On Monday, November 13th, 2023, Marcus & Millichap (NYSE: MMI) announced a strategic partnership with Archer, a real estate technology company. The partnership includes an equity investment and a commercial relationship.
Marcus & Millichap's interest in Archer is an attempt to step ahead of the competition by leveraging cutting-edge technology that accelerates market analysis, deal sourcing, and underwriting activities.
Archer's comprehensive commercial real estate software leverages machine-learning algorithms to parse property financials (for example, rent rolls and operating statements) and consolidate data from various sources, providing immediate performance metrics for multifamily real estate assets across the country:
Archer's software utilizes data and AI to assist investors, brokers, lenders, and property managers in maximizing efficiency. By integrating various features, Archer's platform simplifies analyzing, sourcing, and evaluating data-based deals in the most suitable markets. It also includes a virtual assistant that eliminates the need for repetitive tasks, saving valuable time.
With Archer, users can develop strategies and establish a deal pipeline more quickly. Users can fine-tune their strategy within hours, conduct market research, and view potential deals rather than wait weeks for this process. Additionally, underwriting deals becomes a matter of minutes once users have identified the deals they wish to focus on.
Archer works with:
"Our platform supercharges investment sales professionals by reducing the time required to complete a first underwriting from days to minutes. This gives brokers and their investor clients more time to spend on important analysis to achieve their long-term strategic goals of winning more deals," said Thomas Foley, Archer's co-founder and CEO.
"Combining our market-specific data and underwriting tooling with Marcus & Millichap's 52-year history of technological innovation and market research is part of our mission to make real estate transactions more efficient through better data, technology, and local expertise," Foley added.
The strategic partnership benefits Marcus & Millichap, too, according to Richard Matricaria, Marcus & Millichap's chief operating officer, Western Division:
"Our relationship with Archer is one of the ways we continue to stay on the leading edge within the proptech space. We value Archer's technology and the strategic benefits they provide our brokers and clients and took the opportunity to expand our partnership with an equity investment," Matricaria said.
The historical record of Marcus & Millichap shows their ability to adapt emerging technologies to benefit commercial real estate investors - this aligns with Archer's approach of using predictive analytics and prioritizing the needs of investors.