David is veteran of the commercial real estate market having built his firm, Perlmutter Properties, into a regional powerhouse brokerage company. He launched QuantumListing in response to his own personal experience with not finding a tech solution that met his specific searching requirements.
The News Funnel interviewed David to get his perspective on the launch of his app and his own personal experiences in the business.
What is your background?
I grew up in New Jersey, graduated from The Pingry School, and went on to Brown University, where I was a comparative literature and economics major. Upon graduation, I helped my uncle at his restaurant, 40 Love, in West Orange, NJ. I helped him sell the restaurant, which introduced me to real estate. I became a licensed New York State real estate agent in 1986, and started working for N. Peter Burton, Westchester Co., Inc. (later bought by Grubb and Ellis, but I had left by then). In 1989 I got my broker’s license and started Perlmutter Properties, Inc. Around the same time, I formed a development partnership, DKH Associates, which developed about 1.3 million SF of mostly retail space in New Jersey, New York and Connecticut.
What is the concept behind QuantumListing?
QuantumListing is an easy to use, inexpensive solution for brokers, owners and end users of commercial real estate to post and search listings from their smartphones. QuantumListing is a “freemium” app. Downloading it is free, searching any of the listings is free, but posting listings requires premium membership, which only costs $9.99 a month, $24.99 for a quarter, or $79.99 for a year. While we ramp up our user and listing base, we’re offering free premium membership.
How does the site work?
The app takes advantage of the features of our omnipresent smartphones. You post your listing from your phone. The centerpiece of each listing is a photo or existing listing PDF as the central image. Information is then added that helps identify the property name, location, asset class, price and whether it is for sale or lease. Additional optional details and comments may also be added. The listing provider’s phone number, email address and website are auto-filled from their Profile. After you have added one or two listings, it only takes about three minutes to add additional listings. There are buttons above the listing image that connect users with the listing agent with a single tap. Because listings are geocoded, when you open the map function, you’ll be able to see all the listings that have been entered within a twenty-mile radius. The app also has search and filter functions to help with your search. If you are looking for property, you can save the ones you are interested in to your collection of favorites. Another great premium feature of the app is the ease of sharing listings via email, text and social media such as LinkedIn, Twitter and Facebook.
Who is your target audience and what are the benefits to them?
The target audience is owners, brokers/agents and end users of commercial real estate. Premium membership is best for those wishing to post listings, and free, basic membership is the right choice for those who just want to search for commercial listings without restrictions, and be able to contact the listing agent or owner.
How did you build the site?
We had a development team in place from a prior non-real estate app. They are located around the world, primarily in Bulgaria, but also in Australia, and India. We communicate mostly via Skype. We’ve been working together for a couple of years and have a really good rapport. This has allowed us to bring the app to market in a cost effective manner and offer our customers a really good user experience at an incredible price.
What’s next for QuantumListing?
Wow, we have a lot of work ahead! First is to continue to spread the word about QuantumListing. As a crowd-sourced listing app, we need to increase the size of the crowd that uses it to make it more useful! Even without a massive user base, premium members derive a lot of utility by having a dedicated app to share their listings from the field without having to search through Dropbox or drill into their office networks. The ability to post listings to social media with a few taps also adds tremendous value to users. We’re working on an Android version of QuantumListing, and that will be followed by a fully functional website. Another thing we are beginning to work on is developing relationships with other commercial real estate tech companies so that together we can offer an a la carte suite of best in class services. We’re at a really exciting crossroads where a lot of smart, creative solutions are being developed that will transform the way the business of commercial real estate is conducted in the future. I’m really excited to be part of it.