San Franciscans Organizing the Entire Leasing Process
Publisher: Real Estate Tech News Date: 5/5/2016
Without question, the paradigm of commercial real estate is shifting because of Griddig. Recognizing the complexity of the CRE leasing process, Griddig developer Dan Mihalovich decided to make a difference. With this innovative platform, tenants, landlords, brokers, and service providers are carefully guided through the entire process, from the start of a project to closing the leasing terms.
With Griddig, teams can collaborate in a unique way. Using this platform, everyone has the ability to connect throughout the leasing process. However, Griddig is also beneficial for tenants in that it creates a method of staying in contact with different service providers.
THE GRIDDIG CONCEPT
Griddig provides everyone involved in a commercial real estate deal access to the right experts from the very beginning. Unfortunately, because leases are multifaceted, things can get overlooked. With Griddig, everyone starts out on the same page.
Griddig makes commercial real estate leases more transparent to prevent mistakes from happening. As a prime example, with a letter of intent, all affiliated parties are immediately identified. During negotiations, things can become controversial, so when people on the other side are not provided with important documentation, reaching an agreement and closing the deal are extremely hard. However, if everyone involved has the opportunity to hash things out prior to formalizing the letter, it can be signed electronically and quickly executed. Instead of frustration, the letter of intent is finalized.
MAJOR CHANGES TO COMMERCIAL REAL ESTATE
Another way that Griddig is changing the CRE landscape has to do with viewing options. For instance, after providing information, many companies do not allow changes. That means that whatever rates were listed initially will remain the same, even if they changed. With Griddig, the building owner has full access to information and can make changes to rates, floorplans, photographs, and other things as needed to ensure that data is always 100 percent accurate.
All of the tools required to negotiate transactions online for office space are provided with Griddig. The result is finding/listing spaces and closing deals faster.
Team Management – An existing team becomes stronger throughout the leasing process. The “Find Team Members” tool is used for help with reviews and insights from members who have had success in helping other people find or list space.
Space Need Calculation – When someone is unsure of the exact amount of space needed, Griddig has a calculator already populated with many components of office space layouts often overlooked, including closets, file areas, mailrooms, copy areas, server rooms, and so on. This space calculator offers a more realistic view of the space required.
Saved Information – Listings and searches can be saved on Griddig, making it easier to monitor the results of specific filters over time.
Because Griddig has already had a huge impact on the commercial real estate leasing process, it is anticipated that this platform will soon roll out beyond San Francisco.