A group of seven Silicon Valley brokerages are following the lead of colleagues in San Francisco to launch a regional Buyer Graph initiative powered by real estate tech startup RealScout, the companies announced Thursday.
Through the partnership, the seven brokerages will share anonymized buyer data and habits. The brokerages involved are Alain Pinel Realtors, Climb Real Estate, DeLeon Realty, Intero Real Estate Services, Keller Williams Bay Area Estates, Sereno Group and Today Sotheby’s.
“As the center of the tech industry, Silicon Valley is home to the most tech-savvy consumers in the world,” RealScout President Andrew Flachner said in a statement. “The Silicon Valley Buyer Graph shows that the real estate community is serious about delivering a consumer experiences that meets and exceeds those high expectations.”
The Silicon Valley Buyer Graph is a data-sharing initiative that allows participating brokerages to share buyer demand data. With that data, the brokerages have access to advanced market analytics, which could, in turn, mean smarter deal brokering.
The data will also allow the brokerages to advise selling clients on pricing strategies – like how to list homes so that buyers will be interested at varying price points. Buy-side clients can also gain access to the kinds of properties competing home buyers may be looking at, as well as their purchase ability.
Together, the Buyer Graph can connect a listing agent with a perfect match for the home, although identifiable consumer data is never shared.
“The Silicon Valley Buyer Graph is our answer to a data-landscape that is increasingly proprietary, exclusive, and inaccessible,” Intero Real Estate Services CEO Tom Tognoli said in a statement. “The Buyer Graph is about brokerages coming together to create a safe, yet open, deal-making platform.”
Intero, Climb and Alain Pinel Realtors are also currently participating in the San Francisco Buyer Graph.
Flachner told Inman there’s no indication Alain Pinel will no longer participate, now that the brokerage is owned by Compass.
A number 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 in September 2018, with Brown Harris Stevens, Douglas Elliman, Halstead Real Estate, Bond Real Estate, Engel & Völkers, Stribling and Associates and Warburg Realty all signing on.
In October, 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.