Gordon Smith, the founder and CEO at Biproxi, an end-to-end solution for the commercial real estate space, discussed increasing liquidity and defragmenting the middle market in an interview with Benzinga.
How It Started
In 2018, Biproxi was founded by a team of industry veterans that successfully sold off Ten-X, a leading online commercial real estate exchange to a private equity firm.
“I always wanted to launch a broader platform; the vision for Biproxi was that we would be an end-to-end platform for the middle market commercial real estate agent,” Smith said.
The vision for Biproxi entails providing brokers, buyers and sellers with access to the most up-to-date property data, in addition to the capability to list for free; market properties; and conduct sales.
How It Works
Biproxi is geared toward increasing transaction efficiency for brokers and non-brokers in the middle-market, delivering multiple CRE tools in one platform.
If an individual is a broker, they can access free MLS and listing capabilities, in addition to a suite of proprietary data and marketing vendor services.
If an individual is not a broker, they can use the platform to discover properties for sale or lease, leveraging tools such as the Biproximate to gauge off-market property values, and even submit LOIs or make purchases.
"You enter any property address and you’ll get all the transaction history, all the financing history, and you’ll actually get something called a Biproximate, which is kind of our version of what you’d call a Zestimate," Smith said.
"Wwhat Zillow has in residential, we’re doing the same thing for commercial."
With the new platform release, “we will make 10 million properties, and data on those properties, available, and then you’ll be able to also, as an investor, buy a valuation at a relatively affordable cost.”
Biproxi’s latest release is the Off Market product, an algorithm-based data platform that provides instant property and valuation data on over 32 million off-market commercial properties.
“That’s the data on every property in the United States. The other things that we are developing is the ability to do what I call an MAI appraisal, a sort of certified appraisal," Smith said.
Biproxi expects to have 250,000 listings and over 4,000 registered users by the end of October.
In the process of achieving those numbers, Biproxi aims to work on the demand side of its platform, increasing the number of successful transactions, Smith said.
"We need to prove to the agents that by managing their transaction online with us, they’ve got a higher probability of getting their listing sold."
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