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GoldenKey raises close to $2M in funding – could they really disrupt real estate?

(TECH NEWS) Our service economy is zeroing in on the on-demand mindset. Could GoldenKey help the real estate industry figure out how move fast enough to keep up?

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The modern economy

Living in a service economy means options. Options everywhere, overwhelming options. Where do you want to eat? What app do you want to use to call a driver to drive you there? Or do you want to stay home, and use a different app to have your food delivered? Or do you want someone to pick up your groceries so you can cook your own meal? The service economy is solving problems you didn’t even know you had: who knew we’d ever want to travel across the country or the world and pay to spend the night in a stranger’s home? Who knew we’d ever want to read articles like this one on our phones?

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What GoldenKey does

GoldenKey is an up-and-coming real estate service aiming to solve a few problems at once. The premise is simple: match home buyers and sellers with expert agents, and charge a flat, set fee, payed at closing, instead of an uncertain commission.

It’s a real estate Uber, and it’s taken off in 47 states so far.Click To Tweet

The service also includes a 3 percent rebate when a client buys or sells a home with the help of a GoldenKey agent, though some states like Oregon have laws that explicitly forbid this on the books. The company offers three tiers of bundled services, and an on-demand agent pay-per-service option (though you have to dig deeper into the website to go that route, so the tiers are obviously favored).

Following a $1.1 million funding round last year and an investment from Lowe’s, the company recently raised another $1.75 million, again from Lowe’s Ventures, and from NFX Guild and others. The company says its total investment is now $3.4 million.

Will you get in on it?

At this time, only about 1,900 agents across the country have partnered with GoldenKey – you can bet most agents aren’t going to give up on high commissions without a fight. But the benefits of GoldenKey’s service are also high: when an agent connects themselves to the GoldenKey client network, as the company website says, “With GoldenKey, they will come to you.”

This frees up tons of time previously spent attracting clients that can now be devoted to actually providing services that you’ll be compensated for. And by unbundling services, each agent can focus on their strengths, their favorite parts of the business. The service also claims to carry less risk, thanks to the transparency of the payment system – clients are less likely to back out, so agents are less likely to miss out entirely on a payment.

Our service economy is zeroing in on the on-demand mindset, previously home mostly to movies and car rides. The real estate industry is no exception, but will GoldenKey disrupt or is it just another lead generation company in a sea of brands that want to “disrupt” by selling leads to agents? Honestly, the game here is less about disruption and more about who can be the biggest lead generation company, as brand dominance is the only way to truly make an impact with this model. And with a few million dollar head start, GoldenKey  has a shot at that form of disruption.

#GoldenKey

Staff Writer, Natalie Bradford earned her B.A. in English from Cornell University and spends a lot of time convincing herself not to bake MORE brownies. She enjoys cats, cocktails, and good films – preferably together. She is currently working on a collection of short stories.

Real Estate Technology

National accelerator for brands seeking to tap into real estate

(REAL ESTATE TECH) Whether your company is real estate tech or looking to spin into real estate or get a gajillion Realtors on board, this program is for you.

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If you own a technology startup or product that would work wonders for Realtors and the real estate market, applying for the 2018 NAR REach program could be your ticket to the fast track of success.

Second Century Ventures, the investment arm of the National Association of Realtors (NAR), is now accepting applications for its 2018 NAR REach accelerator program. This program is designed to accelerate the growth of early-to-mid-stage companies by giving them access to NAR’s industry experts, educational resources and relationship building blocks that can help companies achieve success in the real estate market and beyond.

Think of it as an intensive, real estate market crash-course with countless opportunities to grow your business and investor network. The more you know, the more you can grow.

Companies selected for the NAR REach program will be connected with more than 350 real estate and technology leaders from major brokerages, brands, companies, and venture capitalists. You’ll be able to really connect with these individuals, too. On average, REach participants will meet with more than 50 advisors for one-on-one mentor sessions over the course of the program.

REach companies will learn how to navigate the massive real estate industry all while being supported by the NAR, which is a $4.5 billion brand. And, if your company is selected for this program, you’ll have access to the NAR’s Insight Panel, a large network of industry professionals who can give you feedback on different aspects of your business, such as user experience and product pricing. If your company is just starting out, such constructive feedback can be crucial for significant growth.

