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Is VTS Transforming Commercial Real Estate Industry?
Posted on: July 17, 2015 by Newmark Insurance
VTS, a web based commercial real estate platform, is changing the way the industry operates. The rapidly growing technology company is already worth an estimated $100 million dollars and operates in 14 major markets across the United States. With so much technology and inevitable change in the market, it is imperative your TX Mortgage Broker Errors and Omissions insurance is updated and in effect.
Co-founders Ryan Masiello and Nick Romito were New York commercial real estate brokers for nine years prior to developing the technology company and consider themselves to be well versed on the realistic issues of the industry- all of which they are attempting to solve.
Experts claim that the way commercial properties are managed is mainly through Excel and paper trails that are transferred back and forth which leads to inherent chaos. However, with VTS, brokers, real estate owners, and investors can manage their portfolios online and easily obtain information about spaces in real time. According to Tech Crunch, the information is plugged into the platform and an analytics dashboard aggregates data about specific buildings and tenants as well as market trends.
As the commercial real estate industry earns an estimated $12 trillion dollars per year, it is critical to have easy access to data relating to the sale of a property and easily sum up properties.
Major industry players including Blackstone and JLL have already jumped on board and are using VTS. Although it has already raised $21 million to support their goals, VTS seeks additional funding to expand its U.S. and global markets.
“We don’t want to be a part of the ecosystem; we want to be the place where all commercial real estate happens. It may take two years, it may take give, but the speed at which we’re growing is maybe 10x what we anticipated,” said Romito.
As a mortgage broker in a modern market, it is crucial your professional practices, both traditional and technological, correlate with operating laws. At NewMark Insurance Services, we stay current on industry trends and offer comprehensive real estate errors and omissions insurance, as well as other professional liability solutions. To learn more about how we can cover your business, contact us today at (855) 777-6549.