A group of eight of the Bay Area’s top real estate brokerages are partnering to undertake an initiative to share anonymized buyer data and habits among fellow brokerages with the help of real estate tech startup RealScout.
Alain Pinel Realtors, Berkshire Hathaway HomeServices Franciscan Properties, Climb Real Estate, Engel & Völkers, Golden Gate Sotheby’s International Realty, Intero Real Estate Services, Marker Real Estate and Vanguard Properties announced Wednesday they will all be partnering with RealScout, in the tech startup’s home market, to launch the so-called “SF Buyer Graph.”
“The San Francisco Bay Area is our home market – where RealScout was first launched,” said Andrew Flachner, president and co-founder of RealScout, in a statement. “It’s amazing to see the shared vision among our partner brokerages manifest in the SF Buyer Graph, and I’m excited to see the positive transformation this will bring to the market.”
The SF Buyer Graph is a data-sharing initiative that allows the brokerages to securely share buyer demand data, which in turn unlocks advanced market analytics and smarter deal brokering for the participants.
“The SF Buyer Graph is a unique opportunity for brokerages like us to take advantage of our existing book of business and give real value back to consumers,” Rainy Hake Austin, executive vice president and COO at Alain Pinel Realtors said. “It allows us to build long-term value around our brand and business simply by recognizing our data as a critical asset.”
It allows the brokerage to advise their selling clients on how to price their home and how many potential buyers will be interested at different price points. It can also be used to give buyers a better sense of what types of properties competing home buyers are looking at, as well as their buying ability.
The initiative also enables listing agents to identify and connect with agents that have buying clients that match a particular listing, allowing them to reach more buyers.
“In a market that is as competitive and tight-knit as San Francisco, we’ve always looked for ways to make smarter decisions and broker better transactions,” said Heidi Pay, COO of Golden Gate Sotheby’s International Realty. “The Buyer Graph gives us an opportunity to elevate the way real estate is bought and sold throughout the market.”
Many of the participating brokerages currently use RealScout’s tech platform, which also provides listing search and alert, consumer behavior data and analysis in addition to the Buyer Graph.
The first Buyer Graph was launched in New York City last month, with Brown Harris Stevens, Douglas Elliman, Halstead Real Estate, Bond Real Estate, Engel & Völkers, Stribling and Associates, and Warburg Realty all signing on to participate. Recently, Berkshire Hathaway HomeServices Fox & Roach, Howard Hanna Real Estate Services and Long & Foster Real Estate announced a new partnership with RealScout to bring the Buyer Graph to their respective markets.
The SF Buyer Graph is still open to any other brokerages that wish to partake in the data-sharing initiative, according to RealScout. Outside of San Francisco, brokerages can opt to anchor an initiative in their own city.