It’s not always easy to lease a commercial space – even if you have a real estate agent helping you.
SMU grad and Preston Hollow native Kyle Waldrep saw an antiquated system and decided to bring it into the 21st century.
The result was Dottid, a technology platform that streamlines the office, industrial, and retail leasing process.
“Our goal is to make leasing transactions quicker, faster, and cheaper for everyone involved.” -Kyle Waldrep
The Dottid platform provides a virtual way to keep all stakeholders up to date in a lease transaction by “connecting both the asset team and the tenant team in one location from the first inquiry to the day they move-in,” he said. “Email, or the phone, or even fax machine are the older guard way of doing things. Dottid modernizes that and gives everyone a workflow to implement their best business practices and make deals happen faster.”
Unlike residential real estate, which has been at the forefront of embracing technology to improve transactions and workflow, Waldrep said commercial real estate has been slower to innovate.
“Our goal is to make the owner’s life as easy as possible, and in turn, if we make the asset team’s life as easy as possible, we make the tenant’s life better,” he explained.
“Often, that prospective tenant may not know where something stood as the lease transaction was progressing,” he said. “So, if we can increase efficiency on the asset side, we can also allow the tenant to get a better view into what’s happening.”
So far, the company has raised $3.85 million from six investors, including Transwestern Investment Group president Laurie Dotter and Invesco chairman David Ridley. The company’s team includes chief technology officer Senneca Miller, formerly of Toyota Connected and Varidesk.
But while they officially launched in November, Dottid didn’t happen overnight. The team has been quietly building its platform for several years – a feat made more impressive by the fact that Waldrep is only 26.
Waldrep said his team is excited about the launch. “It gives us great excitement as a team because we know we’re building something new, fun, and innovative,” he said. “And commercial real estate has always been kind of older, and Dottid will hopefully be a conduit of innovation in property tech space for years to come.”