Smaller tenants looking for less than 5,000 square feet represent 80% of the office market, generally take the same amount of a rep’s time, but generate less revenue per deal than larger tenants. To make these tenants more attractive to tenant and landlord reps, Crelow has introduced three new services —Crebates™, Rep Matcher™, and Bid Requests™ — that will help smaller businesses find their perfect space.
The services add to the capabilities of the Crelow Deal Board™, announced earlier this year, the first service in the commercial real estate industry that allows tenants to send out bid requests and have the market come to them.
“Crelow has only been in business for about 10 months but we’re excited to introduce three new services we believe will revolutionize the way commercial real estate is done. All three of these new services are available right now in both of our current markets, Minneapolis/St. Paul and Denver,” Jim Simpson, Founder and CEO of Crelow, wrote in his blog.
“Though much of what we do and how we do it has been enhanced with the release of these new services, the inspiration behind Crelow itself is unchanged,” he continued. “From the very first whiteboard session more than two years ago, Crelow has been designed from scratch with just one goal in mind: Put tenants in control and help them find the perfect fit in their next office.”
Crelow’s new marketplace has changed the way bids are created with a product called the Crebate™. Commissions paid by landlords to tenant reps can add significant cost to a lease deal. Instead, the Crebate helps landlords submit more attractive bids with a flexible tenant cash incentive. This incentive, paid directly to the tenant after lease signing, is created from the commission savings they derive by dealing directly with tenants who have submitted Bid Requests without tenant representation.
Rep Matcher solves a problem for both tenant and rep. It gives reps access to prequalified tenants coming to them, and broadens the tenants’ opportunity to find a rep they feel comfortable with. Once they have filled out basic information about the size, style and move-in date of the office space they are seeking, the technology presents the tenant with a “gallery” of reps who specialize in what they are looking for and, with the click of a button, they can request an introduction.
The Bid Requester™
The Bid Requester™ web-app assists tenants in specifying the size, style, location, price and special requirements for office space that can help them attract and retain the right people. Bid requests are posted to the Deal Board and Crelow alerts landlord reps of bid requests in their area, so they can respond with competitive bids.