DealNgn — The Operating System for Commercial Brokerage

The ceiling

Commercial real estate still runs on stale data and manual work.

Not because the people are bad at it. Because the work does not scale — and everyone in the industry has quietly accepted the ceiling that creates.

The market you can see is the market that's listed.

The best assets in this class rarely reach a portal. If your view of the market is what's publicly for sale, you are shopping from the leftovers and calling it a market survey.

Underwriting is artisanal.

Every broker models a deal a little differently, so no two opinions of value are truly comparable. Fine on one deal. Across a hundred, nobody can tell you which one is actually the best use of capital.

A great broker can hold about forty deals in their head.

That is the real constraint on a brokerage — not talent, not capital. Everything past that number goes unwatched, and the follow-up that would have made the deal never happens.

The platform

Everyone else built a tool. We built the continuum.

The CRE software market is a shelf of point solutions — a data subscription here, a marketing tool there, a CRM nobody updates. DealNgn spans the entire transaction lifecycle in one system with one data model. We don't publish how it works. We'll happily show you what it spans.

STAGE 01

Source

Off-market asset discovery
Nationwide parcel enrichment
Chain / independent classification
Continuous re-scan for change events

7,900+ sites tracked

STAGE 02

Research

Owner entity resolution
Beneficial-ownership mapping
Reachability scoring
Demographics & traffic counts

Automated per-site dossier

STAGE 03

Underwrite

One standardized valuation model
Fuel volume & c-store margin logic
Expense benchmarking
Sensitivity + debt solve (DSCR / LTV)

660+ sites, one standard

STAGE 04

Win the listing

Multi-channel owner outreach
AI voice agent with warm transfer
Interest and timing captured on every call
BOV & proposal generation

Nothing goes cold

STAGE 05

Market

Offering memoranda, auto-composed
Confidential + on-market tracks
Data room with gated access
Portal & broadcast distribution

Institutional package on every deal

STAGE 06

Match

Structured buyer buy-box model
Multi-dimension match scoring
Geographic rule resolution
Daily surfacing of new fits

Ranked, not blasted

STAGE 07

Negotiate

Offer matrix & comparison
LOI and contract generation
NDA workflow with approval gates
Counterparty activity timeline

Multi-offer tracked side by side

STAGE 08

Deadline watchdog & escalation
Title & estoppel review
Diligence document assembly
Closing file organization

Nothing missed on the calendar

EIGHT STAGES · ONE DATA MODEL NO EXPORT, NO RE-KEYING, NO SEAMS BETWEEN STAGES

Inside the system

What it looks like on a Tuesday.

Representative surfaces from the production platform. Deal names, owners and figures below are illustrative — the interfaces are real.

dealngn.com / command-center

Callback — owner, 4 stations, Polk County

Asked for BOV · 2 days elapsed · heat 91

09:15

Inspection period expires — Chevron / Winter Garden

Contract deadline · 3 days out

T−3

New buyer inquiry — 1031, $4–7M, FL Gulf Coast

Auto-replied 5m · 3 listings matched

11:02

Re-engage — "call me after the holidays" (Nov)

Dormant 241 days · surfaced by cadence rule

Today

DONE

OM generated + data room provisioned

Overnight · no human touch

04:22

Command Center. Every open thread in the brokerage, priority-ranked before anyone sits down. The forty-deal ceiling, removed.

dealngn.com / property / 4417 · underwriting

Branded Fuel + C-Store
Hillsborough County, FL

4 MPD · 3,100 SF · AADT 28,400 · fee simple

A−

Value

$4.62M

Cap

7.15%

DSCR

1.48×

CONSERVATIVE $4.10M

BASE $4.62M

BEST CASE $5.18M

Standardized underwriting. Fuel volume, c-store margin, opex benchmarks, environmental status and debt terms resolved by one model — so a hundred assets can actually be ranked against each other.

dealngn.com / listing / 218 · buyer match

Family office — Southeast, all-cash

$3–8M · FL required · branded preferred · fee simple

VIPNDA

1031 exchange — 41 days remaining

$4–6M · NNN only · no operations · Gulf Coast

HOT

Operator — 11 stations, expanding north

$2–5M · will take operations · Tampa metro

Private fund — Tier 2 markets, levered

$3–12M · 7%+ cap · excl. environmental open

FUND

Buyer matching. Every buyer's criteria is structured data, not a note in someone's inbox. A new listing is ranked against the whole book in seconds — and the reverse runs nightly.

dealngn.com / coverage

Florida

Primary market · full-depth enrichment

●●●●●

Texas

Metro-level buy-box resolution

●●●●○

Georgia

Metro-level buy-box resolution

●●●●○

Tennessee · Nevada

Active transaction markets

●●●○○

+ 13 additional states

Coverage layer live · enrichment expanding

●●○○○

Coverage, not listings. We watch assets whether or not the owner has decided to sell. By the time something is officially for sale, we have usually been tracking it for a year.

