As it stands, the typical procedure when renting a retail space is fraught with unnecessary bureaucratic nuisances, most of which are owing to the requirement for operating through a middle man, i.e., a real estate agent. On top of this, it’s hard to know where you are working and how your bid stands in comparison to the competition, resulting in a lot of waiting around, only for your offer to be rejected.
Floorly (launching in 2022) is a commercial real estate platform designed to make securing a lease more straightforward. Floorly is a platform that eliminates all of the issues mentioned above by allowing you to monitor competitor bids and adjust yours accordingly, as well as facilitating many of the standard tasks associated with renting a commercial property. By removing the middleman, the power is returned to the tenant, and as a result, you can secure a better deal on your lease while minimizing the hassle.
What Is PropTech?
To properly understand Floorly and why it is different from other options on the market, the first step is to understand the movement it is a part of, PropTech. PropTech, short for property technology, is an innovative approach to real estate in which technology enhances the way individuals research, rent, purchase, sell, and manage a property.
Fortunately, PropTech has become a contemporary trend in commercial real estate since the cross-industry technology benefits all parties involved –especially developers, investors, property managers, and of course, the renters. PropTech commercial real estate firms seek to improve the overall function and efficiency of the real estate market. Anyone who has been involved in the commercial real estate market knows just how much of a welcome change these technologies will bring since there has long been a need for a technological and conceptual shift in the real estate market, especially when it comes to meeting the demands and needs of renters.
Lease Commercial, Retail, and Mall Spaces Worldwide
With listings in over 2000 cities worldwide, Floorly will make it easy to find your dream commercial space, no matter where your business is located. On top of this, there will be a wide variety of listings available (both commercial and retail spaces), so it’s merely a matter of filtering your search preferences to find a list of properties that match your business needs.
Mall spaces will also be listed on the site and are an excellent opportunity at this particular moment in time. Since COVID-19 appears to be drawing to a close, the economy is poised for a resurgence. Securing space in a mall now, which in some cities are already experiencing consumer footfall statistics higher than they were in 2019, could make for an incredible return on investment. Unlike other popular platforms, it is possible to assess all of these options simultaneously on Floorly.
Submit Offers and E-Sign Documents Online
Landlords utilize real estate agents to assist them in leasing their properties for various reasons, the most obvious being convenience. After all, most real estate transactions involve their fair share of arduous paperwork obligations and time-consuming negotiations over the rental price. If the landlord owns multiple properties, it’s practically impossible for them to attend to all of these matters personally, which is why hiring a company to act on their behalf has always been the done thing.
Enter Floorly. Using their platform, Landlords will be able to carry out almost all of the essential chores to close the contract, from documentation to pricing negotiation. As a result, commercial real estate leasing has been revolutionized since the communication between the tenant and landlord will be streamlined, resulting in lower rental prices for the tenant since the landlord won’t have to fork out for expensive property management fees.
See How Your Bid Stacks Up
The majority of the time, it’s been practically impossible to see who else is interested in a property that you’re thinking about renting. This lack of transparency makes it difficult for renters to assess their prospects of securing the unit they desire since they are unaware of what sort of bidding is taking place or whether or not they have a chance at all.
With Floorly, all of that will change. Their platform will remove the outdated secretive bidding war and make the offers made by all parties fully transparent. In addition, potential tenants will be able to adjust their bids at any time, so when they look again and see that a competitor made a counteroffer, the person can instantly change their offer to put their application back at the top of the applicant pool.
Direct Communication Between Tenants and Property Managers
Another great feature of the Floorly platform is its embedded communication capabilities. As we have touched upon a few times, Floorly will allow landlords to manage their applications on a single platform. This will give them easy access to all inquiries, references, and supporting documents in a secure online repository. So say goodbye to all of the physical paperwork!
Let’s take maintenance as an example. Say the door locks and wall outlets require repair. Well, Floorly will be equipped to handle making these requests. In addition, it will serve as a high-speed communication channel through which renters can submit maintenance requests, ask for more assistance, or alert the landlord about potential problems – upon which the landlord can respond and offer prompt support. This will improve the experience for both the property owner and the renter, which is a win-win all around.
Conclusion
Unfortunately, most prominent real estate platforms still lack the transparency and functionality required to facilitate modern leasing agreements. These glaring omissions are made even more apparent when Floorly offers a more pragmatic and optimized solution that helps streamline the process, subsequently providing heaps of value to both parties on each end of the transaction. Looking to 2022 and beyond, you can expect Floorly’s innovative platform to secure a large share of this vast market that has been crying out for disruption for quite some time.
