Joy Hou, with her partner Floyd W. Kephart and a $7 million investment, has overcome the drawbacks of providing a technology platform for a rich but difficult niche in the real estate industry. A report from bizjournals.com states that Hou has established the real estate technology company Metis, which will reportedly change the course of commercial real estate in the future through the launch of new platform MREN, which stands for Metis Real Estate Network.
The intricacies of commercial real estate, such as the burdensome requirements of third party certifications, conflicting international guidelines and barriers, as well as overextended negotiations, limit the possibilities in commercial real estate. With Hou's company Metis and its platform codenamed MREN, there is new technology that can assist both buyers and sellers to conduct business in an efficient manner.
MREN, according to Metis CEO Hou, is the first principal-to-principal commercial real estate transaction platform. In this platform, commercial real estate stakeholders, from owners to investors and buyers, would be able to meet virtually and, as Hou puts it, directly "connect, collaborate and close" deals. Alongside this is the ability of both sides to access documents during the transaction, as well as tools and data necessary to complete the business deals.
As reported by streetinsider.com, during the launch party of MREN, Hou further explained the new platform, saying, "The biggest challenge in commercial real estate is fragmentation, but at the same time, the interest in commercial real estate opportunity is global. MREN is set connect all CRE principal stakeholders globally and create a win-win environment for all parties involved in a transaction."
Hou said that they are actively on the lookout for attractive commercial real estate opportunities in the U.S., which is no longer a difficult process, with the birth of MREN. MREN's goal is reportedly to minimize and improve the complexity of commercial real estate transactions and maximize support for stakeholders and other professionals in the industry.
"It's time to utilize private capital to positively impact our communities. Through MREN, private capital will have access to opportunities to not only generate attractive financial return but to also create/preserve jobs, increase the tax base for the municipalities, improve the aesthetics of the communities, and uplift the value of the surrounding assets," co-founder Kephart shared.
MREN's technology was created by the company's Chief Technological Officer Edwin Liu and his team. After the new platform's launch, MREN is expected to attract roughly $500 million worth of private sector opportunities and $2 billion development opportunities from the public sector.
