InTheMarket (ITM), a new SaaS platform for the commercial real estate (CRE) leasing industry built for tenant-rep brokers and landlords, today announced the launch of 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 $1000 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.
“As the demand-driven 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.”
ITM’s Digital CRE Marketplace arrives on the market after over 2 years of development. It was conceived with the goal of delivering increased utility to tenant rep brokers, independent of any landlord participation. In so doing, the platform addresses long-standing 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. It was developed by a veteran CRE broker along with a group of Senior CRE industry advisors.
The timing couldn’t be better for ITM’s market entry. With CRE transaction volume down significantly, support staff layoffs, business closings, and record amounts of vacant space coming on the market due to the pandemic, the platform’s value in time savings, workflow efficiencies and greater connectivity provide ITM’s a potentially faster path to market adoption. Brokers and landlords will both benefit as each side is under pressure to create greater workflow efficiencies, cost savings and acceleration of the entire CRE process.
“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,” Steven 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 is an industry first, providing a unique space for brokers and landlords to promote their requirements and spaces, communicate in chat, schedule and confirm tours, and negotiate deals. While there are marketplaces for all types of financial asset transactions, and even major marketplaces for transactions in the advertising space, currently no digital marketplace exists for the largest asset class in the world, the $16 trillion dollar US CRE market. As a result, work product and transactions are still done with antiquated spreadsheets, PowerPoint, word documents and via email, telephone and repeated in-person meetings. However, ITM’s product provides a “Bloomberg”-like offering to all key stakeholders within the industry, providing 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 & documentation through a digital deal room.
ITM chose the fast-growing Republic crowdfunding platform for its first capital raise based on its large reach, flexibility to incentivize licensed CRE brokers or CRE industry professionals to become investors and the platform’s growing focus on real estate via last year’s Compound acquisition. This ITM financing of up to $2mm will have a $10mm valuation cap versus $36B for CoStar and over $1B for VTS. Working with Republic, ITM will create an immediate impact on an industry that’s ripe for innovation.
InTheMarket is a brand new, end-to-end leasing platform designed to provide tenant-rep brokers with an out-of-the-box workflow solution that seamlessly interacts with users on the supply side, making the entire process easier and faster. Tenant-rep brokers can search for properties, create work-product, negotiate leases, and close deals all on one platform. Based in New York City, InTheMarket was founded by Steven Renbaum, a veteran of the New York commercial real estate industry. Renbaum also previously launched the alternative online lending company Loanzy, and in 2002, the tech firm Critical Mention. Most recently, he was a principal and at Summit RE Partners, an independent leasing and investment platform he founded in 2012. For more information, please visit www.meetitm.com.