By Josh Wolanin
Often times when dealing with a wide array of paperwork between multiple organizations there can be multiple entries for the same document or spreadsheet, especially in commercial mortgage inspections.
This double data entry can take away from efficiency and cause unneeded time consumption. So the natural question is: why does the industry still do it?
Tackling this question is SpiderSuite, a local startup looking to optimize the entire ecosystem of commercial inspection management. Founded by Mike Linton, Stanislav Natalenko and Evan Goetzman, SpiderSuite aims to make inspections efficient and compliant with new technology standards being adopted throughout the industry through their SaaS platform.
“Real estate is the largest asset class in the world, and currently the field inspectors, servicers and portfolio management companies work separately,” explains Linton. “It seemed obvious to get them all online and on the same platform.”
Starting out as what seemed like a quick contract, the project began to take shape once the team researched the industry and saw how many separate organizations worked in commercial real estate.
SpiderSuite targets three main categories in inspections: the field inspectors, the inspection companies which employ them and also the banks and lenders. So far the team has received good reception across the board.
“A lot of the tech players have been around for almost 30 years,” says Linton. “They still use a lot of legacy applications, and we saw the need for a more modern approach.”
The team is focusing on optimizing workflow and streamlining the whole process while also tracking trends in the industry. With this approach they hope to grow their ecosystem throughout 2013.
“We started working on SpiderSuite two years ago and spent the first year heavy on development. Now the platform is up and running and we want to expand,” says Linton.
Besides the need for efficiency, companies also need to be more transparent than ever with current technology standards. With the mortgage fallout, new standards have been introduced as best practice to make companies more transparent. The SpiderSuite platform allows for the bankers, lenders, inspection companies and inspectors to keep current on data and technology standards they need to work with.
“We really want to work on service,” notes Linton. “The experience customers get is the most important part. We try to show them the whole experience in which we use the technology.”
SpiderSuite puts an emphasis on user feedback features before advanced features, catering to the customers they already have and building lasting relationships while explaining the benefits of working in the cloud, such as cost savings.
Built atop the .NET stack and hosted across both Amazon Web Service and Microsoft Cloud Platform, SpiderSuite is completely bootstrapped and signed their first major contract last summer. The company works off a transactional and recurring revenue model, meaning every inspection and document they process costs a certain amount of money.
The team had previously never worked in the mortgage industry and has quickly learned through business partners, research and customers the best practices.
“We were fortunate to get to know many companies and people who worked in the industry,” Says Linton. “We like to say days and weeks instead of months and years.”