Xceligent will use the new funding to expand into eight new markets by mid-2002. The company now operates locally controlled exchanges in the Kansas City metropolitan area, San Diego and as of Jan. 1, in Atlanta. Minneapolis will be online by the end of the first quarter 2002.
Several commercial real estate professionals-- brokers, appraisers, property owners,developers and lenders--subscribe to Xceligent's database application that lets them share property information online with other commercial real estate professionals. The CDX is also a research tool, enabling subscribers to store, search and report on a complete set of data fields for an entire universe of properties.
Xceligent officials say their business model is all about local control for the commercial real estate industry. As the commercial real estate industry began to outsource the control of market information to third-party providers, it lost control of the information that is critical to how the industry conducts business.
Xceligent officials say their system allows commercial real estate professionals retain rights to their information, set the business rules for their market and still have a sophisticated system. While the industry bears the cost of development efforts, eachlocal market retains control of its exchange. Xceligent also provides field research teams as well as project managers to help the process.
To get an exchange started, Xceligent can research every building in the market to build the data set, so the system is populated with data that has no legal restrictions. This is important in markets where a third-party company owns the data and not the industryprofessionals.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
