Welcome to the Next Generation of Commercial Real Estate
My name is Jeff Yrueta, President and CEO of AdvancedREI, and I'd like to welcome you to my latest venture.
I have been a Commercial Real Estate broker for over a decade. During that entire time, I have been continually frustrated by the tools available to people like myself, as well as to the investors we are supposed to serve. They are just not sophisticated enough for the job.
Over the course of the last decade, innovation in this industry hasn't even kept pace with residential real estate, let alone the rest of the Internet. Our primary tool for sharing information has evolved to... the PDF file, which might as well be a fax machine for all of the good it does. All the investor ends up getting is a static document s/he has to mine for information using OTHER tools before they can even begin to make a decision.
Some of my biggest frustrations has been the lack of accurate information about properties, and the quality of the analysis tools available. Commercial real estate investors are not simply buying a physical building, like residential real estate. They are buying a currently-operating business, with real income, expenses, debts, and growth opportunities. But many commercial real estate brokers don't treat properties that way, and an education in real estate accounting is not required to get your commercial real estate license!
As if this were not enough, the problem is compounded when the PDF file brokers like me send out is filled with a mixture of fact, opinion, marketing, and assumptions. Brokers then send the PDF out to investors expecting them to accept the whole thing as fact and make a decision, then and there.
In the meantime, investors know these documents are not always on the up-and-up, and have to spend their time determining which numbers are fantasy and which ones are reality. This happens so frequently that half of my time in discussions with clients was just spent haggling over how they got to their numbers. But even I didn't realize just how ridiculous the current system of "marketing" a property was until we started using our product ourselves.
I tried to tackle some of these problems shortly after I first bacame a broker, by selling other brokers an Excel spreadsheet they could use to plug in the numbers and analyze the property. While this helped, I quickly realized that the real solution needed to be so much more. Our calculations are basically the same as that spreadsheet, we have taken the process far beyond e-mailing electronic documents back and forth.
We have a lot more features in the works, which we intend to roll out at a brisk pace. Even if you just own a single rental house, you deserve to know where your investment stands... and that process only takes a few minutes. So please, sign up for the free trial and take a look around.
If you have any feedback, please use the comments here, our Support site, or the contact information here to get in touch with us. We'd love to hear your comments, feedback, suggestions, etc. Thanks for checking us out, and welcome to the future.
- Jeff Yrueta, CEO
My name is Robert McLaws, CTO, co-founder, and head of Software Development at AdvancedREI, and I'd like to first thank Jeff for asking me to join him on this wonderful adventure; to build something that we both believe will radically change the face of Commercial Real Estate. As an outsider to this industry, but having previous experience with a residential real estate startup similar to RedFin, I was really excited by the challenge that Jeff's concept provided.
Over the past 6 months, we have completely re-engineered his prototype to be lean and mean, using some of the greatest tools available to developers. We have come up with innovative new ways to experiment with financial data and see the results in real-time, and mined our data for statistics the industry has not had access to before. And some of our best innovation is still waiting for us on our roadmap.
This exciting journey is just getting started. Wait till you see some of the things we're working on for the future.
In addition to the regular posts on our Company Blog, we'll also be sharing some of the tools, tricks, and tribulations of building this amazing service over on the Development Blog. Be sure to follow us on Twitter for company news and product updates.
So, please sign up and check out what we believe is the future of Commercial Real Estate. Let us know what we got right, and what we need to improve on. We're definitely listening.
- Robert McLaws, CTO