Ten years after its founding in a “dinky” San Francisco office, RealScout has transformed into a real estate tech powerhouse with several awards under its belt, including the coveted first-place prize at Anywhere’s 2022 FWD Innovation Summit.
“Ten years ago, when we first started out, companies were focused on replacing the human factor,” co-founder Andrew Flachner said in a heartfelt letter on Tuesday. “Today, the technology-empowered real estate agent — which was always a key element of the RealScout vision — has become the accepted strategy of the industry.”
RealScout gained traction in the industry with its sleek agent-branded mobile app that enabled clients to search for listing with natural-language search terms, such as “homes with big back yards” or “homes with natural lighting.” From there, RealScout automated the response process with timely email alerts with new listings — something that put agents ahead of the game in retaining clients and converting sales.
The app grabbed the attention of top technology sites, such as TechCrunch, and helped the burgeoning company secure $9.7 million in Series A funding a mere two years after its launch.
“We’re investing heavily in understanding homes and home buyer preferences even more,” Flachner said of his vision for the company in 2014. “Buying a home is a complex, emotional and important decision, and we’re rapidly gaining what we think is a unique perspective into how technology can enhance this decision.”
He added, “We think agents are a critical piece of the puzzle that previous ‘disruptive’ tech plays dismissed – but a stakeholder we’re laser-focused on.”
Since then, RealScout’s offering has evolved into a full-featured mobile and desktop search platform with more than 100,000 users across 150 markets. The company also offers its award-winning Buyer Graph that harnesses brokerage partners’ real-time anonymized buyer data and habits, which enables agents and brokers to make quicker and more accurate pricing decisions in 18 markets nationwide.
“If there is one thing we did right over the years to garner this support, it’s that we stuck, almost stubbornly, to our mission: to be the technology that strengthens, not weakens, the relationship between real estate professionals and their clients,” Flachner said in a letter also published on Monday.
In addition to highlighting RealScout’s tech evolution, Flachner honored an impressive lineup of real estate leaders who supported his and fellow co-founder Michael Parikh’s vision. Among the lineup is RealScout’s first paying client Adriana Plut, Inman founder Brad Inman and broker Phil Cantrell, who was among the first to support RealScout’s Buyer Graph.
“Adriana, Brad, and Phil listened to us, resonated with our vision, and took a chance on us alongside many in the real estate community,” he said. “As entrepreneurs — but also simply as people passionate about an idea — there is no better, no more meaningful show of support.”
“We want to offer a true and heartfelt thank you to the countless leaders who listened to us, resonated with our vision, and took a chance on us,” he added.
Although he’s basking in the glory of 10 years in the industry, Flachner said he’s already plotting RealScout’s next moves that include a revamped mobile app, an expanded lineup of lead generation and marketing tools, and additional Buyer Graph markets.
“Our team today is a genuinely remarkable group of highly talented individuals of all backgrounds, focused on fulfilling our mission,” he said. “Even without all of the external factors to be excited about RealScout, shared success with this group of people is motivation enough.”
“Ten years on, we feel a strong sense of belonging in this community and, as a result, a profound sense of responsibility,” he added. “Our aspirations as young entrepreneurs weren’t ignoble or misguided; but, where we are today far surpasses our expectations of 10 years ago. It’s a true blessing. Thank you for walking with us the first 10 years. Here’s to 10 more!”