CREXi
CREXi — short for “Commercial Real Estate Exchange” — is a Los Angeles, California-based online commercial real estate (CRE) marketplace and technology suite that consolidates the entire commercial real estate process into a unified ecosystem.
CREXi’s platform and services allow brokers, buyers, and tenants to conduct the whole CRE process online from listing to closing.[1]. CREXi also offers marketing, analytics, and deal management software for brokers and buyers.
CREXi most recently completed a Series B funding round[2] in January 2020, raising $30 million to contribute toward scaling operations and building out data and AI services. This round followed a Series A raise of $11 million in 2018[3] and two successive seed rounds in 2016 and 2017[4]
History[edit]
CREXi was founded by Michael DeGiorgio along with co-founders Erek Benz, Luke Morris, and Ben Widhelm in 2015.
Since its launch in 2016, CREXi has grown to employ 122 employees and counting. CREXi has facilitated more than $200 billion in transactions since 2016, and currently houses more than 330,000 properties valued at over $1 trillion for sale or lease across the US. There are currently more than 6 million users on CREXi’s marketplace.
The company conducted a Series A funding round in 2018, raising $11 million following two successful seed rounds in 2016 and 2017. CREXi raised another $30 million in a Series B[5] funding round in January 2020, led by Mitsubishi Estate[6] and including other investors such as Prudence Holdings and Industry Ventures. The latest fundraising round will be used to scale CREXi operations and invest in the building of additional services with a focus on data analytics and artificial intelligence. Business
CREXi provides a suite of technological tools to brokers and buyers to purchase, sell, or lease CRE properties online. The company has built systems to list and manage property listings, access data and analytics[7], host auctions and accept bids on properties, and optimize exposure for brokers[8]. CREXi allows brokers and buyers to conduct everything digitally, from initial contact to due diligence documents to closing.
Software and Services[edit]
Marketplace[edit]
The marketplace is CREXi’s core business offering. The platform lists properties for sale and lease and allows brokers to manage and interact directly with clients from initial interest to close. CREXi partners with independent brokers and flagship firms to list 300,000+ listings on its marketplace. Buyers and lessees can search for properties by region, price, equity, square footage, and other parameters.
PRO Membership[edit]
CREXi’s PRO membership launched in 2018 to offer brokers marketing, listing, lead management, due diligence, and data analytics tools. These tools include preferred property placement in searches, a built-in CRM dashboard with access to buyer data and leads, real-time reporting and a comprehensive analytics dashboard, and due diligence document management and storage with advanced SSL encryption.
Intelligence & Sales Comparables[edit]
Intelligence is CREXi’s data and analytics service, launched in 2020. Intelligence lets CREXi users unlimited access to CREXi’s entire database of over 12 million sales comparables and 51 detailed market reports for top MSAs (Metropolitan Statistical Areas).
Intelligence lets brokers and buyers see the latest trends and access real-time activity and insights into the commercial real estate industry through the company’s thousands of properties.
Auctions[edit]
CREXi launched its Auction platform in 2019[9].
As a part of the product launch, CREXi partnered with Clark County, Nevada, to conduct its first entirely-online CRE auction. CREXi conducted 17 land auctions comprising roughly 161 acres total from November 5-7, 2019. The online auction allowed qualified buyers to review all due diligence, register, participate, and close in the event regardless of physical location.
The auction sold 11 land parcels for a total value of $63 million, meeting an average of 106.7% the reserve bid price on behalf of Clark County despite conservative reserve bids. The auction represented a step forward in digitizing traditional CRE processes[10].
CRE Industry Reviews[edit]
Online reviews describe CREXi as a CRE brokerage tool that serves as “a one-stop shop” of any broker and broker team that’s “intuitive and easy to use.” Trust Pilot[11] ranks CREXi with an “Excellent,” 4.9/5-star rating per 380+ reviews.
CREXi works with brokers representing prominent firms such as CBRE, Colliers International, Marcus & Millichap, KW Commercial, JLL, Coldwell Banker Commercial, and Berkshire Hathaway Home Services.
References[edit]
- ↑ "BRINGING INNOVATION TO AN ANTIQUATED SPACE". California Business Journal. 20 July 2018.
- ↑ "UPDATE: Los Angeles-based CREXi raises $30 million for its online real estate marketplace". TechCrunch.
- ↑ "CREXi raises $11 million to bring commercial real estate out of the Dark Ages". TechCrunch.
- ↑ "Early Stage Real Estate Tech: 120+ Companies Point To Where the Industry Is Going". CB Insights Research. 15 June 2017.
- ↑ "What the First Month of 2020 Says About Proptech". Millionacres.
- ↑ "Mitsubishi Backs Online Commercial Real Estate Platform CREXi". Cheddar.
- ↑ "The last decade in real estate, and a peek into the next one". TechCrunch.
- ↑ "Optimization, Not Automation: How This LA Startup is Modernizing Commercial Real Estate". Built In Los Angeles.
- ↑ "Interest Picks Up for CREXi's Online Las Vegas Portfolio Auction". Connect Media. 25 October 2019.
- ↑ Borl, Kelsi Maree. "The Online Auction Segment Is Growing". GlobeSt.
- ↑ "CREXi is rated "Excellent" with 4.9 / 5 on Trustpilot". Trustpilot.
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