MyDealBookPropertyShark

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GlobeSt.com: Can you briefly describe the missionof MyDealBook?

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Slack: MDB's vision is to create theend-all-be-all, interactive real estate networking directory andmarketplace of people, organizations and activities. We're focusedonly on intra-industry relationships between 42 roles andprofessions that compose the value chain of real estate, includingprincipals (developers, property owners and investors), serviceproviders (such as appraisers, architects, consultants), dealmakers (brokers, salespeople), and non-market players (nonprofits,universities, government). So, our focus leans more towardscommercial real estate than residential.

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GlobeSt.com: What are your primary services?

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Slack: We have two: a powerful online professionalnetworking tool and cross-industry networking events that bringtogether members of all the various professions to mingle andconnect in person. These events will be held quarterly in all themajor real estate markets.

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GlobeSt.com: What was the catalyst to create thesite?

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Slack: During my four years as CEO ofPropertyShark, I discovered a large, latent demand among ourmembers to connect with one another, either online or in-person. Wehosted cross-industry networking events that often attracted morethan 1,000 guests. In addition, our users wanted an online means tocontact each other to discuss business opportunities, advertiseservices and find business partners, service providers and clients.Professional networking, a la LinkedIn, seemed to be the answer, so we built awebsite specifically tailored for the needs of the real estateindustry.

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GlobeSt.com: You're targeting a broad range ofsectors, including accountants, architects, developers, interiordesigners, lenders, brokers and investors. What will these realestate professionals get from this network?

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Slack: Each profession comes with a different setof professional needs. We break down the segments into threegroups: principals, service providers and deal makers. Each grouphas a different set of needs. Here are a few hypothetical,illustrative examples:

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Wayne Marcus is an interior architect. His clients are newtenants in retail spaces who need to remodel the space to meettheir business needs. However, these clients do not come to him,nor does he know how to find these clients directly. Instead, theleasing broker who needs Wayne to help close a deal or calm thenerves of clients about the cost to build out space brings him in.MyDealBook serves Wayne's needs by allowing him to expand hiscontacts among leasing brokers as well as display his track recordof interior architecture projects. Doing so, improves his futureflow of business to him.

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Mariam Connelly is a property manager who runs a bed andbreakfast on the North Fork of Long Island. She just recently gotinto property management when a wealthy neighbor asked her to showhis property to prospective summer tenants. Not long after, shefound that she was managing a small stable of three properties.

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She wanted to expand her nascent property management businessbut found it hard to reach absentee property owners many of whomalready had property managers. Talking to her real estate attorneyone day, he told her that he had more than a half-dozen clients whoowned property in the area that sat vacant most of the year. Mariamstruck on an idea and decided to use MyDealBook to connect to realestate attorneys who could send leads her way. She lists hercurrent property management contracts in her Deals to showreferences and that she knows what she is doing.

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Jon Finkelstein is an urban developer who has worked on several$1-million to $2-million renovation projects and is trying to breakinto larger deal sizes. He is having trouble attracting capitalbecause of his lack of contacts as a relative outsider to theindustry. He knows that he cannot just overtly advertise his dealsbecause of SEC securities laws about solicitation, but he wouldlike to develop a larger pool of investors to draw from.

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MyDealBook helps Jon raise his profile among investors byposting his Deals and inviting other Deal members to join hisdeals. Doing so increases the credibility and gives potentialinvestors references to contact. Further by generally advertisinghimself as a developer who puts together certain types of projects,he avoids breaking any securities laws on solicitation.

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Sam Moorhead is a dentist and an avid real estate investor. Heowns a couple of single-family income properties but wants to getstarted in multifamily buildings and possibly small shoppingcenters or office buildings. He is looking at buying the buildingin which he rents his office space. He is at a loss for how to getstarted and needs a lot of things: advice, contacts, financing andinvestment opportunities. MyDealBook helps with all of these byincreasing his visibility as an investor. He is able to controlwith whom he speaks and avoid being preyed on, while cherry pickingclearly helpful people to get himself up the learning curve.

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He uses the tool to join an investment club of like-mindedinvestors, and he attends some seminars and networking events thathe found on the site. Not long after, he makes the plunge intocommercial real estate investing with others through a privateplacement in an LLC. The managing members of the LLC use MyDealBookto keep Sam abreast of the latest news about the investment,sharing files and quarterly reports with him and his fellowinvestors, all while keeping the information private andsecure.

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Terry Kraft is a real estate consultant and often goes tonetworking events. She comes home with 50+ business cards but findsthat many of the contacts are not immediately actionable. Sheinevitably puts the business cards into a bundle held with a rubberband and plans to put them into MS Outlook on the weekend. She'sfrustrated, because when she comes back to many of these entriesweeks and months later, she knows little about these people exceptwhere she met them. She cannot even pull up a face in hermemory.

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Terry discovers that MyDealBook allows her to cement herconnections immediately, by inviting these users to connect to heron the site. All she needs to enter is the e-mail address of thecontact and she's on her way. Once connected, she is able to seethat person's photograph, which reminds her of the conversation shehad. In addition, she can keep a running tab on that person'sprofessional activities and strike when the iron is hot to offerher consulting services. Further, her contacts are in turn madeaware of her activities on an ongoing basis and may proactivelyseek her out for advice.

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