NY broker launches commercial leasing marketplace
InTheMarket is a new software-as-a-service platform for the commercial real estate leasing industry, designed and built specifically for tenant-rep brokers and landlords.
ITM founder Steven Renbaum, who spent 16 years in the New York leasing industry, says his product “brings the entire CRE leasing process onto the cloud, delivering end-to-end workflows around every task in the tenant-rep experience”.
Features include the industry’s first interactive deal room where brokers and landlords negotiate proposal terms and execute deals, in-platform.
“Today, the current leading platforms are built around the industry’s supply side, but it is demand that drives the market, and until ITM was created, there was nothing else like it. ITM is the first true end-to-end platform in the CRE leasing space, saving stakeholders hundreds of hours annually. We’ve onboarded the entire leasing process to the cloud significantly speeding up the process and allowing for ‘point of sale’ data aggregation, something that is going to revolutionise the industry”, said Renbaum.
Renbaum says other established lease management platforms do not have the full suite of applications all on one platform like ITM does. They also have limitations with what can be uploaded onto their platform.
InTheMarket’s custom product suite eliminates the “heavy lift” that tenant-rep brokers endure daily and reduces multi-hour projects to just a few minutes, materially improving efficiencies and response times. ITM’s custom-built portal for landlords and their agents connects them directly to broker demand and features built-in workflows, communication, and file-sharing tools that accelerate every step of the leasing process.
Renbaum said development of the platform was the culmination of hands-on broker and landlord input over the past 24 months, and was aided by a veteran team of advisors, including senior executives in the CRE, proptech, and tech industries.
InTheMarket is a hybrid of the most essential workflow tools and includes features such as:
- Built-in Customer Relationship Management system, designed around CRE workflows
- Space discovery and search tools
- Tenant requirement announcement tool for brokers and real-time demand view for landlords
- Custom tour-book, flyer, and proposal creator and editor
- Custom financial analysis and comparison matrices
- Tour scheduling logistics, including broker and landlord confirmation workflows
- A virtual deal room where brokers and landlords negotiate terms in-platform, in real-time
- A sublease centre — create listings directly from tenant profile in CRM, announce to market, manage inquiries, tours, and deals
Renbaum founded Summit RE Partners, an independent brokerage platform, in 2012. Before getting into the real estate industry, Renbaum was one of the founding members of the technology firm Critical Mention in 2002, a provider of broadcast monitoring services for PR firms, corporations, and government agencies to monitor brand-mentions on TV.
Renbaum said that the ITM platform will have an immediate impact on an industry that’s ripe for innovation. “Traditionally, the industry has been married to inefficient, static, manual workflow processes. This platform integrates people and product, massively increasing access, reach, and velocity for both brokers and landlords,” he said.
InTheMarket will be available in New York City this month, with a wider, nationwide roll-out to follow. InTheMarket is currently in the process of finalising a limited, industry-only beta class of users. Following the onboarding of those users, InTheMarket plans to make its product available to the wider broker community in the New York CRE industry, followed by additional major markets in 2021.