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Like other industry pros, Michael DeGiorgio, founder and CEO of property marketplace and technology platform CREXi, faces an uncertain world. His technology serves the commercial real estate investment market, which remains a question mark considering variance among store-reopening phases and worries about the shape of retail's future.
But it seems as though CREXi endured less of a hit during the pinnacle of COVID-19 closings than other property marketplaces, at least anecdotally, he said. General traffic among the service's 7 million customers, including property searches and deal activity, decreased only 15 to 20 percent year over year. "Every state has been different," DeGiorgio said, noting that in states where real estate wasn't considered essential business, brokers weren't able to do much.
The pandemic really hit home when DeGiorgio’s 91-year-old grandmother and 10 others from her New York City nursing home were hospitalized with the virus. Fighting the odds, she's since recovered, he was relieved to say.
In May, all 155 CREXi employees, including a Russian tech team, were still performing duties from home. CREXi employees have videoconferenced by Zoom for years, and they finalize sales using DocuSign, an electronic system for managing agreements. "We've been pretty resilient," DeGiorgio said. "We're just focusing on taking care of our users."
For CREXi's main office reopening, in Los Angeles, DeGiorgio plans for a third of the workers to return the first week, another third the following week and the final third a week later. Working from home will remain an employee choice, he stressed.
It's tough to gauge what the market will look like post-COVID-19, he said, "though at some point, there will be great investment opportunities for people with cash." Pent-up consumerism should also create ample patronage when stores fully open, he says. "People will be anxious to get out to shop and eat again and get their nails done. But everyone will have different sensibilities, so until they feel confident and safe going out, there will be cautions."
As the situation evolves, the CEO is maintaining running dialogues with his investors and with the CREXi board. Meanwhile, the team is taking the opportunity to build new software into the site and enhance existing services. According to DeGiorgio: "It's full steam ahead."
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By Steve McLinden
Contributor, Commerce + Communities Today
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