When it comes to commercial real estate (CRE), the last thing professionals in the field want to do is spend hours researching, while also phoning every Tom, Dick, and Hillary in town to collect information on a property. And since nobody likes to do things the old fashioned way anymore, the same should be true for CRE, which is where REscour comes in.
REscour is like your Facebook feed but better, because instead of scrolling through your distant cousin’s baby pics or your neighbor’s politically charged rant, you get to read meaningful information on markets and properties that are important to you. This sounded like a match made in CRE heaven, so we caught up with Co-Founder/CEO Jake Edens to hear about their growth and recent $1.5M investment round.
“The great thing about REscour is that you have your ongoing newsfeed, along with a daily digest of what’s happening around your portfolio,” said Edens. Not to mention the time-saver of putting together reports which can easily be pulled through the platform’s historical data.
REscour was founded so commercial real estate professionals could have all the information they need on varying properties and markets – with the majority of their focus being on the multifamily market. Edens and current CTO, Chris Lexmond, joined forces after realizing they had complementary skill-sets and a drive to transform the current CRE information landscape.
“I received my real estate degree from UGA and went on to work for the second largest real estate company in the world,” said Edens. “Chris, on the other hand, is a technologist from Georgia Tech who worked on websites like RentAdvisor before creating DevMap, a CRE development pipeline.” After realizing they both wanted to solve the same problem in the CRE world, the fellas joined forces and merged DevMap with REscour.
Their vision has paid off – literally – with $1.5 million earned in a recent funding round. The team will be putting the dough towards scaling the company through a refocused sales and marketing strategy. REscour is expanding its marketing budget dramatically and are in the process of hiring 10-15 people to their sales team. “Our goal for the platform is to increase the work productivity of our users by 25%, which will make a meaningful impact in the CRE community.”
The core REscour products are Research, an enterprise product that visualizes critical commercial real estate data with map views, and Insights. Handling marketing for less than a $100 per month, Insights allows an owner or investor to keep track of the market without having to read newspapers, search numerous listing sites, or call to discover more information. It offers a news feed, with listings around properties and transactions that are happening in the moment so users can easily stay up-to-date. Insights’ also gained recent traction during their reveal at the Bisnow Conference (the leading CRE conference), signing 50 individual companies who are ready to put REscour’s market intelligence to good use.