If you're still producing your monthly marketing status reports for your listings in Excel, it's time to back away from your keyboard and reevaluate your options. With today's technology, no longer is there a need to be tied to a desktop or laptop computer in order to know where your deal pipeline stands. For this reason, there is burgeoning demand for a real-time, web-based and mobile deal management platform landlord agency business.
The newest entrance looking to service this demand is a site dubbed Hightower. Hightower was founded by Brandon Weber. Weber's background and interests lie at the intersection of technology and commercial real estate and Hightower's functionality and intuitiveness reflect this convergence of knowledge.
Prior to founding Hightower, Brandon was a First Vice President at CBRE where he represented institutional owners on the leasing of over 4mm sf of office and biotech space. He began his career in software product development, first as a Program Manager at Microsoft developing Excel, and later at Zillow as a Senior Program Manager.
Hightower recently raised $2.1 mm from a group of heavy hitting venture investors, including Bessemer Venture Partners, Thrive Capital and RRE. They say customer adoption has been strong and are working with landlords and brokers in 14 markets.
So, what exactly does Hightower do? As they describe it:
Leasing Pipeline Analytics
Use Hightower to understand your deal pipeline and conversion funnel, by portfolio, asset, or broker.
Visualize how deal terms are trending, including Starting Rent, TI's, Free Rent, and Net Effective Rent.
See how available space and average asking rents in your portfolio are trending over time. Identify struggling assets before they become a problem.
Track which tenant reps bring the most deals. Compare tenant rep conversion rates as they move from touring to executed leases.
Let's take a closer look. Below are a couple product screenshots.
You'll notice a couple things - for every deal, there is an activity feed. This means no more emailing updates back and forth, say after a tour, counter proposal or conference call to update your whole team.
This dashboard also tracks the terms of each round negotiation, so that you don't have to scramble to remember what was most recently offered, and how that compares to the prior proposal. Every proposal's key financial metrics, such as Net Effective Rent, are automatically calculated
In addition to Hightower's web-based deal management application, they've built a mobile app to increase accessibility and mobility.
Not only can you track the progress of any deal in your pipeline, Hightower's mobile app allows brokers to quickly disseminate marketing materials from anywhere. That way, if you happen to get a new inquiry on a vacant space and your assistant's out to lunch and you're on the golf course, the prospect doesn't have to wait.
I will leave you with this final thought. No matter how you choose to provide update reports, landlords are expecting higher levels of transparency than ever before. Early adopters of new technology will find themselves bagging more listings, as they deliver a superior level of service and efficiency.