In the world of retail real estate brokering, both sides spend an inordinate amount of the time trying to identify agent-offered properties that meet the specific needs of the potential corporate buyers. The real estate agents compile volumes of property leads and forward them on, and they then must be sorted, categorized and evaluated, requiring many hours to complete. The alternative is to hurriedly discard submissions and run the risk of neglecting potentially valuable properties.
ADC collaborated with a business intelligence and real estate planning partner to build a web application that applies custom sales forecasting models to rank property submissions based upon the specific development criteria of retail corporations. The models employ various measures of a property, such as sales potential given surrounding demographic socioeconomic characteristics, proximity to other retailers and relative location to sister stores, to rank property submissions for each corporate retailer.
The web application, which is trademarked and owned by the customer, is a three-tier system. It includes a property submission component to allow agents to geo-locate and submit properties. The model evaluates and ranks each property in light of each client’s development specifications. Corporate acquisition managers are then provided with a leads dashboard and can further investigate properties of their choosing.
ADC programmed the innovative application under an extremely tight deadline, and it’s performing all of the functions that it was designed to perform. The owner of this application recently sold it to one of the largest commercial real estate brokerage firms in the United States.