Openland founders Yury Lifshits and Steve Korshakov say the messenger benefits cities and developers.
SAN FRANCISCO—To deliver a building, developers go through market research, deal sourcing, due diligence, contracting, financing, permitting and construction management. The actual on-site construction work typically takes less than 50% of the total timeline, while the rest is spent in back-and-forth communications between all involved parties, using email, phone, in-person meetings and actual physical paperwork. This communication process can lead to longer timelines and reduced outputs, ultimately driving real estate prices up and limiting global economic growth.
One type of messenging service seeks to streamline that process. Last month, Openland launched its professional messenger for the real estate industry, designed to streamline communication between owners, builders, investors, lenders, tenants, brokers and local officials. Openland's vision is supported by a new funding round from a group of 30 investors, including Gagarin Capital, Sinai Ventures, Soma Capital, Liquid 2 Ventures, Rainfall Ventures and Y Combinator. In this exclusive, Openland founders Yury Lifshits and Steve Korshakov discussed the concept, why it is necessary, and the benefits to cities and developers.
GlobeSt.com: Are there other companies/platforms in other industries that inspired your idea for Openland?
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