The voice layer

It is not a demo.
It is on the phone.

Owner outreach is the hardest, least scalable, most avoided work in brokerage. The voice layer does the first mile of it — dials the owner, has a real conversation, handles the brush-off, and warm-transfers a live human seller to a licensed broker who can actually help them.

Outbound and inbound. It prospects, and it answers.
Warm transfer, not a callback form. An interested owner is connected to a licensed broker on the same call.
Everything lands in the record. Transcript, objection class, next action and follow-up date written to the deal automatically.
It never decides anything. The voice layer opens conversations. A licensed human makes every judgment that matters.

Outbound → owner, 2 stations, Central FL 02:41

Hi — is this the owner of the station on Orange Blossom Trail? I'm calling from STAX. We work almost exclusively on fuel and c-store properties in Florida.

Owner

I'm not selling.

Understood — most of the owners we talk to aren't. Can I ask one thing before I let you go? We've been tracking your site, and given where fuel volumes and cap rates sit right now, our read is that it's worth meaningfully more than most owners in your area assume. Would it be useful to just know the number?

Owner

…What are you seeing on something like mine?

Let me put you straight through to Michael — he's our principal broker, and he has operated these himself, not just brokered them. One moment.

WARM TRANSFER → LICENSED BROKER · LOGGED TO DEAL RECORD

Illustrative transcript. Composite of real call patterns; identifying details removed.

The part everyone gets wrong

This is not a robot that presses play.

DealNgn doesn't replace judgment. It arms it. Every deal that moves is a decision a licensed broker made — with better information than anyone else in the room had.

The platform does the work that scales: watching, screening, underwriting, remembering. The work that doesn't scale stays human — reading a seller across a kitchen table, structuring a sale-leaseback around what a family actually needs, knowing when a number on the page is wrong. That division is the entire design, and it is the reason this works on real transactions instead of in a demo.

Anyone promising a brokerage that runs itself is selling you something that will eventually cost a deal and possibly a license. Leverage is the product. The rest is a story.

A first-year agent on this platform operates with the market awareness of a fifteen-year veteran. A fifteen-year veteran operates like a team of ten.

Why we started here

We began with the hardest asset class on purpose.

STAX is a retail and net-lease brokerage. Gas stations and c-stores are a subcategory of that — and they are where we started, for two reasons.

The first is commercial: it's the category the founder already dominates, so the platform had a real book to prove itself against from day one.

The second is architectural. A fuel and convenience asset is the most complex underwrite in retail — real estate, a business, fuel volumes, brand agreements, environmental liability and regulatory records all in one deal. Build the model that handles that, and every simpler net-lease type is a subset of it, not a rebuild. The gas-station-specific inputs are a handful of fields on a general model, not the model itself.

Expanding into single-tenant QSR, auto service, dollar stores, medical retail or general NNN is a configuration exercise. That was the design intent from the first line.

Underwriting complexity — retail asset types

Fuel + c-store Built

Auto service Subset

QSR / drive-thru Subset

Medical retail Subset

Dollar / discount Subset

General NNN retail Subset

Why it holds

The advantage compounds in four directions.

01 — Data

The corpus grows with every deal.

Thousands of sites, resolved owner entities, validated contacts, stated buy-boxes, offers made and refused, and every underwrite we've ever run. None of it is licensed from a vendor and none of it can be bought. A competitor starting today starts at zero and cannot catch up by spending.

02 — Origin

Built by the operator, not sold to one.

Most CRE software is built by people who have never had a seller threaten to walk — and most brokerages that want software have to describe it to someone who has never closed a deal. Here the same people do both. Every feature earned its place by surviving a transaction, because the people who wrote it are the ones who lose the listing when it's wrong. That is a materially different development loop than building for a customer you never have to be.

03 — Depth

Span is harder to copy than any single feature.

A competitor can rebuild any one surface in a quarter. Rebuilding eight stages on a single data model — with the marketing, compliance, confidentiality and closing logic that a licensed brokerage actually requires — is a multi-year project against a moving target that is already in production.

04 — Distribution

The first customer is already profitable.

