Dallas-based Dottid, a software-as-a-service technology platform for the commercial real estate industry, has unveiled its new workflow management platform created to connect owners, managers, brokers, and tenants for safe, efficient collaboration.
When asset managers, property owners, and their leasing teams have the necessary data, visualizations, and processes, they’re able to keep up with a massive demand in the industrial sector, according to Dottid.
That’s why the technology, called Dottid Industrial, is equipped with visual tools, access, and process management to save time and costs for all parties involved in a transaction. It’s essentially a single, easy-to-manage environment for those parties to come together and track every square foot and transaction—from vacancy to offering, tour to transaction, and build-out to move-in.
Dottid is calling it the first-ever workflow management platform designed “specifically to facilitate deal-making and value-enhancement in the industrial property asset class.” The company also says it’s the only platform to track every moment of a leasing transaction: managing inventory of space, negotiation, tenant improvements, occupancy, and rent collection.
“It’s time for the commercial real estate industry to catch up with the innovation industrial property tenants are used to,” Dottid CEO and Founder Kyle Waldrep said in a statement. “Dottid has customized the efficiencies, technologies and collaborative tools that solve huge logistical challenges for industrial property use.”
Dottid, originally introduced in January 2020, aims to “bring true digital transformation” to commercial real estate. With input from brokers, asset managers, and owners, the team created a customizable workflow engine that lets businesses make their own templates for leasing deals (new, renewed, or expanded).
Overall, the hope is to use technology to streamline the leasing transaction process, allowing for an ultimately better customer experience for the tenant.
“We spent years working with industry professionals—fund managers, brokers, asset managers, property managers and tenants—to track and find ways to automate the processes involved in each moment in the lifeline of a transaction,” Waldrep said. “The goal is to streamline the process, allowing owners and brokers and tenants to close more deals, faster and with lower costs.”
Dottid Industrial is a custom extension of the original Dottid offering. Within the first month of its launch, more than 10 million square feet have joined the platform, with pilots impending from some of the largest industrial owners in the nation, according to a statement.
Waldrep says that once an industrial asset manager sees the offering, it’s difficult to revert back to traditional spreadsheet files or more costly technology. He intends to disrupt old habits while being a “real partner” for the industrial sector’s owners.
“We’ve had proven results with office and retail transactions and are now able to offer a superior platform for industrial players,” Waldrep said. “With the velocity of deals in the industrial sector today, there’s no time to waste.”
In the last year, Dottid raised $3.85 million in seed funding, became the first CRE platform to be accepted into the Microsoft Teams app store, and launched an iOS app. In early 2021, the team plans to launch an Android version.
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