. In the past, this has proven to be particularly difficult for small firms and startups that do not have a solid idea of what the future may hold for their organization. If things take off, the company could need a much larger space in just a short time. On the other hand, if things do not progress as expected, the firm could face financial difficulties if they are locked into a long-term contract.

Just how big of a market is out there for small space leases? Quite a bit, actually. JLL reports that across the country, approximately half a million tenants occupy spaces that are less than 5,000 square feet. This comprises 80 percent of the total number of office tenants in the entire nation. Given that tremendous market size, one might naturally assume that brokers would focus a significant portion of their time and efforts on small leases, but that is hardly the case. In fact, brokers tend to focus the lion’s share of their attention on searching out larger spaces because those are the spaces that pay out the largest commissions. Upon its launch, HiRise has exclusive coverage of the Washington, DC area with 25,000 leases. Each of those leases encompasses less than 5,000 square feet of space.

How HiRise Works

The new platform works by giving companies the ability to research various listings according to price and size in order to locate the deal that is best for them. Once a user has found the listing that is right for his or her needs, they can even complete the lease online in order to save time.

Since everything can be completed online, there is no need for landlords or brokers to become involved in deals completed through HiRise. In the past, small companies have often found that landlords can actually prove to be a challenge to finding the ideal office space. This is largely due to the fact that landlords typically seek out tenants that are willing to sign leases of at least five years. Since most startups usually have no idea how much space they will need or for how long, signing a five-year lease can be a significant obstacle. HiRise offers a much more flexible approach to finding the right size office space. The listings presented on HiRise are often simply a fraction of a larger deal; basically the leftovers that are too small for the big guys but just right for the new kids on the block.

Compared to brokerage, HiRise is certainly a competitive alternative. If HiRise should truly take off, it could prove to be quite competitive, given that both experienced and newbie brokers have a lot at stake when it comes to smaller transactions.

Kushner Brothers Combine Real Estate and Technology

The Kushner brothers have teamed up to launch Cadre, a start-up that aims to make it easier for select clients to invest in real estate technologies.

cadre

Jared and Joshua Kushner have charted separate careers for years, one as a real estate developer, the other as a technology venture capitalist. But the brothers have teamed up for a new company that combines their two expertises.

Read the full NY Times story here.

RealMassive Is Rapidly Expanding Into More Territories

RealMassive has announced its plans to expand into more territories, including Miami. The company was the first data provider to offer open access to the commercial real estate industry. Originally launched in Austin, RealMassive is experiencing ground-breaking growth as it continues to branch into new markets on a monthly basis.

Taking on New Territories

Along with the firm’s expansion into Miami, RealMassive has branched into a number of other areas including Tucson, Albuquerque, and Oakland. The launch of the Tucson market marked RealMassive’s 29th market and brings the company’s total market coverage to more than 4.1 billion square feet. Previously, RealMassive had branched into a number of other service areas, including Atlanta, Austin, Charlotte, Chicago, Denver, Dallas/Fort Worth, Greensboro/Winston-Salem, Orlando, Phoenix, Orange County, Raleigh-Durham, Providence, San Diego, San Antonio, Tampa, Seattle, Silicon Valley, and San Francisco. The firm has also announced plans to branch into Madison and Milwaukee. South Florida Business Journal reports that RealMassive’s users are doubling every month due to their rapid acceleration. The company has also indicated that it might soon expand on an international level by branching into markets in Argentina and Brazil.

Robust Features for Tenants, Property Owners, and Brokers

In recent months, RealMassive has gained entry into an ever-increasing number of markets, growth primarily fueled by the partnerships the company has established with commercial real estate firms located around the country. Operated on a cloud-based framework, RealMassive first launched the framework in Austin, Texas. Among the features offered by RealMassive’s platform is the ability for tenants and brokers to collaborate throughout the process of searching for a property, real-time market surveys, and even notifications that take place in real-time when a property becomes unavailable, thus ensuring that tenants do not waste their time on a property that is no longer on the market.

As a result of the services offered by RealMassive, users are able to search and compare thousands of property listings and do so in real time. This makes it possible for users to find the best space for their specific needs. The real estate exchange includes high-quality photographs as well as floor plans, videos, and even virtual tours. Interactive market surveys are provided to assist in streamlining decisions. Users can even share favorites lists with coworkers and other professionals.

While the advantages offered to prospective tenants is undeniable, property owners and brokers are also able to benefit from the data provided by RealMassive, as well. The exchange offers the ability to create and update marketing brochures and expand marketing exposure and reach through Twitter posts. A dashboard is provided to allow users to analyze their market return. There is no cost for users to list or to search for properties using the exchange.

Founded by a former Air Force intelligence officer and his partner who discovered the hard way that online data can oftentimes be inaccurate while they were searching for their own office space, RealMassive is now revolutionizing the commercial real estate industry.

Dotloop Helping Real Estate Teams to Improve Collaboration

As commercial real estate professionals are all too well aware, the need for collaboration within the industry is significant. Recently, dotloop announced the introduction of the industry’s first platform built specifically to allow real estate teams to work in a more efficient manner, thus presenting the opportunity to complete more transactions.

Teamwork Means Increased Transaction Volume

The more that teams are able to work together in the real estate industry, the greater the profit potential. It has become increasingly common for high producing real estate professionals to work in teams in order to provide clients with better service. In this type of team arrangement, each individual is responsible for specific aspects of the relevant transactions. In such a real estate team, it is vital for team members to be able to share information efficiently as well as quickly determine the status of the deal in real time.

Integrated Features for More Productivity

In order to produce their new platform, dotloop worked with some of the top real estate teams in the country in an effort to identify common challenges. As a result of that process, dotloop is now able to provide a streamlined solution to ensure that every member of the team is able to stay in the loop regarding the status of a transaction. Real-time analytics make it possible to check the team’s progress, which sets the stage for even greater collaboration while ensuring that deadlines are met.

Among the features offered by dotloop for TEAMS include real-time analytics combined with interactive charts and graphs. With this feature, real estate agents are able to track the progress of every member of the team, making it easy to gain insight into what is working and what is not working. This also leads to more informed decisions. The inclusion of a collaborative agent dashboard also provides real-time visibility while allowing for improved workflow. No longer do team members need to wait to receive a response regarding the status of deals, agents can gain immediate access to every deal related to the team is available. Since agents are frequently on the go, a mobile application is also available to give team members the ability to access and collaborate at any location and at any time.

As the first such platform designed specifically to address the need for teamwork within the real estate industry, dotloop is changing the way that real estate transactions are handled. Due to the increased communication and streamlined workflow, agents are able to leverage the platform to close more transactions.

Planning for a Global Future in Real Estate

Throughout all real estate sectors, the industry has grown increasingly global. This is particularly true in the commercial real estate sector, which is often dominated by foreign investors. With the introduction of dotloop’s new team platform designed exclusively for the real estate industry, it will now be easier for agents in geographically diverse locations to work in a more seamless and efficient manner.