Very classy, NAR REach
Startups in the real estate sector (or those looking at breaking into the industry) can now apply for the National Association of Realtors® (NAR) 2017 REach® Accelerator Class, a mentorship program that includes education and exposure. NAR REach is ready to usher in the next generation.
The REach® Accelerator Class is a part of Second Century Ventures, NAR’s strategic investment arm. REach® seeks to pave the way for technology companies to enter the real estate market, advance their businesses, and expand into adjacent markets, according to a press release. Applications for the 2017 Class are open until January 31, 2017, and can be found at the NAR REach website.
Accepted startups will participate in a unique, nine-month program. The program includes guidance from real estate and technology mentors, industry-specific education, networking opportunities, and access to additional NAR resources. Early-stage and later growth stage companies are encouraged to apply.
In 2016, eight companies were selected to participate, including broker marketing service Flipt and energy efficiency app Homeselfe. The companies fit into a wide range of industries, and were based in cities across the country. Startups that participated in the program were recently backed by prominent investors in the venture community, including Andreessen Horowitz, Bessemer, Madrona and Maveron.
“Our participation in REach helped us grow from a nascent startup into a nationally recognized brand,” said Andrew Flachner, CEO and co-founder of RealScout, and a 2016 REach® graduate. “The mentorship, connections, and platform contributed towards 1,000 percent growth in customer accounts, as well as additional funding.”
Increasing revenue, not raising money
The REach® Accelerator Class differentiates itself from other incubator programs in that it is not focused on helping participating startups raise money. Instead, the focus is on tweaking products and providing networking channels to help increase revenue.
Participating startups pay a marketing fee to Second City Ventures, and hand over equity stakes of up to 5 percent to participate in the program.