By Douglas Sams, Commercial Real Estate Editor-Atlanta Business Chronicle
An Atlanta software company is joining the effort to shake up commercial real estate- an industry historically resistant to change.
For InfoTycoon and its CEO, James Davis, the target is the apartment sector, one of the industry’s healthiest segments coming out of the recession.
In Atlanta, Davis is best-known for helping to grow Harbinger Corp. from a startup into to a dot-com powerhouse from the early to late 1990s.
Now, Davis is turning to software that can help apartment companies improve the way they manage their growing inventory of units and get a quicker gauge of the true value of multifamily portfolios they want to buy.
In Atlanta over the past two years, the multifamily sector has been the most active in commercial real estate based on sales transactions. Davis believes that as this activity continues, InfoTycoon can provide buyers more detailed information about apartment portfolios. If so, it could give companies an edge over other buyers.
“It helps them speed up the due diligence and get their offer prepared before their competitors,” Davis said.
Atlanta-based Cortland Partners was among the first to use the software, along with Greystar and The Worthing Cos.
InfoTycoon joins other Atlanta innovators in commercial real estate technology, including Patrick Braswell, who developed a product that aimed to shake up the landscape.
Like InfoTycoon, Braswell’s company, Ten Eight, offered real estate professionals the power of information — the most important weapon in the business today, outside of a strong source of capital.
Earlier this year, Ten Eight — which aims to replace the cumbersome paper-bound tour books that brokers use for information about buildings and tenants that occupy them — raised at least $500,000.
“Service providers face a fundamental challenge in that they must present clients with quick and insightful analysis of data,” he said.
“Big data at one’s fingertips is finally going to be a reality in CRE — and it’s about time.”
For InfoTycoon, the opportunity for strong growth should remain in place, Davis said.
The company plans to keep expanding its Atlanta office over the next few years, as the economy — and the commercial real estate industry — continue to rebound.
This excerpt was originally published in the Atlanta Business Chronicle.