Real estate agents and brokers, if you could choose where your next listing is coming from, wouldn’t you always answer, “repeat or referral business?”
Of course, you would.
Repeat and referral clients are easier to work with. They already know, love and trust you. You’re probably not going to compete for their business. And, they are less likely to throw objections at you! Also, they don’t ask you to cut your commission or shoot them a kickback.
So if you wish to boost your repeat and referral business ASAP, it’s time to embrace three specific steps:
Create a database
Have an organized database with names, numbers, email addresses, LinkedIn, Facebook, Instagram and other contact information on each client. You don’t need a fancy CRM. Call each person to update the rest of their profile. It’s a great excuse to make that first — or next — contact. Use your F-O-R-D (family, occupation, recreation, dreams) conversation outline to make these calls fruitful. Refer to our podcasts and other articles about how to speak with your sphere of influence.
Speak with all of your contacts regularly.
That means face-to-face or voice-to-voice real contact. A contact is a conversation with a decision-making adult about real estate. For example, if you have 200 people in your database and you speak with 10 per day on work days, you can actually speak to 100% of your list every single month. What would that do to your repeat and referral business? If 10 is too many, start with five contacts per day and you will speak with 100% of your list every sixty days.
Expand your center of influence systematically.
10% of the people in your database will do business with you or refer business to you every year, assuming you communicate with them. If your database is 100 people strong, you’ll have 10 transactions from them yearly. 200 people could mean 20 transactions, and so forth. Smaller is better. Don’t dump random leads into your database. Past clients, friends, family, neighbors and people in your sphere of influence belong on this list. You can have a second list of your professional center of influence that includes lenders, title professionals, painters, insurance representatives etc.
To expand your center of influence contacts, try these three approaches:
a) Things you like to do anyway
This list could include your hobbies, sports teams, arts and culture events, fitness routine or going on organized hikes. You’ll be around like-minded people, talking about mutual interests. Use MeetUp.com to find things that interest you. Try out new clubs to expand your contacts.
b) Business networking
For the sake of networking. Business Network International, the Chamber of Commerce, Toastmasters, entrepreneurs club, investors clubs, and more are all great ways to meet new professional contacts.
c) Charitable events.
Auctions, food drives, toy drives, fundraisers, school and church events are all great for a multitude of reasons. You’ll be around philanthropic-minded wealthy patrons of these events, expanding your sphere into neighborhoods you may not yet be working in, meeting interesting people and networking at a high level.
It’s also important to get into the habit of immediately adding new contacts to your smartphone contacts, then emailing their name to yourself so you can get them into your CRM. Add a note in your contacts to remind yourself how you met them. For example: ‘Sherry Seller. Met at Orange Theory. Married, three kids, and a fish. Moved to Austin from Chicago.’
Most importantly, remember that in order for these tips to become predictable, duplicatable sources of business, you add more contacts and touch base with them more frequently to achieve that flow of leads.
Tim and Julie Harris host a podcast for real estate professionals. Tim and Julie of Premier Coaching have been real estate coaches for more than two decades, coaching the top agents in the country through different types of markets.
In our latest real estate tech entrepreneur interview, we’re speaking with Andrew Flint from Occupier. He is a recent addition to the GEM.
Who are you and what do you do?
My name is Andrew Flint and I am a Co-founder of Occupier along with Erik Pearson and Matt Giffune. Occupier is a Real Estate Success platform that enables businesses and tenant-rep brokers to make better real estate decisions. Our software engages internal and external stakeholders around lease administration, transaction management, and lease accounting to execute the workflows most important to aligning real estate with the operational needs of the business. We launched Occupier after working together at VTS, now the leading leasing asset and management platform for landlords. Prior to that, Matt and I spent approximately 10 years as commercial real estate brokers at JLL in NYC and Boston. It was through these previous experiences that we recognized how far behind tenants, landlords and brokers were in terms of using technology to manage their business. Proptech has exploded over the past 5-7 years, however the primary focus has been on landlords, leaving an enormous opportunity to create technology focused on the tenant and their teams.
What problem does your product/service solve?
First and foremost, we provide a modern lease administration platform focused on making key lease details like critical dates, financials, and documents readily accessible and actionable to all relevant stakeholders, both internal and external. Second, as new FASB ASC-842 accounting guidelines go into effect with private companies, businesses need to comply with how they disclose their real estate holdings on their balance sheet. Without centralized lease data and the ability to measure it, companies put themselves at risk of non-compliance, hence our Q3 launch of a seamlessly integrated lease accounting module. Finally, Occupier drives a more efficient transaction process by engaging the tenant-rep broker into a dynamic workflow that centralizes all deal communication, site selection, and negotiation in one place, increasing the pace and accuracy of lease transactions.
