InTheMarket (ITM), a new SaaS platform for the commercial real estate (CRE) leasing industry built for tenant-rep brokers and landlords, launched an equity crowdfunding campaign to promote and incentivize CRE brokers to become both subscribers and equity owners of the company. Centered on the Republic platform, the campaign offers unique incentives for participating CRE broker and landlord investors who invest $1,000 and up, including the opportunity to become members of the company’s new Advisory Council and Founder’s Council — both of which are reserved for initial investors in the new company. The announcement comes as part of the market launch of InTheMarket’s Digital CRE Marketplace.
“Tenant rep brokers are the foundation of the ITM platform and the majority of our user base,” said Steven Renbaum, ITM’s founder and CEO. “Partnering with Republic enables us to open up our raise to the entire CRE community and to create an Advisory and Founder’s Council which not only provides special perks to brokers that invest, but will help speed adoption of our platform while creating a valuable feedback loop for improvements and new features to our management and product teams.”
Developed by a veteran CRE broker along and a group of senior CRE industry advisors, the digital marketplace was conceived with the goal of delivering increased utility to tenant rep brokers, independent of any landlord participation. The platform addresses inefficiencies in finding space, creating work-product, managing appointments and negotiating and closing commercial leases by offering an immediate-access networking approach for tenant-rep brokers (demand) as well as landlords and their agents (supply), saving time and money and creating the industry’s first cloud-based transaction marketplace, the company said.
“We believe that ITM addresses a wide-open gap in the market”offerings between CoStar and VTS, creating a space for ITM to deliver unique workflows around the tenant rep experience and interconnecting that user directly to supply and vice versa, reducing downtime and bringing massive efficiency and time savings to stakeholders,” Renbaum continued. “Given the pandemic’s impact on the CRE community, there has never been a better time for a new platform that can streamline the leasing process and bring together brokers and landlords on one platform.”
ITM’s marketplace provides a space for brokers and landlords to promote their requirements and spaces, communicate in chat, schedule and confirm tours and negotiate deals. However, ITM’s product provides CRE-specific relationship management tools, communication/outreach and lead gen capabilities, automated and customizable tour books, automated lease proposals including solicited or unsolicited market “bids” and “asks” for space and final deal negotiations and documentation through a digital deal room.