Where Real Estate Gets Its Dirt

MoxiWorks/Vector Capital acquire Imprev

MoxiWorks Acquires Imprev, the Best-in-Class Marketing Automation Service

Robert Amen, Managing Director of Vector Capital, said, “We are pleased to support MoxiWorks’ acquisition of Imprev as it continues its relentless focus on its customers, client satisfaction, and deep, cross-industry relationships. Imprev enhances MoxiWorks’ technology and product offering and furthers the company’s ongoing mission to make real estate technology more automated.”

It looks like a classic roll-up strategy from Vector Capital. They first acquire MoxiWorks and now bring Imprev into the fold. I’m just glad no puppies were harmed.

I’ve known Renwick Congdon, CEO, and Founder of Imprev, for a very long time. Renwick is a principled and smart leader and has built an incredible company and team. Imprev’s Renwick’s first software application was as a real estate flyer program for Macs back in 2000 1994 (we were booth neighbors at NAR Annual 1996…time flies). He was one of my first guests on the Listing Bits podcast. Cheers my friend.

Restb.ai joins CoreLogic Alliance Network

I’m a big fan of Restb.ai. The work they have done on image recognition is amazing. I interviewed Dominik Pogorzelski, Restb.ai’s VP of Product and Operations on my Listing Bits podcast.

The use of image recognition for compliance in a listing input isn’t new. MRED did it first. I saw Chris Haran, CTO of MRED, demo this awhile back. It’s a great use case for this type of tech. But, the applications for image recognition in real estate are endless. Excited to see where this goes.

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Full Press Release Below:

— Computer Vision Solution Provider Restb.ai Joins CoreLogic Alliance Network —

CoreLogic Adds AI Photo Inspection to Listing Compliance Solution

IRVINE, Calif., Nov. 6, 2019—CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, today announced that Restb.ai™ has joined the CoreLogic Alliance Network and will integrate its AI image recognition technology with CoreLogic Listing Data Checker, the foremost data quality assurance and compliance solution for multiple listing organizations. The Alliance Network is an assembly of recommended third-party applications that are deeply integrated with CoreLogic Real Estate Solutions (RES).

The industry’s leading computer vision solution, Restb.ai uses artificial intelligence to automatically scan, identify and classify images containing a range of privacy and policy violations. Under the agreement,Restb.ai technology will be fully integrated with Listing Data Checker and offered as an optional photo compliance module that saves time and effort and can detect violations that humans miss.

“In the past, real estate listing photos had to be manually reviewed by staff for compliance with multiple listing rules,” said Amy Gorce, principal of Business Development for CoreLogic RES. “Listing Data Checker clients can now use AI-powered image recognition technology to automatically detect photos containing prohibited content, including people, license plates, yard signs, phone numbers, email addresses and more. It’s the ambitious, logical next step for our class-leading compliance solutions.”

“Images are an integral part of the listing and until now, image compliance has been an expensive human cost” said Dominik Pogorzelski, VP of Product for Restb.ai.  “We’re excited to work with CoreLogic to bring our AI technology to Listing Data Checker creating a complete listing compliance service and reducing the time and cost to get listings online and working for members and clients”.

“We’re very pleased to add Restb.ai to the Alliance Network,” said Chris Bennett, executive for CoreLogic RES. “CoreLogic is working with several leaders in the AI space to enhance the speed and accuracy of our solutions. AI is an important part of our strategy for real estate, and this is just the beginning.”

For more information, visit www.restb.ai.

About CoreLogic

CoreLogic (NYSE: CLGX), the leading provider of property insights and solutions, promotes a healthy housing market and thriving communities. Through its enhanced property data solutions, services and technologies, CoreLogic enables real estate professionals, financial institutions, insurance carriers, government agencies and other housing market participants to help millions of people find, acquire and protect their homes. For more information, please visit www.corelogic.com.

CORELOGIC and the CoreLogic logo are trademarks of CoreLogic, Inc. and/or its subsidiaries. All other trademarks are the property of their respective holders.

Tom Ferry partners with Contactually for the “Tom Ferry CRM”

Via Inman News…

Real estate coach Tom Ferry launches ‘The Hub,’ a CRM and tech suite

“Ferry’s new set of products is called The Hub. The suite includes the new CRM, a referral network informed by an algorithm, video role plays to practice different situations in real estate and tools for business planning and activity tracking.

The main innovation of Ferry’s CRM — appropriate for his role as chief real estate coach — is that it allows real estate coaches to log on and see a version of the CRM with personal client information stripped away to track how their real estate agent clients are doing.

