New York-based mortgage company Eastern Union Funding says its new mobile app will reshape the commercial real estate industry.
Available in the Apple App Store and via Google Play for Android, the free app delivers professionals with access to proprietary data, real-time transaction tools and a curated newsfeed.
Eastern Union Funding president and co-founder Ira Zlotowitz says the app will be"the next big disruptor" and the first-of-its-kind in the commercial real estate mortgage industry.
"There is a large void in the technology offerings for commercial real estate professionals," Zlotowitz says.
"The goal behind our mobile app design is to give every commercial real estate professional the data, resources and tools they need to make savvy business decisions at any time from anywhere, including on the road."
Zlotowitz says real estate technology ventures have largely been concentrated on the residential side with companies like Zillow, StreetEasy and Realtor.com.
"Eastern Union is looking to do the same by significantly improving the antiquated commercial real estate sector," he explains.
Accessibility and transparency
The app comes as more studies show that younger generations—those poised to become tomorrow's leaders—prefer the ease and flexibility of having financial information on the go and the ability to transact by smartphone.
Zlotowitz argues the industry would benefit hugely from tech advances that leverage the abundance of commercial data available and new sources of funding, helping investors gain a competitive edge in this high-stake environment.
"Typically, this kind of innovation comes from an outside tech player, but not one fully immersed in commercial real estate. We want to be the first to do this because, with decades of experience, we understand what tools the industry wants and needs to succeed."
He adds the complimentary mobile app's functions incorporate the same calculators, vendor contacts and detailed data that the company's brokers have at their fingertips when advising clients.
"Other information, such as interest rates from particular banks, is typically only available by calling brokers or lenders themselves."
According to Zlotowitz the above functions are only the beginning of the mobile app's capabilities.
He says Eastern Union Funding plans to roll out frequent updates, including client-specific functions that allow the firm's current clients to log on to the app and track and transact business on it similar to online banking.
Zlotowitz is also exploring ways to expand the comp data on the app by incorporating information from other companies, allowing sales brokers to market property for free via the app.
About Eastern Union Funding
Founded in 2001, Eastern Union Funding is the country's second most active commercial mortgage company, on a transaction volume basis, and one of the top 50 fastest growing companies in NYC as reported by Crain's New York Business the past two years straight.
Eastern Union closes an average of $3 billion annually nationwide.