Realtors aren’t the only ones who can profit from the trillion-dollar real estate industry. Tech startups in supportive industries such as insurance, financial services, marketing, data, and business productivity can generate huge profits by engaging with the hundreds of thousands of small and medium sized businesses that comprise the real estate industry.
However, this requires specialized knowledge not always accessible to those on the outside.
The National Association of Realtors’ investment group, Second Century Ventures, wants to provide tech startups with an opportunity to enter or accelerate their growth within the real estate sector. They are currently accepting applications for an accelerator program called REach.
REach is a nine month program to educate and mentor tech companies through the process of entering the real estate industry. Companies participating in the REach program will meet with no less than one hundred real estate industry leaders and executives, often from top companies like Coldwell Banker and Century 21, to gain insight and advice, including specific feedback about their products and services.
Participants will also receive mentorship from NAR’s Insight Panel, which is made up of 4,000 real estate professionals.
Says NAR President Chris Polychron, “[w]hile technology has no doubt changed the industry for the better, the need remains for impactful innovation.” The REach program will benefit small tech companies by giving them the know-how and exposure to enter the real estate sector, but it will also benefit the real estate industry itself by training tech companies to meet its needs.
Past participants experienced growth
Companies who have participated in the REach program in the past have shown major growth and revenue generation in the real estate sector.
Matt Williams, CEO of Pro.com, reports that “participating in the REach program was an important move for our business…we benefited significantly from our involvement, and I truly believe there is no other accelerator that can offer the level of access within a given industry as REach has been able to provide.”
Applications accepted as early as December
NAR is accepting applications from tech companies in all stages of growth. Applications will be accepted through January 31, with early applications accepted starting December 20. Participants will be selected in February, and the program will run from March through November. Learn more at www.narreach.com