That anonymized view allows coaches to directly see what their agents are doing instead of relying on what agents tell them.

Besides that, the Tom Ferry CRM shares most of its features with Contactually’s other CRMs.

“We’ve been providing the system, the tech part of it. Now what this does is marry that with the coaching side of things,” Contactually CEO Zvi Band told Inman.”

Really, really smart. By blending what Tom Ferry does so well with what Contactually does so well they have created a truly unique experience/product.

The issue that companies like RE/MAX and Keller Williams are going to face is that real estate software is getting better. And franchisors are going to have to compete with solutions like this. With adoption of franchisor provided technology hovering between 8%-10%, and 3rd party software getting better, I don’t care if you call yourself a “technology company” or not, adoption is going to be tough battle.

Congrats to Tom Ferry and big congrats to Zvi and the amazing team at Contactually. Love the innovative thinking behind this effort.

RE/MAX acquires booj

RE/MAX Takes Bold Step to Provide Best-in-Class TechnologyGlobal Franchisor Acquires Leading Technology Firm booj

The acquisition exemplifies a new approach for RE/MAX that goes beyond adapting third-party vendor products to fit broker and agent needs. Moving forward, RE/MAX will leverage the capabilities of booj and other strategic partners to deliver core technology solutions designed for and with RE/MAX affiliates. The objective: technology platforms that create a distinct competitive edge for RE/MAX brokerages and agents and complement other tech products they choose to use.

So its apparent the this “tech enabled brokerage” is a thing now. It’s now going to be a bunch of chest beating to show who has the best tech. RE/MAX appears to be taking a more open approach by still working with “strategic partners”, rather than the more closed approach of KW.

In a letter to agents, new RE/MAX CEO Adam Contos stated,

“It will mean an upgrade for the RE/MAX technology suite – a complement to other Approved Supplier products you choose to use.”

A far cry from the paranoid rant of Gary Keller,CEO of Keller Williams last week.

booj is an interesting company. Their pitch has been they only had a few “select” clients and a waiting list. Plus they would never work with any firm that was acquired by a Franchisor. Well it seems that philosophy has changed big time. It will be interesting to see how their current clients react. An opportunity for some, I’m sure. I hope Ido and John got a nice payout.

I’m also curious if this will effect RE/MAX’s relationship with Homes.com, which now powers the remax.com website. RE/MAX started that relationship with eNeighborhoods back in 2004, and have kept it going after eNeighborhoods was acquired by Homes.com parent, Dominion Enterprises.

CRMLS Expands MLS Front-End Choice With Cloud MLX

CRMLS Expands MLS Front-End Choice With Cloud MLX

“We’re excited to offer our users another choice, another platform, and more decision-making power,” said CRMLS CEO Art Carter. “Now, every CRMLS user has another quality option to choose from when searching for and sharing MLS listings.”

Differentiating features of Cloud MLX include a smart search bar that auto-completes results as the user types, the ability to create uniquely-shaped map areas, and an agent-to-agent instant messaging service. The platform is also notable for its clean, easy-to-use user interface.

“Imagine searching the MLS the same way you search Google,” stated Greg Robertson, co-founder of W+R Studios. “Now it’s possible with alternative front-ends like Cloud MLX, and we’re proud CRMLS has selected our tool as an offering to their users.”

It’s been a couple years since we launched Cloud MLX. Dan and I felt at the time if there was going to be a new category (MLS front end of choice) that W+R Studios should go all in. But I felt we might have been a bit early.

Then, last year, we won the most innovative technology award from Inman News. Katie and I started building momentum 2017, launching 7 MLS Providers, representing 93,000 agent under site license with Cloud MLX . These MLS providers saw the potential early on, so a big shout out to them as well.

Realcomp, FMLS, Trident, NNRMLS, BAREIS, SFAR and NTREIS.

And now today, CRMLS, representing over 80,000 members, have signed on to give their members more choices in MLS software.

We are beyond thrilled and want to thank Art, Adrese, Sarah, Rob, and the rest of the CRMLS team for all their support and confidence. We will have more to share later as the MLS landscape continues to evolve.

Inman News also has a few other details regarding the launch, you check out that here: Cloud MLX interface now free for agents of nation’s largest MLS

Things are starting to get interesting.

