NAR CEO Bob Goldberg (left) and Crexi CEO Michael DeGiorgio
A year-and-a-half after the National Association of Realtors’ commercial tech partner, Xceligent, shut down, NAR is partnering with another real estate platform. And it’s not the CoStar Group.
NAR, the largest trade association in the U.S. with more than 1.3 million residential and commercial real estate members, finalized an agreement with the Commercial Real Estate Exchange Inc., known as Crexi, according to a release.
Crexi is a venture-back commercial real estate marketplace and technology platform for buyers, brokers, agents and tenants. The Marina Del Rey, California-based company, led by founder and CEO Michael DeGiorgio, was launched in 2015 and opened a Miami office in 2016. It has listed more than 90,000 commercial properties and facilitated deals totaling more than $450 billion in property value, the release states.
Crexi will integrate its data with Realtors Property Resource, a database for commercial and residential realtors.
“In the evolving world of real estate technology, it is crucial that NAR aligns with an innovative, public facing commercial listing portal that aggregates data from multiple sources, displays commercial properties and creates national exposure for our members’ listings,” NAR CEO Bob Goldberg said in the release.
Crexi, which has a free service, will give NAR members an exclusive discount for its premium service, according to Crexi’s vice president of operations and strategy, Eli Randel.
NAR previously had a partnership with Xceligent, a Blue Springs, Missouri-based real estate data firm. Embroiled in a multimillion-dollar lawsuit with CoStar, Xceligent shut down and filed for Chapter 7 liquidation in December 2017. NAR first inked a deal with Xceligent in 2012, making it the exclusive provider of commercial real estate information services with NAR members.
CoStar has long dominated the commercial real estate data space. Earlier this year, Moody’s Analytics launched its long-planned commercial real estate data portal in a move to compete with CoStar. Despite the growing threat of Moody’s, CoStar’s reported a 20 percent annual jump in revenue in April.
Powered by WPeMatico