Chicago-based proptech firm symmetRE has launched an artificial intelligence-enabled platform for commercial real estate investors that streamlines the asset management and investment processes under a single interface.
“By leveraging our proprietary AI platform, symmetRE eliminates the hundreds of man hours and related costs required to collect, analyze, and report data from across a real estate portfolio,” said CEO and co-founder Jack Swoboda. “Much of this information can come from a diverse group of property management firms each utilizing disparate accounting and enterprise resource planning solutions. Integrating this financial and operational data into a single synchronized system improves data integrity, collaboration, and transparency, while also streamlining reporting.”
The firm cites a survey conducted by Juniper Square, which found that only one in seven institutional investors receive “good data in a timely manner” on their real estate investments, often waiting three months or more after the end of a quarter for portfolio data.
Multifamily investment firm Magma Equities, based in Los Angeles, participated in the private beta testing of the product.
“We used to spend multiple weeks each month preparing investor reports and analysis, and it was becoming unsustainable as we grew our portfolio,” said Magma chief financial officer Mike Wagar. “symmetRE offers a scalable solution for our reporting needs and provides impressive analytical capabilities without the payroll burden that would otherwise be needed.”
Leveraging their backgrounds as former real estate banking and private equity investors, Swoboda and Ross Piermarini, who met while working at a large publicly traded investment banking firm in Chicago, founded symmetRE.
“Jack and I understand the operational challenges and cost of collecting and analyzing data, having dealt with this error-prone process for a collective decade before founding the company,” added Piermarini. “To navigate today’s challenging market conditions, commercial real estate owners will need to utilize tools that allow them to optimize performance without increasing overall costs.”