MLSListings adds MLS-Touch

MLSListings Inc. and Prospects Software Join Forces to Bring MLS-Touch App to Northern California Real Estate ProfessionalsMulti-year agreement offers unique and custom mobile functions to MLSListings professionals

“We heard from many brokers and agents that mobile apps for real estate are good, but an app with expanded functionality would be great. Charles Drouin and the MLS-Touch team understands that and they have used the input of thousands of brokers and agents from California to Montreal to build their model. They are committed to working with associations and MLSs to create a custom experience. We are proud to offer convenient features to support the more than 15,000 real estate professionals who trust us with their business,” said James Harrison, RCE, CAE, President and CEO of MLSListings Inc.

Félicitations to Charles and his team. Their persistence is inspiring. I’m big believer in giving agents more choices when it comes to the tools they use the most, like the MLS. This “front-end of choice” movement is gaining steam.

Adwerx Raises $4.3 Million

Adwerx Raises $4.3 Million in New Funding Round

““Adwerx Enterprise is gaining significant traction in real estate as firms begin to add digital marketing to their stack of technology offerings for agents,” said Jed Carlson, CEO of Adwerx. “The additional capital will allow us to accelerate the Adwerx Enterprise growth into the real estate market and beyond.”

Adwerx ranks 173rd on Inc’s 500 fastest growing companies in the U.S. with growth of 2,443 percent. The company has provided digital advertising for over 50,000 real estate professionals and other small businesses and has recently expanded its Adwerx Enterprise program in real estate, securing deals with Chicago-based @properties, leading national firm RE/MAX, LLC, and others.”

Impressive.

Boston Logic buys Propertybase

Teke Wiggin for Inman News:
Boston Logic buys Propertybase, with more acquisitions in sight

“Boston Logic CEO David Friedman declined to disclose terms of the deal, other than to say that Propertybase will retain all of its employees.

Boston Logic became Providence Equity’s “platform for acquisition” of real estate software after the private equity firm, which has $50 billion in capital under management, made an undisclosed investment in Boston Logic last year. Drawing on Providence Equity’s deep pockets, it’s looking to build real estate tech portfolios through acquisitions — a goal shared by some other well-heeled firms like Zillow Group.

“We are looking at a lot of opportunities out there,” Friedman said. “Price does not scare us away.”

Boston Logic was attracted to Propertybase because of its global reach and effective use of the Salesforce platform.”

Consolidation is happening everywhere. On a side note David Friedman was my very first guest on my Listing Bits podcast. You can listen to it here.

Remine inks deal with NTREIS

NTREIS signs license with Remine to bring Big Data to North Texas

““Remine complements our existing MLS systems by adding a beautiful visualization of all our data,” said John Holley, CEO of NTREIS. “An incredible feature is their ability to reconnect with past clients, and see their propensity to sell. And then even if you’ve lost their contact info, Remine can update it.”

Leo Pareja, CEO of Remine, said “Remine will be deeply integrated with the existing front end system to create a seamless experience. We’ve designed Remine to meet the unique needs of real estate professionals; we look forward to delivering our core functionality to the community in North Texas.”

Remine has been getting a lot of buzz lately. They are hitting the ground running with many deals signed and more in the pipeline.

I think it would be fair to qualify them in the “alternative front end” or “next gen front end” category. The twist with Remine seems to be predictive data analytics and a lot of data visualization. Although I haven’t seen the product and their website is scant on any product shots or video. Unfortunately the website does include the hokey copy, “Remine was built for agents, by agents…”, which kinda made me throw up in my mouth a little bit. ; )

Remine and others are filling a vacuum left by traditional MLS vendors. They promise a modern UI and UX with a bunch of other bells and whistles. The challenge will be adoption. Will any of them change agent behavior enough to draw traffic/usage away from their “main” MLS system?

Time will tell. In my opinion we are at just at the beginning of a new cycle in MLS technology.

Revenue and profit

The recent announcement that Zillow is going to pay $108 Million for dotloop got me riled up. Then Dan forwarded me this article from Jason Fried, co-founder of Basecamp. So good, and keeps everything in perspective.

How much are we worth? I don’t know and I don’t care.

“Startups these days are bantered about as if they were in a fantasy football bracket. Did you hear Lyft raised another $150 million at a $2.5 billion valuation? But Uber got tossed another $2.8 billion at a $41.2 billion valuation! Then there are the companies barely off the ground getting VC backing with 25x valuations, despite having no product or business model.

Entrepreneurs by nature are competitive. But fundraising has become the sport in place of the nuts and bolts of building a sustainable business.

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