RealScout might need to move to New Jersey.
After launching its largest-ever Buyer Graph in New Jersey a mere two months ago, the California-based real estate startup reaped another hefty harvest in the Garden State with its Realogy FWD Innovation Summit victory on Wednesday night.
RealScout will receive a $25,000 grand prize along with a spotlight in Realogy’s Open Ecosystem platform. The platform, which is powered through MoxiWorks, enables Realogy’s more than 300,000 affiliated agents and brokers to choose the best solutions for their business needs in one easy-to-use marketplace with vetted technology partners and developers.
“Our team loves this industry, and we are steadfast in our commitment to supporting it,” RealScout President and Co-Founder Andrew Flachner said in a prepared statement. “One of the most exciting parts of our plan involves the integration of our platform with Realogy’s open ecosystem.
“We believe that’s the way the industry is heading, Realogy is leading the way, and we’re excited to be a part of that story,” he added.
Realogy Senior Vice President of Product Kacie Ricker said she was impressed with all of the finalists, which also included fintech, proptech and marketing platforms Earnnest, Elm Street, Likely.ai and MaxaDesigns.
“All of the finalists of this year’s FWD Innovation Summit presented rich and meaningful technology that aid in various aspects of the real estate market and services, so selecting a single winner wasn’t an easy task,” she said.
However, RealScout’s full-featured search platform beat out the competition with an array of features that include a branded home search portal, interactive side-by-side listing comparisons, social media tools, lead management and distribution, and several other agent and broker-focused support features.
The platform also includes RealScout’s headline-making homebuyer activity intelligence dashboard, which is partially powered through Buyer Graphs in 18 select markets. The graphs include information from brokerage partners who agree to share real-time anonymized buyer data and habits, which enables agents and brokers to make quicker and more accurate pricing decisions.
In addition to displaying real-time listing and sales data, the Buyer Graph includes a heat map that displays past and current buyer patterns, such as the most popular neighborhoods and property types. Agents and brokers can also view data-driven listing price suggestions and see how price adjustments could impact buyer demand.
Lastly, users can also view an individual property’s flood, storm, fire, heat and drought risk rating through RealScout’s partnership with climate risk assessment platform ClimateCheck.
Each of these features has made RealScout a fan favorite with a host of leading brokerages, including The Agency, Engel & Völkers, Long and Foster Real Estate and Realogy Brokerage Group brand Corcoran.
“RealScout has a consistent track record of delivering a high-quality product, which is proven by successful implementations throughout our brokerage network,” Ricker said. “Even better, their product strategy is strongly aligned with our Open Ecosystem vision, so we’re very excited to add this powerful tool to our Marketplace.
“Working seamlessly with our existing tech tools such as MoxiWorks, RealScout is going to be a powerful tool in our agents’ arsenals,” she added.