Commercial Real Estate Exchange, Inc. (CREXI) is a commercial real estate (CRE) marketplace based in Los Angeles, California. Since 2015, Crexi has become one of the most popular and fastest-growing CRE platforms.
Crexi is the most active CRE in the industry with over 500,000 commercial listings with a property total worth more than $1 trillion. Millions of users consisting of buyers, tenants, and brokers use Crexi to easily transact and lease the user-friendly platform. Due to the platform’s continuing growth, Crexi now employs more than 175 workers. Its growth will likely produce more employment in the future.
Who Uses Crexi?
Crexi is a strong digital marketplace for buyers, sellers, and investors. Since 2018, Crexi has listed more than 300,000 U.S. properties for sale or lease. More than 6 million users now prefer to use this commercial digital real estate marketplace. Stakeholders are drawn to Crexi because it uses advanced technology and data. However, anyone who buys, sells, and/or leases properties will receive great use from this popular CRE platform.
CRE professionals can streamline much faster, manage and expand their businesses. Mitsubishi Estate Company (“MEC”), Industry Ventures, and Prudence Holdings are among the new investors who have contributed $30 million to Crexi. Lerer Hippeau Ventures and Jackson Square Ventures, two previous investors, also contributed to Crexi.
Crexi generates revenue in three ways:
- A subscription-based service for brokers planning to sell or lease real estate.
- A bidding service in which Crexi receives a surcharge from any transaction that closes.
- A data and analytics service that allows consumers to gain insight into the emerging developments in commercial real estate premised on the wide assortment of estates available through Crexi’s services.
The platform promotes its service and operation by providing innovative technology to those participating in the CRE market.
Crexi’s users can manage properties, including property sales, leases, and the closures of those properties as well.
Crexi allows investors, real estate professionals, buyers, and sellers to utilize their services digitally, without requiring the user to leave their platform.
Crexi is for real estate professionals and users who wish to avoid the financial consequences of a recession. According to CEO Mike DeGiorgio, Crexi is recession-proof, primarily due to auction services that continuously generate the platform’s revenue.
Since 2015, $700 billion worth of transactions has been conducted through the platform, with approximately 40% exclusively dealing with the company. In 2020, Crexi recorded a 300 percent revenue growth and is expected to surpass 150 percent by the end of 2021.
Crexi’s growing prominence and success in the real estate industry keeps several other CRE platforms cautious of the competition from the popular platform.
Other real estate professionals, on the other hand, are free to use other CRE platforms. The real estate industry has undergone a revolution as a result of the rising digital economy, with both positive and negative consequences.
The advantages and disadvantages of using Crexi and other competitors who offer a comparable experience are listed below:
- Real estate professionals can market their specific expertise in detail. This differs from some real estate platforms in that it doesn’t limit description.
- Zillow caters to novice real estate professionals without many listings. This is perfect for those who are new to the industry and need experience, especially with this user-friendly platform.
- Millions of users will see the listings. Zillow is one of the most popular CRE platforms since its launch in 2006.
- Zillow offers a paid upgrade called Zillow Premier Agent, which allows the real estate professional to bring more traffic to their listings, as well as a WordPress website.
- The subscription costs to become a subscribing agent are high.
- Sellers must spend a significant amount of money to obtain their listing leads.
- The leads offered to a subscribing agent are common to poor condition and/or are unavailable.
- Non-listing agents are placed among listings that aren’t the agent’s, which misleads potential buyers to believe the seller or agent is familiar with the non-listed property.
- Zillow uses the Zestimate tool to evaluate a property, which is notoriously unreliable in providing accurate property value estimates.
- The inaccuracy makes it difficult to operate the CRE platform for both buyers and sellers.
- The MLS is not compatible with WordPress.
- LoopNet allows real estate professionals to buy or lease, and even auction commercial properties.
- Property type searches are detailed. Properties can be searched by property type, spaces, units, year built, property use, square footage, price, and cap rate percentage. Keywords can be filtered as well.
- The real estate platform allows real estate investors to share their property searches with other investors, including all relevant information regarding the contact information for that property.
- Many of LoopNet’s listings are detailed with in-depth descriptions of the properties. Most of the listings contain one or two photos of the property; however, some listings include 3-D tours and interactive brochures.
- LoopNet offers only commercial properties. Residential properties are not available to buy, sell, or lease.
- LoopNet charges high fees to upload listings and upgrades to their platform.
- A small number of listings—approximately over 500,000 commercial listings.
- ROI will be small if any.
- LoopNet’s pricing is around 44% more expensive than other CREs.
Crexi Contact Information
Crexi may be contacted through their website: https://learn.crexi.com or by phone at (888) 273-0423
Crexi Pricing Information
Crexi offers a free plan that allows for communication with quality leads, accurate property analysis, timely auction alerts, and the ability to send and track emails.
Crexi also offers a premium version called PRO.
PRO allows real estate professionals to access more valuable ranks in leads and searches for their listings. PRO subscription is priced at $75 monthly or $99 annually.
Crexi Login Information
On the top right-hand corner of the Crexi homepage website, https://www.crexi.com/insights/about-us is a login or sign-up option.
Sign up for the free version or PRO version of Crexi using your email address.
Crexi will send an email with further instructions. Help is available at the bottom of the Crexi homepage website.