TenantRex Launches, Aims to Open Commercial Real Estate Data to Crowd-Sourcing
Co-Founder Adrian Hessen
TenantRex has launched its website, TenantRex.com, which aims to open the commercial real estate industry to the practice of crowd-sourcing, a new concept for the industry.
TenantRex is a collection of commercial real estate data. Its platform allows an interested party to give data it has to get data it needs. Users can also buy points to access information or subscribe to the site's Premium model.
Co-founder Adrian Hessen, a tenant rep broker in Baltimore, saw a need for this service during his work in the commercial real estate industry.
“The status quo was that you’d get lease data, also known as comps, directly from tenants or other brokers - if they had the data you were looking for," said Hessen. "This required a tremendous amount of time and energy. The only other options were online services that were at best 50% accurate and had tons of holes in the information. I knew there had to be a better way.”
Hessen set out to find it. He recruited Sammy Mah, a 28 year GM veteran and former CEO of World Relief, and Zach Bruno, founder of the award winning creative boutique wndr. The team worked for over a year designing and developing TenantRex.com.
The company says the site will allow brokers to increase their commissions by saving hours of cold calling. Tenants will be able to lower their occupancy costs by discovering what other tenants in their area or building are paying. Other commercial real estate professionals, such as analysts, appraisers, and researchers, can access previously unattainable data, leading to more timely and better reporting.
In addition to the site, the company can be followed on Twitter at @TenantRex or on facebook.com/TenantRex.