Commercial Real Estate Startup InTheMarket Announces Equity Crowdfunding Campaign for CRE Brokers
NEW YORK, February 17, 2021 / PRNewswire / – InTheMarket (ITM), a new SaaS platform for the commercial real estate (CRE) leasing industry designed for brokers and landlords by tenants and landlords, today announced the launch of a crowdfunding campaign for stocks to help CRE – Encourage brokers and create incentives for both subscribers and shareholders of the company. The campaign focuses on the Republic’s platform and offers unique incentives for participating CRE broker and landlord investors who invest 1000 dollars and beyond, including the opportunity to become members of the company’s new advisory board and founding council – both are reserved for first-time investors in the new company. The announcement will be made during the launch of InTheMarket’s Digital CRE Marketplace.
“As a demand-driven CRE market, tenant representatives form the foundation of the ITM platform and most of our user base,” he said Steven Renbaum, Founder and CEO of ITM. “By partnering with Republic, we can open up our raise to the entire CRE community and set up an advisory and founding council that not only offers special benefits to brokers who invest, but also helps to accelerate the adoption of our platform and at the same time a valuable feedback loop for creating improvements and new features for our management and product teams. “
ITM’s Digital CRE Marketplace comes onto the market after more than two years of development. It was designed with the aim of offering tenant brokers greater benefits regardless of whether the landlord is involved. In this way, the platform removes longstanding inefficiencies in finding space, creating work products, managing appointments, and negotiating and concluding commercial leases by offering tenants (brokers) as well as landlords and landlords a network approach with immediate access to theirs Agents (supply) save time and money and create the industry’s first cloud-based transaction marketplace. It was developed by an experienced CRE broker together with a group of high level consultants in the CRE industry.
The timing for ITM’s entry into the market couldn’t be better. With CRE’s transaction volume declining significantly, layoffs of support agents, store closures, and record amounts of free space entering the market due to the pandemic, the platform’s value in terms of time savings, workflow efficiency, and better connectivity provide ITMs with a potentially faster path to market acceptance. Both brokers and landlords will benefit as each side is under pressure to achieve greater workflow efficiency, cost savings and speed up the entire CRE process.
“We believe that ITM bridges a wide open gap in the market offerings between CoStar and VTS, creating a space for ITM to provide unique workflows around the experience of tenant representatives and to connect this user directly to the supply and vice versa, reducing downtime and bring massive efficiency and time savings for the stakeholders ” Steven Renbaum Continuation. “Given the impact of the pandemic on the CRE community, there has never been a better time for a new platform that can streamline the leasing process and bring brokers and landlords together on one platform.”
The ITM marketplace is an industry first and offers brokers and landlords a unique space to advertise their requirements and spaces, communicate in chat, plan and confirm tours and negotiate offers. While there are marketplaces for all types of financial asset transactions and even large marketplaces for advertising space transactions, there is currently no digital marketplace for the world’s largest asset class, the $ 16 trillion US CRE market. As a result, work products and transactions continue to run using outdated spreadsheets, PowerPoint, Word documents, as well as email, phone, and repeated in-person meetings. However, ITM’s product provides a “Bloomberg” -like offering to all major stakeholders in the industry, the CRE-specific tools for relationship management, communication / contact and lead gen functions, automated and customizable tour books, automated lease proposals including requested or unsolicited markets provides “bids” and “requests” for space and final contract negotiations and documentation on a digital business space.
ITM chose the republic’s fast-growing crowdfunding platform for its first capital increase due to its wide reach, flexibility to attract licensed CRE brokers or CRE industry professionals to become investors, and the platform’s growing focus on real estate last year’s compound acquisition. This ITM financing of up to USD 2 million has a valuation cap of USD 10 million $ 36B for CoStar and more $ 1B for VTS. Working with Republic, ITM will have an immediate impact on an industry that is ripe for innovation.
InTheMarket is a brand new end-to-end leasing platform that provides tenant brokers with a turnkey workflow solution that seamlessly interacts with users on the supply side, making the whole process easier and faster. Tenant brokers can search for real estate, create work products, negotiate rental agreements and close deals on one platform. Based in New York City, InTheMarket was founded by Steven Renbaum, a veteran of the new York commercial real estate. Previously, Renbaum had also launched the alternative online lending company Loanzy and, in 2002, the technology company Critical Mention. Most recently he was a Principal and at Summit RE Partners, an independent leasing and investment platform that he founded in 2012. More information is available at www.meetitm.com.