The platform is validated by a revenue-generating brokerage rather than a pilot program. That means product decisions are disciplined by transaction economics, not by a roadmap written to raise the next round — and it means the go-to-market can be sequenced deliberately instead of desperately.

Michael Salafia, founder and principal broker of STAX Real Estate

Co-founder · COO

Joe Tomaszewski

Co-founder alongside Michael. STAX is not a one-person company, and DealNgn is not a one-person codebase.

Founders

Michael Salafia

Founder · Principal Broker

He did not learn to code after becoming a broker. He spent a decade leading strategy, design and development for enterprise clients, then went into commercial real estate on purpose — because it was the largest industry he could find still running on stale data and manual work, with almost nobody inside it who could build.

FOUNDATION
Finance undergrad. MBA in high-tech entrepreneurship.

Then ad sales at AOL — the commercial education that made the software career a business career rather than a technical one.
SOFTWARE
A decade at a New York digital agency. Strategy, design, development.

Digital Director at Digimix, leading engagements for JetBlue and the City of New York, among others. Ten years of shipping enterprise systems for organizations that could not afford for them to be wrong.
THE DELIBERATE MOVE
Into commercial real estate — to change it from the inside.

Marcus & Millichap, national retail and net lease. Not a career accident: a technologist picking the industry with the widest gap between the size of the money and the quality of the tooling, and going to get a license so he could work on it from inside the transaction rather than selling software at it.
HIS OWN BOOK
Founded STAX. Built the first iterations of DealNgn to run it.

$500M+ in career sales volume, 200+ stations and c-stores sold or leased. Published in NAIOP Development Magazine on net-lease strategy; a bylined voice on applying AI to real estate investment decisions since 2023.
OPERATOR
Opened and operated 43 gas station businesses. Sold the opco.

Re-Up — including autonomous robotic kitchens deployed into live stores, covered by Chain Store Age, The Robot Report, C-Store Dive, Convenience Store News and CStore Decisions. He does not underwrite this asset class from a spreadsheet. He has run 43 of them, and sold the operating company.
NOW
Back at STAX, building DealNgn.

Software career, operating history, and a principal broker's license — pointed at the same problem. That combination is why the platform does what brokerage actually requires instead of what software people assume it requires.

For investors

We built it for ourselves.
The question is what it's worth to everyone else.

We are not raising publicly and this page is not an offering. We are, however, in conversations with venture investors and family offices who see what we see: that the same platform running one specialist brokerage could run a category — and that the team who built it is the rarest configuration in vertical AI — enterprise software careers, a real operating history in the asset class, and the licenses to transact in it.

We will show you considerably more in a room than we will on a public page, and you will understand immediately why that is. The fastest path is a direct one — you'll be talking to the founder, not a corp dev associate.

Start a conversation → See the brokerage

What a first conversation covers

Live walkthrough of the production system on the real book
Unit economics — cost per underwrite, per listing, per closing
The expansion thesis — asset classes, geographies, sequencing
Architecture — multi-tenancy, data moat, what scales and what doesn't
Where we're honest about risk — key-person, regulatory, competitive

Sourcing to closing.
One system.

Commercial real estate still runs on stale data and manual work.

The market you can see is the market that's listed.

Underwriting is artisanal.

A great broker can hold about forty deals in their head.

Everyone else built a tool. We built the continuum.

What it looks like on a Tuesday.

It is not a demo.
It is on the phone.

This is not a robot that presses play.

We began with the hardest asset class on purpose.

The advantage compounds in four directions.

The corpus grows with every deal.

Built by the operator, not sold to one.

Span is harder to copy than any single feature.

The first customer is already profitable.

We built it for ourselves.
The question is what it's worth to everyone else.

The best reason to join a brokerage is the unfair advantage it hands you.

Commercial real estate still runs on stale data and manual work.

The market you can see is the market that's listed.

Underwriting is artisanal.

A great broker can hold about forty deals in their head.

Everyone else built a tool. We built the continuum.

What it looks like on a Tuesday.

It is not a demo.It is on the phone.

This is not a robot that presses play.

We began with the hardest asset class on purpose.

The advantage compounds in four directions.

The corpus grows with every deal.

Built by the operator, not sold to one.

Span is harder to copy than any single feature.

The first customer is already profitable.

We built it for ourselves.The question is what it's worth to everyone else.

The best reason to join a brokerage is the unfair advantage it hands you.

It is not a demo.
It is on the phone.

We built it for ourselves.
The question is what it's worth to everyone else.