You are viewing our site as an Agent, Switch Your View:

Agent | Broker     Reset Filters to Default     Back to List

7 Young Tech Companies Poised to Reinvent Real Estate

April 25 2017

REach®, NAR's tech incubator program, announced its 'Class of 2017' last week. Each year, the annual program selects seven companies whose products or services show the potential to benefit NAR's 1.2 million members.

The program runs from one NAR conference to the next. Each class debuts in May at the NAR Legislative Meetings in Washington, D.C. and 'graduates' at NAR Annual in November.

NAR Reach

Hundreds of companies applied this yearup significantly from 2016and the seven chosen after an exhaustive review of their business models and execution strategies truly represent la crème de la crème. This year's class ranges from early- to mid-stage companies who, in total, have raised over $50 million in funding and whose total valuation tops $350 million.

The goal of the program "is to move these organizations rapidly forward beyond their initial successes through education, mentorship and market exposure." REach® has had a successful track record so far. The tech incubator hit the half-decade mark this year, and its previous four classes have, on average, doubled their customer base and, in total, raised more than $60 million in funding during and after the program.

So which hot tech products does REach (and NAR, by extension) think will benefit Realtors? Let's take a look.

1. Centriq: You keep maintenance records for your car--why not do the same for your home? This app helps homeowners digitally track property-related receipts, invoices, documents, notes, and even a home inventory. All of these records can be transferred from buyer to seller in the event of a sale. Realtors can sponsor this digitization of their 'listings' and give the new owner their home's records as a closing gift.

2. HouseCanary: A promising new source of home valuations, reports and analytics, House Canary's 3-year forecasting feature make it stand out. The forecast is based on an analysis of market data for the past 40 years, and relieves client uncertainty by helping them understand the current market's risks and opportunities.

3. Notarize: There's no longer a need to drive across town to sign papers in front of a notary public. Thanks to Notarize, you can now digitally notarize a document from the comfort of your computer or mobile device.

4. Occly: Billing itself as "a personal bodycam with an enhanced panic alarm system," this wearable device is designed to keep you safe on the job. It's meant to visually deter attackers, and is neither an app nor a subtle piece of 'smart' jewelry. When triggered via a panic button, its four cameras start recording, sirens blare, a microphone records, and LED lights illuminate the area. The device also contacts an emergency response center who remotely assists the wearer and dispatches local authority.

5. Pearl Certification: Helps meet growing consumer demand for 'green' homes by certifying homes with energy efficient features. Homeowners can use this to show that these features increase their home's value when selling or refinancing their home. Realtors can certify their listings to demonstrate a home's market value and attract more buyers.

6. Relola: Between broker tours, their own listings and those they've shown to buyers, agents see a lot of homes. Relola lets agents share their insights on all these properties via a platform that sets them up as a local expert. Realtors can amplify this expertise via social and marketing tools.

7. Trusted Mail: Cyber scams are a growing threat, and criminals are increasingly targeting real estate transactions, thanks to the huge amounts of money in play and the vulnerable coordination practices common in the industry. Trusted Mail uses advanced security measure, like facial biometrics, to sign and encrypt email and attachments. This helps protect Realtors and their clients against wire fraud and email spoofing.

REach Hits the Half Decade Mark

grad capAs we mentioned earlier, this year's class is REach's fifth. NAR's baby has grown up over the last five years, and they've incubated quite a few successes. Here's information about their previous annual classes and some standout companies from each:

What do you think of this year's class? Which ones sound most useful for your real estate business? Let us know in the comments below!