VTS Co-Founder and CEO Nick Romito said the commercial real estate industry lacks a tool like Zillow, which provides investors, tenants and brokers in the residential real estate live market comparables and data points to assess the strength of each asset.
But he thinks he has invented one.
Romito is pitching his company's portfolio of analytic platforms, including VTS Marketplace and MarketView as intelligence products that will give minders of CRE assets enough granular data to know how much a building should cost, lease for, pay in overhead and expenses — and when an asset sitting in a market might face a drop in demand.
To reach the full Zillow effect for commercial real estate, VTS just needs to keep adding more data from clients in Dallas-Fort Worth, Houston and other markets nationwide, Romito said.
VTS is already exploding in DFW and Houston. The company’s MarketView product is in testing mode in Houston. And in DFW? Romito said he has cornered 60% of the North Texas market capture, but he’s aiming for 100%.
Romito sat down with Bisnow to explain how his analytic products work and what his CRE clients expect in terms of data analytics from the VTS platform.
Romito: I would say Dallas is a really strong market for us. Our market share is probably north of 60% in terms of using the product, so it’s going to be all of the local players like Stream Realty, as well as the larger more institutional folks … the Invesco’s, and even Granite Properties. It’s both the larger institutions as well as the local players that are VTS users, and they have been for a long time.
Bisnow: Sixty percent — that is a fairly large market share. Do you see your footprint growing even stronger in DFW?
Read more here
Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.