Is Technology Finally Revolutionizing CRE?

Michael DeGiorgio is the CEO of CREXi.

LOS ANGELES—A new company may finally bring the tech revolution to the commercial real estate world. Former Auction.com VP Michael DeGiorgio has launched CREXi, a self-described “marketplace for buyers, sellers and brokers built to simplify real estate from list to close.” In essence, the platform is streamlining the ancillary work of brokers—from putting out calls for offers to analytics and reporting—to free up more time for to get and close deals. The effect of this product could ultimately boost real estate volumes, and brokers are already sold. In the five months since the platform launched, CREXi already has thousands of users—with 75 more signing up each day—has 1,000 properties listed through the site, a total $4 billion value, and Lerer Hippeau Ventures, Freestyle Capital, TenOneTen Ventures, Founder Collective, Karlin Ventures have all contributed capital to find the venture. To find out more about the product, how it is changing the market and where it is headed, we sat down with DeGiorgio, the firm’s CEO, for an exclusive interview. GlobeSt.com: Tell me about the CREXi platform and what you are offering?

Michael DeGiorgio: We are creating a platform that is bringing real time transparency to the industry. I am sure those are buzzwords that people throw around a lot, but we are really looking at how a broker manages and controls the deal process. We set up a customizable transaction environment, where the broker picks how he wants to transact, whether that is setting up a call for offers, best and finals or how buyers underwrite their due diligence. The program takes offers through us, and it does all of the analytics and reporting. It really does all of the donkeywork that brokers still do manually through outlook or Excel, and creates modern-age technology around it. The Loop Nets and Co Stars of the world are kind of just a complicated excel sheet, and we made more intuitive tools that are user friendly and speed up your day-to-day life.