A Minneapolis-based real estate software company is relaunching to match brokers with tenants looking for retail, office, industrial and other commercial space.
The newly-launched website DealBoard.org, a demand-driven site, allows companies and brokers to select their requirements for a commercial space. Landlords can then send available properties that meet the potential tenant’s requirements.
DealBoard is, essentially, a matchmaking service for commercial real estate.
Chief executive Jim Simpson envisions people being able to order office space like they do an Uber.
The website was launched in June as a successor to Crelow, a commercial real estate services website that was launched by Simpson and three others in 2015.
To start, DealBoard will cater to the Dallas-Fort Worth metroplex as part of a partnership with the North Texas Commercial Association of Realtors and Real Estate Professionals (NTCAR).
More than 365 brokerage companies now use DealBoard in the metroplex, with about $22 million worth of deals listed.
A broker searching for property for a client can select the desired price per square foot, amount of space and a variety of attributes, from natural light to pet-friendly buildings.
Once the requirements are posted on DealBoard, notification emails are sent to landlords. Brokers can hear back from landlords in minutes.
As part of the deal with NTCAR, the company offers a free, public version of the website called “Go Deals.” The Go Deals service is meant for companies looking for 2,000 square feet of space or less. The service is useful for small businesses looking for smaller spaces that aren’t typically of interest to brokers.
The “Pro Deals” portion is for brokers who pay a subscription fee to use the service.
Simpson says his service won’t replace actual brokers. Instead, the website will serve as a tool for brokers to assist companies in finding the right commercial space.
Brokers traditionally use listing services, and then have to contact landlord tenants individually to confirm details and set up a date to visit. The process, Simpson says, is “a lot of work.” Verifying details with a landlord can take time, and brokers may get hundreds of emails a week.
DealBoard’s launch comes at a time when non-residential construction has hit a healthy, stable state, according to the Associated Builders and Contractors. Newly-built commercial buildings will add to DealBoard’s inventory of postings.
But the construction sector as a whole is still facing a shortage in skilled trade workers, including construction workers, plumbers and electricians.