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Two proptechs that help the real estate industry make better decisions with data have agreed to a working partnership, according to an announcement Tuesday.
The two companies are Plunk, the software company that has evolved from offering construction cost analysis to comprehensive market intelligence provider, and Local Logic, a marketing application that enables developers, agents and lenders to deeply integrate location and consumer data into wide-scale real estate decisions.
The overlap in feature offerings will empower customers on both sides of the partnership while providing Local Logic users with more granular insights on the many financial aspects of specific homes within a user’s report.
“Real-time data and localized market insights play a crucial role to investors, homeowners, and real estate professionals,” Plunk CEO Brian Lent said in a statement. “Plunk and Local Logic strive to fully power the residential market with the information it needs to grow exponentially. Combining our efforts will drive a new level of innovation in the industry.”
Local Logic applies targeted location data to market studies, including hard-to-find information on relocation trends, retail growth, commercial developments, community amenities and other lifestyle factors that help people move and empower the agents who work with them. It identifies trends and offers content to support them, using data and a proprietary scoring system from more than 300 million properties in the U.S. and Canada, 90,000 neighborhoods, climate insight and many other community points of concern.
Its content can be put into play to augment listing presentations, CMAs, appraisals, investment proposals and other similar business needs.
In August, Local Logic secured a $13 million Series B investment, which it will put toward general operations and services expansion to help the space “better understand the impact of location,” according to the announcement.
In the midst of a healthy but plodding market, agents are becoming keen on the value of what’s happening where they live, focusing on past clients and those in their regional sphere of influence. Leads, in short, are hard to come by.
“Plunk has created industry-leading data solutions in the residential space,” Local Logic CEO Vincent-Charles Hodder said in a statement. “This partnership will further drive our mission to empower end-users with the technology and insights they need to make better-informed real estate decisions.”
Location-specific data continues to find a larger place higher up in the marketing and business bandoliers of agents.
The need to differentiate is essential as sellers take longer to decide and buyer angst further permeates the market. Knowing more about the present and future market from a macro to micro level can assist agents in their effort to stand out and win listings. Merely knowing how close the nearest Starbucks is located isn’t enough and coveting data is no longer in the best interest of the industry and certainly not of value to the relationship or transaction.
Plunk most recently inked a deal in partnership with Xome through which its repair and renovation analysis functionality will serve useful to investors seeking nontraditional listings, such as auctions, foreclosures and other assets.