Sounds pretty sweet, right? There’s evidence the accelerator program works, too.

Overall, REach companies have experienced revenue, customer, and/or user growth rates from 50 percent to more than 5,000 percent. They were also able to form important partnerships with major companies such as Coldwell Banker, Century 21, and Google. Need another example? In April, Guard Llama, a 2015 REach program safety company, received a $100,000 real estate investment from industry tycoon Barbara Corcoran and license to use her image on their product.

For its 2018 REach class, they are seeking seven companies with stable business models, actionable business plans, and the potential to make waves of positive change in the real estate space. Applications will be accepted through January 31, 2018 via the NAR REach website. The companies that make the cut will be announced in February 2018, and the nine-month program will begin at the end of March.

Here’s a bit more about who should apply.

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Real Estate Technology

Amazon Alexa app for real estate could fill your lead pipeline

(REAL ESTATE TECH) A new app has been developed for Amazon Alexa to connect home buyers and real estate professionals, check it out.

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Voice interaction is truly the wave of the future. Amazon Alexa leads the way. It’s reported that Amazon will be announcing Alexa for Business Platform, which takes voice into the workplace.

Enterprises can use Alexa to manage temperature and lights and to get information, but other skills and apps will be available to help with calendar management, ordering supplies and much, much more. Alexa has the capability to integrate with business to be a voice-activated virtual assistant.

And artificial intelligence via voice interaction with Alexa is now entering the real estate market.

Agent NEO is an Alexa app designed for the real estate industry. This app helps users look for homes to buy, check real estate information and find a real estate agent.

Agents who are registered with the app can easily connect with buyers and sellers and stay in touch with current and past clients through the app. Users can also get information about their home’s value through the app.

How it works:

  • Users ask Alexa to help them find houses to buy. Alexa narrows down the search by locality, budget, size of house and other preferences. Users can even access pre-approval for loans.
  • Alexa matches users to a real estate agent in the area where the user is looking to buy or sell.
  • Alexa sends the information to the agent about the potential client, including their search details. The user gets an email with your contact information, a bio and an intro from you.
  • The app can book showings for users, based on their individual preferences.

Agents can join by going to the Agent NEO website. Although the technology is still fairly new, as more people invest in voice-activated interfaces, it could be a great way to generate leads for your company.

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Real Estate Technology

Silly Chrome extension blocks tweets over 140 characters

(SOCIAL MEDIA) When Twitter began testing out longer tweets, many people lost their minds. A new extension stops the madness, stat!

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Back in September, Twitter, known for forcing users to be succinct, made a controversial move when the social media platform decided to double its character limit from 140 to 280.

Twitter is testing out the concept on a handful of seemingly randomly selected accounts. According to product manager Aliza Rosen, Twitter “will be collecting data and gathering feedback,” and may eventually expand the character limit for all users.

Rosen and other execs at Twitter seemed to anticipate a backlash. Said Rosen in a blog post, “We understand since many of you have been Tweeting for years, there may be an emotional attachment to 140 characters – we felt it, too. But we tried this, saw the power of what it will do, and fell in love with the new, still brief, constraint.”

Unfortunately for Twitter, users aren’t feeling the love.

The change has inspired much sarcasm and wrath, and some have even accused Twitter of using the character limit expansion as a distraction from more pressing issues, such as curbing online harassment and hate speech, or combating bot networks. Heather Kelly tweeted, “Women on Twitter excited death threats can now be twice as long.”

While some have used the 280 character limit in positive ways, others have proved just how pointless and annoying an extra-long tweet can be. MGM tweeted a 280 character roar, while Checkers & Rally’s tweeted 280 cheeseburger emojis.

Some developers at Slate Magazine think the much-hated 280 character expansion “is a real mess,” and have decided to be proactive about it.

They’ve created an extension for Chrome that limits your tweets back to the original 140 characters, while also cutting off tweets longer than 140 characters in your feed. The extension is simply called “140.”

They admit that they “whipped it up in one night,” that Twitter may find a workaround for their extension, and that there are some problems with URLs and pasting text.

However, they hope that, at least for now, the extension will create “a much chiller experience” on Twitter. So if you really can’t stand to read more than 140 characters, this may be your best option to “make Twitter great again.”

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