The December shutdown of Xceligent left thousands of commercial real estate brokers without a data platform, a void which industry giant CoStar quickly swooped in to fill. Now one new player aims to court those users.
Jim Simpson, the founder of Minneapolis-based commercial real estate software company Crelow, is relaunching the service under a new brand, DealBoard.org, and has already landed his first big client.
DealBoard reached an agreement with the North Texas Commercial Association of Realtors, a 2,500-member group, to use its technology in the Dallas-Fort Worth market, and the partnership is launching the service Tuesday.
The service is designed to match tenants seeking space with available properties. Rather than maintaining a central database of listing supply like CoStar, DealBoard focuses on the demand side.
It allows tenants and their brokers to submit their availability needs, which are then broadcast to all the landlords and their brokers using the service. The landlords then respond directly to tenants with availabilities that match their offerings, and the parties are connected. DealBoard also allows brokers to communicate directly with each other to share information, a new addition from the previous Crelow service.
"The 'a-ha moment' was recognizing brokers could use the system themselves to exchange information in addition to generating new business leads," Simpson said. "It's really the perfect solution for former Xceligent customers like NTCAR."
Simpson said the platform is easily scalable because he does not need staff to manually input information to a database. He estimates he could expand to the top 20 U.S. markets with as few as 20 or 30 full-time employees, plus a host of contractors.
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