A startup software firm has hired its first leader as it gains traction in the business of tracking retail tenant activity in 45 commercial properties.
Tenant Tracker spawned from DeveloperTown, a local consultancy whose designers, Web developers and marketers help startups and established companies launch products.
DeveloperTown, which owns Tenant Tracker, on Aug. 28 announced the arrival of Keith Kleinmaier as its CEO. He also has ownership in the company as a part owner.
Kleinmaier, 42, is an Indianapolis native and Indiana University graduate who spent time in Chicago at coolsavings.com and most recently consulted for online shopping startup brandzaffair.com while also operating Retail Realty Inc., a family-owned commercial real estate brokerage.
DeveloperTown partner Mike Kelly came up with the concept for Tenant Tracker about 18 months ago. It signed its first client in January 2015 and now has three that collectively own the 45 properties. One of the clients is Chicago-based Starwood Retail Partners, whose holdings include several malls.
“While it’s a niche market, the sky’s the limit in terms of who would use [Tenant Tracker], because there are no competitors,” Kleinmaier said.
The software tracks tenant activity from the time a letter of intent is signed until the retailer opens. In between, the construction phase might last up to a year and typically is tracked simply in paper notebooks or Excel spreadsheets, Kleinmaier said.
Tenant Tracker automates the process and stores it on a cloud-based platform so that everyone involved in a project can access the information at the same time.
“It helps move tenants in sooner and reduces penalties,” he said. “That means extra days of rent [for the landlord].”
Tenant Tracker offers three pricing levels ranging from paying on a per-project basis to monthly and annual memberships.
Tenant Tracker's owners plan to expand from a retail offering into the office and industrial sectors, and ultimately to develop a program for multi-family and residential investors.
Kleinmaier’s background in both technology and real estate make him uniquely qualified to take Tenant Tracker to the next level, Kelly said in a written statement.
“Keith can get us access to larger accounts, provide first-hand insight into what features we build next, and add the experience we will need to scale business operations,” he said.
Tenant Tracker also employs a director of marketing and chief technology officer. Kleinmaier hopes to hire more as Tenant Tracker grows its client base.