LSpire has announced plans to expand its services to Miami and Los Angeles. The NY-based technology company and its subsidiaries have facilitated in excess of $200 million in commercial real estate transactions in the Tri-State area year-to-date. As traditional brokerages continue with layoffs, firms like LSpire are well positioned to take advantage of the economic downturn.
- Competitors include Ten-X, which was recently acquired by CoStar, the Wall Street Journal reported. CREXi and Biproxi also participate in the space.
- What they do: The end-to-end platform helps streamline and optimize the antiquated sales process. Some of their most popular features include: software that creates customized pitch books and offering memorandums; tools that allow investors to seamlessly access digital marketing materials; smart underwriting functionality; and machine learning technology that micro-targets relevant buyers for deals.
- Why it matters: Traditional brokerage firms must find a way to make their business models work in this new reality. Seismic events don’t cause disruption –– they simply accelerate it. Ten-X, LSpire, and others will be at the forefront of this change. [WSJ]