TenantRex Launches new software release TenantRex 2.1
FOR IMMEDIATE RELEASE:
Fresh off their recent victory at University of Baltimore’s annual 2014 Rise to the Challenge Pitch Competition (TenantRex placed first in the best existing business category for alumni), TenantRex is releasing TenantRex 2.1 – the first post-beta commercial release that incorporates over 12 months of R&D.
“Building software that the market will adopt is a 10 out of 10 in level of difficulty. Anyone can build software. Building a platform that adds value and the market is willing to pay for is a different story,” remarks CEO & Co-founder Adrian Hessen.
Back in 2012, TenantRex took on the major challenge of trying to fix the industry’s lack of accurate and available lease comp data. For most professionals in the CRE industry, the lease comp topic is a sensitive one. Costar has tried for years to acquire lease comp information. Recently, Compstak has adopted the business model of crowd sourcing in order to create “transparency” in the industry.
“After touring the country and meeting with the major market firms, we learned the first problem regarding lease comps was a lack of consistent data storage across office boundaries. And then, for firms that did have practiced policies and a central database, the comps themselves lacked all the necessary data elements needed to convert and compare apples to apples.”
So TenantRex created a platform to work across office boundaries, acquired the missing data, built effective rent algorithms to convert all the data into the universal language of effective rents and averaged all the comps together to return a true market rent. Search and filter functionality was added to further enable drill down searchers that returned even more specific market rents. Understanding firm cultures was also important in understanding how to set up record visibility options within the platform.
“The market is really broken down into large national firms and local market firms.” We first needed to figure out how to help the large national firms. We have accomplished that. Our next step is to connect to their systems directly and I believe we are in a good position to proceed. Moving forward, we want to help middle and smaller market firms as well. The middle and smaller market firms have expressed they not only need a platform to convert lease comps into the uninform language of effective rents but they also need access to additional data. We have a solid strategy to meet this need in a way that is fiducially responsible. This will involve additional development time to get it right.”
For large national firms with mature database structures, connecting to TenantRex through a direct API is the preferred method. TenantRex said it is looking to raise an additional 100K to build out the necessary API to connect directly to national databases.
CEO & Co-Founder