What are you most excited about right now?
During the coronavirus lockdown, it’s been unbelievable to see the team come together and thrive. We have been heads-down on product development and onboarding new customers, moving closer launch of Occupier Lease Accounting in Q3. There is a ton of pent up demand to leverage that module alongside lease administration and transaction management. In May, we kicked off our participation in Reach 2020, a proptech focused accelerator we are extremely excited about given its association with NAR, CCIM, and SIOR.
What’s next for you?
While we are fully focused on the business right now, we are also poised to raise a proper venture round within the next 9-12, enabling us to bring on additional product, sales and marketing, and customer success resources. With additional firepower and a solid foundation, what we will be able to provide tenants and brokers will drive significant efficiencies in how companies make real estate decisions and how brokers grow their business.
What’s a cause you’re passionate about and why?
It is no secret that our country has a serious problem with racial injustice, with the killing of George Floyd shining a light on these problems. As a team we support causes, like the Black Lives Matter movement, that will force long overdue changes in America. We believe we can make a direct impact by committing to building a diverse team as we grow. Personally, I am passionate about supporting community organizations like Grand Street Settlement in the Lower East Side of NYC, that provide programs and services to families, youths and seniors across the city. Before having kids, I volunteered for 7 years, and most recently made a donation after hearing funding for summer youth programs had been cut. These are times where we need to figure out ways to double down on programs like theirs which build up our communities.
Thanks to Andrew for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).
In our latest real estate tech entrepreneur interview, we’re speaking with Garret Flower from ParkOffice.
Who are you and what do you do?
My name is Garret Flower, I’m the co-founder and CEO of ParkOffice – the parking software for smart offices. I’ve been an entrepreneur for almost as long as I can remember. I started my first business at 15 and have progressively been getting more and more ambitious ever since.
Currently I split my time between New York City and Dublin where I’m managing the rapid growth of ParkOffice in both Europe and the US. We started out a couple of years ago with ParkOffice with a very simple concept – employee parking was broken and we wanted to fix it.
Our progress in such a short space of time has been really energising, we’ve developed an industry leading product which is trusted by 6 Fortune 500s and countless SMEs in 13 countries across the globe.
What problem does your product/service solve?
Office parking is dysfunctional on so many levels.
The end experience is often incredibly frustrating as employees arrive at offices to find parking lots unexpectedly full or worse, they pay for parking off-site and walk to the office through a half-empty car park.
The management experience isn’t much better, facilities managers often complain that managing parking is the most time intensive part of their job and that no matter how hard you try you will still be inundated with complaints from disgruntled employees.
From a community perspective, according to research from UCLA, every time someone sits into a car and doesn’t know if they have a space at work or not, they will spend an extra 800m cruising at their destination looking for somewhere to park. This causes massive traffic issues in neighbourhoods close to large offices.
ParkOffice gives a fully automated solution which allows companies to solve all these problems while also reducing costs and carbon emissions in the process.
What are you most excited about right now?
When you look at the figures there is almost as much space in the USA dedicated to office parking as there is to office buildings. However, in most cases, it is a massively under-utilized piece of real estate.
The average company who believes they don’t have enough parking space actually have up to 40% of their parking spaces empty during the working day. This is often caused by people working from home, being off-site at meetings or being on holidays. What a waste of space and money.
In a world where our cities are running out of space, I’m incredibly excited about how technology can be used to park cars more effectively, freeing up whole swathes of space for cities across the world to grow.
We’ve just adapted our product to tackle the issues surrounding COVID-19. Over recent years our key focus has been on supporting companies to reduce their employees car dependency.
With COVID-19 changing the business environment for companies all over the world, we knew we had to innovate to thrive. By altering our product slightly we can now help companies return to the office safely sooner. With public transport a no-go area for many people who are worried about the virus, employee parking is going to be under greater pressure than ever. Our automated solution can monitor parking availability in real-time and assign spaces to those in most need – think of it like hot-desking but for parking spaces. The beauty is that we can increase parking availability by up to 40% for companies.
What’s next for you?
The USA is a massive focus for us – we’ve been lucky to pick up a few big clients over there but we’re opening up a full-time office over there in the next 6 months to accelerate our growth.
