This Week's Radar Storylines:
- ShowingTime+ is pitching a familiar tune: featured listings. In a sense, featured listings is exactly what online real estate was meant to disrupt 20 years ago.
- JP Morgan research shows misalignment between core greenhouse gas producers and areas of tech investment.
- OpenAI's Development Day released key features that is sure to make building AI products easier, and we dive into some of the real estate-specific implications.
For full commentary, please scroll down...
What's new on the Geek Estate Blog:
Fortress Proptech is a property management software solution designed to enhance operational efficiency through automation and data integration...
With a focus on serving global financial institutions, Rockport is a provider of a suite of products that caters to the entire lifecycle of CRE, including debt, equity, and technology solutions...
News from our GEM Diamond membership base:
- The Vertical posted a Real Estate Data Market Map through a collaboration with Cherre.
- BoxBrownie.com partnered with LeadingRE.
- BHR's RealReports now include Plunk's AI-powered market analytics.
- David Steckel started his new role as Head of Product & Innovation at Sears Home Services.
- VestaPlus agreed to integrate Local Logics Neighborhood Insights via SDK and API integration.
- Symbium closed a pre-Series A round.
- Dwellsy raised $11.5M.
- Tractic hired Marine SSgt Aaron Kemble as its new Internal Operations Officer.
Last week, the Geek Estate Team reported on the Q3 financial performance of the top twenty public proptech companiess. Before that, Drew Meyers highlighted Owners, a platform to help launch, grow, and scale home service businesses.
Without further ado, let's dive into your weekly dose of proptech signal...
Completing The Loop Of Innovation
By: Drew Meyers
ShowingTime's Listing Showcase landing page tells a familiar story: more exposure, more branding, win more sellers.
Approaching twenty years after Zillow entered the market to counter Realtor.com's "pay to show up" reality consisting of featured listings with a "the consumer (aka buyer) is the north star" product mindset, we're right back where we started: Agents paying to get listings seen. Greg Fischer concurs that this is what online real estate was meant to disrupt 20 years ago.
While great for appeasing sellers egos, my sense is map stars and more alerts doesn't do jack for buyers. You know what it takes for a buyer to pull the trigger? Being the perfect home, a price in their budget, and being on the market at the right time. That's it. Buyers aren't going to purchase a home just because it showed up as an ad in their search. If Zillow goes too hard into the sellers camp, it will be at the expense of the buyer experience. Yes, sellers are the holy grail--more so now than ever. But, well, without the buyers, all of Zillow's leverage will dwindle.