Housely
Real estate has taken a serious turn from where it used to be just 10 years ago — and that’s an excellent thing for licensed agents and the clients they help. Technology has revolutionized the industry and made buying and selling a more efficient, enjoyable, and customizable experience. Even finding and sharing properties is now easier than ever, thanks to the innovations of certain tech companies who specialize in real estate. It’s not just residential real estate that’s been effected. As more tech start ups come into the game, we can expect to see them make a big impact on the commercial property sector as well. Here are 10 real estate start ups that are changing the way commercial agents do business.
Ten-X
While Zillow and the like have dominated residential real estate, Ten-X is a commercial real estate start up that aims to do the same. It’s been called the future of commercial real estate by many industry leaders, and it’s easy to see why. It started as an auction platform for distressed properties, but is now devoted to making buying and selling easier for agents, brokers, and their clients. Since 2007, Ten-X has facilitated over $35 million in property transactions, and a significant portion of that amount was in commercial real estate. Many large venture capital firms have invested in Ten-X, including Google Capital, which put $50 million into the company in 2014. When a company is backed by tech giant Google, you know they’re headed in the right direction.
RealtyShares
Tech companies have made investing in real estate accessible to a wider range of people, and one company leading the way in that area is RealtyShares. It used to be that individuals had to put up hundreds of thousands of dollars to invest in commercial real estate, but RealtyShares promotes real estate crowdfunding that can get you in the door for as little as $5,000. The idea of crowdfunding isn’t novel, but applying it to commercial real estate is innovative. RealtyShares has over 1,500 properties, including commercial real estate, that has been funded through its site. Those looking to invest can simply browse for free, and only need to pay when they’re ready to commit to investing in a property. The things that RealtyShares is doing will surely influence how people invest in other areas of real estate in the coming years.
42Floors
While real estate tech companies were busy excelling at listing residential properties for rent and for sale, there was a real lack of progress on the commercial front. Some sites exist that make searching for commercial properties a real hassle, but start up 42Floors is changing all of that. They not only give users the ability to efficiently search for commercial offices and buildings by location and price, but by size. It’s becoming a go-to source for everyone who is looking for office rentals and commercial leases. Having such a tool available in the commercial real estate sector is important, and a fast and accurate tool for finding commercial properties was long overdue.
RealMassive
Let’s say you’re a commercial realtor who wants a way to get tenants quickly a la RedFin or Craigslist — what options do you have that won’t cost you tons of money in fees or require lots of time for marketing and promotion? This problem is solved by startup RealMassive, which displays real time CRE listings and is quickly gaining influence. Listing a property is half the battle, commercial agents also have to deal with finding the right tenants to lease office and retail space. RealMassive connects perspective tenants to CRE firms, pros, and data when and where they’re searching, making the process of renting out commercial space even easier. Agents can post an unlimited number of listings for free, or opt for one of RealMassive’s reasonably priced plans to gain additional benefits.
Digsy
There are many types of commercial real estate, and warehouses and industrial buildings tend to get the short stick when it comes to online searches. Digsy, a fast rising tech company, is changing that. The website aims to help people save time and resources while looking for a warehouse or industrial space to lease. The website also lists retail and office spaces, and its completely free for prospective tenants and buyers to use — this is likely why it’s garnered such buzz. Their no-cost Tenant Rep Business program for CRE professionals is a win-win for both Digsy and licensed agents looking to gain more qualified clients and close more deals.
View the Space
VTS is a tech startup that offers cloud based real estate portfolio management and leasing to brokers and landlords. It’s changing the way that agents and owners lease commercial space by making it easier, more convenient, and more accurate — the site offers analytics and real time tracking. The company has solid backing, with $85 million in capital, so it should be around for quite some time and have the resources needed to continue its great track record.
Reonomy
Analytics, valuation, and data collection are becoming ever more important to commercial real estate. Reonomy is a commercial real estate tech startup that collects and organizes data to make it easier for investors and lenders to conduct analyses in a very short amount of time — we’re talking a few seconds of clicks as opposed to days of research. Their innovative algorithms and comprehensive data collection techniques must be working, as Reonomy has raised over $23 million in funding to date.
Matterport
Matterport is a company that is changing the virtual viewing arena. Being able to digitally show an office or retail space to better gauge a prospective buyer or tenant’s interest is a key advantage, and it’s also a handy feature for building engineers and architects. Matterport has raised over $58 million dollars and is backed by Qualcomm Ventures, Greylock Partners, and several others.
9. Real Matters
Real Matters leverages its cloud based platform to provide keen insights into various commercial properties. The startup venture has the backing it needs to enjoy continued growth — Real Matters has raised over $127 million dollars thus far, and Whitecap Venture Partners is just one of their investors.
10. PivotDesk
Many businesses are looking to lease office space on a month to month basis, and PivotDesk makes that task easier. The website has powerful search features and a surprisingly pleasant aesthetic. It’s currently available in several major cities, but is set to expand, thanks to its recent funding.
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