MINNEAPOLIS – A new web site promises to change the commercial real estate game in the Twin Cities and beyond. Introducing Crelow.com, a high tech, online matchmaking service that connects tenants with their ideal office space directly, enabling them to find a better fit, faster.
“The commercial real estate market has operated in the same way for years,” says Jim Simpson, CEO and founder of Crelow. “Like many other industries, technology is changing the game and this is a great way for tenants looking for office space to make their needs known to everyone in the market without relying on tenant brokers who might only bring them a handful of options.”
Here’s how it works: the user logs in and selects the essentials of their desired office space, including details such as location, square footage, parking needs, proximity to retail and coffee shops, kitchens, conference rooms, LEED certification, whether pets are allowed and more. The tenant specifies what’s required, what’s desired and the price they are willing to pay. Those details are then conveyed to the entire commercial real estate market in a call for bids, without going through a tenant broker.
From there, owners and their representatives submit bids directly to the tenant, whose identity remains confidential. Once the tenant expresses interest in a bid, Crelow introduces the two parties and lets them do the rest.
“This should speed up the entire process for the tenant, which often takes a year or more,” says Patrick Hagen, Crelow chief customer officer and co-founder. “Our goal is to empower tenants to find the perfect office space by gathering bids directly from all the owner reps in the market. By removing a middleman, we also dramatically reduce the brokerage commissions on the deal,” says Hagen.
Crelow receives a small referral fee paid directly by the property owner, but only if a lease is signed. Simpson estimates that property owners will save 30 to 40 percent on brokerage commissions, which can be passed along to the tenant.
Simpson was formerly co-owner and president of Periscope, the first fully integrated marketing communications agency in the Twin Cities, and one of the largest independent advertising and digital marketing agencies in the U.S. Simpson brings along 20-year colleagues Hagen, Klay DeVries, product manager, and Matt Christianson, chief technology officer, along with a staff of developers, planners and creatives. Crelow’s team members have extensive experience in the fields of software development, marketing, business incubation and growth.
Crelow.com launches in Minneapolis this month, with plans to expand throughout the country in 2015.
I’m leaving you, Bob. Crelow, where have you been all my life? #Ineedspace
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Cheering for you Crelow!