As anyone on dating apps will tell you, the process of swiping and liking is not exactly difficult. In fact, given the right circumstances, creating your profile and scrolling through potential connections can even be fun, though the actual dating experience is a different story. Awkward dating stories aside, other business platforms have noticed the sensationalized dating process and are making changes to their own consumer interactions.
As far back as 2012, Tinder and other dating apps have received considerable notoriety from generations young and old. It seems that, regardless of how consumers feel about dating culture, the public enjoys the idea of “swiping right” enough that car retailers, animal shelters, and even commercial real estate companies have adopted similar platforms.
Biproxi is the commercial real estate platform that is taking the idea of dating apps and revolutionizing it, not for singles, but for mid-sized enterprises looking to invest in commercial real estate. Co-founded by Gordon Smith, Ember Erickson, and Tabitha Satterfield, Biproxi hopes to alleviate the tension for companies in the middle market by providing the tools for both investors and brokers to get noticed. Ember Erickson notes that the companies in the middle market tend to be the most fragmented in real estate opportunities, and that they tend to have reduced access to the real estate resources of the massive enterprises. “We bring all the tools that that broker would need, or those investors would need, in that middle market, and create this entire ecosystem for them to transact as efficiently as some of those people on the institutional side.”
With Biproxi’s platform, brokers can gain credibility while investors are immediately connected to what they are looking for. The commercial real estate industry has always been reluctant and slow to change, putting it about ten years behind the residential real estate playing field. Biproxi is ready to bring the commercial real estate industry into the present, and the present takes preferences into account.
Find your match
Create a profile: Like the dating apps, Biproxi investors and brokers begin the process by creating a profile. You know the deal; you need to tell a little about yourself and explain what you are looking for. Ember notes that the investor preferences and qualifications help to populate the broker’s dashboard with credible and interested investors. “We give the investor the chance to paint a picture of who they are and what their experience is, complete with their credentials and their qualifications. Then, we populate that information in the broker’s dashboard.” No more properties $50 million dollars outside of your price range or tire kickers misdirecting a sale. Biproxi turns the “single person seeking _______” on its head to work for the real estate industry. With these preferences in mind, the Biproxi platform can start matchmaking investors and brokers who can satisfy each other’s needs.
Explore your options: Once the investors have been shortlisted for the brokers’ listings, the Biproxi process is similar for both investors and brokers. Both tracks offer a verified Commercial Real Estate marketplace, investor matching, private listings, and a data explorer function. Biproxi’s offerings give middle market brokers the power to stand out and set their listing above the rest with some innovation and matching, just like in the dating apps.
Find your match: Similar to group meetups, Biproxi also provides brokers the opportunity to host live online auctions or events. And unlike Biproxi’s competitors, who function like full service auction houses and charge higher fees, Biproxi’s events can be as exclusive as the brokers wish, allowing them to be private and invite only. No longer can random investors with illegitimate offers and shady backing sneak in and disturb the process of the property auction. Biproxi gives brokers the resources to find credible investors and properties that meet their criteria with “the only broker-controlled live bidding rooms on the market.” And because no one likes overseeing parties to impede on their dates, Biproxi allows the brokers to host the events on their own, without the typical staff necessary to hold a virtual auction. This means that Biproxi also won’t demand a cut of the profit.
Biproxi also offers brokers digital offering memorandums (OMs) to send to their clients to measure marketing success, which saves time and energy for all involved. “Digital OMs are the fast and flexible alternative to traditional PDFs.” Digital OMs offer stats and information that a typical PDF cannot, such as which investors have viewed the document and potentially how interested they are. The Briproxi OMs help brokers “get analytics on who has viewed the OM, where they came from and how long they spent viewing it. They can receive leads right on the OM.” Knowing who is interested instead of who is merely browsing can help brokers target their efforts towards investors in their league, if you will. No more dashed hopes for barking up the wrong tree. Within an industry that clings to its traditions, Biproxi uses technology to make both the investors and the broker’s lives simpler, and perhaps less lonely.
Biproxi is simplifying the commercial real estate relationships by implementing some strategies from our favorite dating websites into their own online platform. With the investor and broker profiles, both parties have legitimate potential partners right on their dashboards that they can peruse or refuse. Biproxi also provides a number of tools to facilitate the partnerships such as live auctions, private listings, and a Verified Commercial Real Estate marketplace. Out with the traditional slow processes of the commercial real estate industry. Biproxi is modernizing the investor and broker communication platforms so that everyone can find their match.