DrawAlert is making news! We were proudly featured in the Phoenix Business Journal on June 15, 2016 as part of an exclusive interview with Mike Sunnucks, Senior Reporter for the Phoenix Business Journal. Enjoy the article!
Tempe duo hopes tech venture shines more light on construction projects, contractor payments
Tom Pritscher and Ted Ritter hope their new technology venture does to the construction business what Uber and Yelp have done to ground transportation and consumer reviews.
Ritter and Pritscher are co-founders and principals of DrawAlert.
The Tempe-based company has created a portal, online dashboard, alerts and reviews for landlords, general contractors, subcontractors, developers and tenants to track payment schedules and disbursements.
That will help avoid liens and payment disputes, according to Pritscher, a commercial contractor who is also president of Tepcon Construction.
The idea is to bring transparency to the construction industry.
Everyone from property owners to tenants and subcontractors can sign up for the service and receive notices of when payments go to general contractors who are then supposed to disperse those funds to subs.
DrawAlert will receive notices of when general contractors are paid and help stakeholders keep track of when other payments occur.
“It’s an early detection system,” Pritscher said.
Ritter brings some of the technology expertise to DrawAlert.
He’s a principal with LMI360, a lead management and marketing firm. He’s also the past president of the International Facilities Management Technology Council’s Phoenix chapter.
The pair established DrawAlert in 2015 and are working to sign up more clients and work into new U.S. markets.
Pritscher said he got the idea for the company after seeing instances where stakeholders were caught off guard by tardy payments, disputes and liens.
Ritter said building owners and lenders can use the portal for free.
“The only costs involved are a per project fee of $450.00 for general contractors and $75.00 for subcontractors,” Ritter said.
Pritscher is also a managing member of RestorationHQ, a Tempe-based remodeling firm.
Users can also post reviews of other companies. Pritscher hope that moves more business towards upstanding companies and exposes bad actors who win contracts with low bids.
Beau Hartwell, a senior operations manager for ScanlanKemperBard’s High Street development in north Phoenix, has been using DrawAlert, as have some Phoenix executives with real estate giant Hines.
Hartwell said the notifications and reviews help fill some information voids in the industry and bring to light payment problems before they turn into liens and even legal action.
The duo have been funding the Tempe company themselves. They hope to take the business model nationwide.
“We have been and are self-financing. Our plan is to continue with this through the end of 2016,” Ritter said. “Based on the evolution of the client base we may look at raising external funding in 2017.”