Brevitas: Publicly Marketing Private Commercial Real Estate.
With countless tech companies entering the real estate space and finding their niche, pockets of once available space in the sector continue to be filled. Tech companies are finding ways to satisfy every industry need.
Hundreds of billions of dollars in real estate transactions, and many of the globe’s flagship properties, trade hands annually without ever touching the public market. Privately sold transactions are the golden nugget of the real estate industry, loved by buyers and sellers alike. Which is why it is surprising to only now find a platform firmly claiming online ownership of this corner of the industry. To date, no one in the tech space has been able to pin these deals down and create a home for these assets to be traded.
The simple issue is that these transactions have specific necessities, while some marketplaces have tried to incorporate these deals into what they do, in reality, these deals need a dedicated space developed specifically for them. This is why the vast majority of these multi-million dollar transactions are still left to rolodexes, phones, and can’t extend beyond the sphere of personal relationships.
The Brevitas platform is hyper-focused. It isn’t for all commercial real estate. It isn’t even for all institutional grade real estate. Brevitas is dedicated solely to privately marketed commercial real estate, a very large market in its own right. A priority on confidentiality, a detailed qualification process, and one of the sleekest platforms in the industry differentiate Brevitas from others in the space.
The platform features “closed” and “opened” listings. All buyers on Brevitas can view “closed” listings, which feature the rough geographic area and key information that doesn’t identify the property specifically with an address or photographs. A listing is only “opened” once the parties have executed a confidentiality agreement through the platform (via DocuSign®).
The biggest players in this space have been using custom websites for their assets and occasionally posting on other commercial real estate platforms, but there hasn’t been a marketplace that offers true confidentiality. As such, a giant slice of the industry has been stagnated while tech has revolutionized everything around it. These changes may result in taking the most antiquated corner of the industry, where some of the largest assets are exchanged, and pulling it into the 21st century.
A veritable fortune in assets are purchased privately across international borders, but the potential for increased commerce has been diminished due to insufficient means for international buyers to connect to sellers. Consider this example: a New York City broker has an amazing asset and equally amazing contacts, but can’t find a buyer for this particular asset. There is a principal in Malta that wants the asset, but these two would never connect under normal circumstance. There is no way of them finding each other at this point. Brevitas would change that.
There are entire property types that frequently sell privately out of necessity; like hospitality assets. The buyers and sellers in these markets have remarkable contacts, but they still lack a significant means to discover each other to conduct business outside of traditional networking. Brevitas touches on the hotel market in a crucial way and offers them an unprecedented way to connect with each other.
Brevitas is a powerful tool for brokers to market assets that were previously unmarketable. Given the fact that most of these assets change hands following a chain of 40 phone calls, it is fascinating to consider the impact of connecting a historically huge and disconnected community in the commercial real estate space. Additionally, Brevitas separates itself from other online platforms by charging no up-front fees to post, it is completely free; instead Brevitas request a nominal success fee at the close of escrow, eliminating risk for sellers.