What’s a cause you’re passionate about and why?
Racism really angers me. I feel strongly that all people were created equal, and this world is unfortunately structured in a way which disadvantages swathes of people because of their gender and race. As half-American, half-Irish, I’m acutely aware of the disadvantages many of my ancestors had to overcome to lay the foundations for me to thrive. I’m always looking for ways in which I can pave a path for minorities to lay the way for their communities to flourish. It is my job as a CEO and a leader of ParkOffice to encourage an environment of inclusion to learn how to implement policies that will correct this inequality.
Thanks to Garret for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).
In lieu of the ability to network face-to-face, we’ve been facilitating virtual speed networking amongst the GEM membership: a series of five minute one-on-ones using Icebreaker. In thirty minutes, participants will meet six individuals.
🤝Make valuable connections 💡Learn what others in the community are up to
The next GEMbreaker is tomorrow, August 13th, at 12 PM EST / 9 AM PST and we have 10 slots for “guests.” If you’re a founder, exec or tech forward team-leader/broker and interested in meeting a few diverse proptech innovators… please email me at drew at geekestatelabs dot com with a link to your Linkedin profile and/or website.
Northwestern Mutual kicks off #LemonTopChallenge in honor of childhood cancer patients and survivors The company has donated more than $30 million to Alex’s Lemonade Stand Foundation to accelerate the search for better treatments and cures MILWAUKEE, July 24, 2023 /PRNewswire/ — Northwestern Mutual is kicking off a unique social media challenge today to generate awareness … [Read more…]
The National Association of Mortgage Brokers (NAMB), an association representing the interests of individual mortgage loan originators and small to midsize mortgage businesses, is welcoming the introduction of a bill that would end the sale of trigger leads.
The bill, H.R. 2656, was introduced by Representative Richie Torres of New York on April 17, and would amend the Fair Credit Reporting Act to prohibit the creation and sale of trigger leads — which the association has been urging Congress to do since at least 2018.
This legislative proposal would deliver “long-needed relief” to consumers and the mortgage marketplace by ending the “dangerous practice” of trigger leads, Ernest Jones Jr., president of NAMB, said in a statement.
Trigger lead takes place when a consumer applies for a mortgage. The inquiry to credit by a mortgage company is a trigger that notifies the credit bureau that the consumer is interested in applying for financing. Then the trigger lead is then sold by the credit bureau – including Experian, TransUnion and Equifax – to data brokers, including competing mortgage companies, without the consumer’s knowledge or approval.
The leads consist of names, contact information and other data, including a significant amount of personal information, related to those who recently applied for a mortgage.
Consumers may then be contacted by competing companies who purchased the trigger leads, which often creates confusion for borrowers and may prompt them to send personal information they may not have intended to share with other lenders.
However, H.R. 2656 would ensure that no consumer reporting agency can provide a consumer report in connection with a credit transaction that is not initiated by a consumer.
At a time when interest rates and housing prices remain elevated, maximizing consumers’ choices can help people afford the right home for them, the Consumer Data Industry Association (CDIA) told HousingWire.
“Lenders making timely credit offers can maximize consumers’ choices when they need it most. When shopping for a mortgage this can mean saving thousands of dollars,” the CDIA said.
“NAMB is honored to have worked with members of Congress on this critical legislation and today we hope these efforts will help many people across the nation to end this terrible practice that places undue hardships on consumers, mortgage professionals and the entire marketplace,” Jones Jr. said.
It’s still early on in the process before it becomes a law, but this bill is a good start, the Mortgage Bankers Association (MBA) said.
“We will work with Congressman Torres and lawmakers from both sides of the aisle to stop unwanted harassment of consumers and maintain a well-functioning market, MBA’s Bill Killmer, SVP of legislative and political affairs, said.
Loan officers took to social media to support the “long overdue” legislative proposal.
“I can’t begin to tell you the number of times a client in processing calls one of my LO’s to question the bombardment of phone calls from ‘internet-call center’ sweat shops offering a much lower rate and faster closing… and within moments of their loan application,” a senior loan officer based in South Carolina, wrote on LinkedIn.
Another loan officer in California noted that clients get a lot more calls than before from competing lenders after a credit inquiry, causing confusion to consumers and making business a lot harder for LOs.
“It used to be that every once in a while a client would say they got a call soliciting them because of a recent credit inquiry but lately it’s gotten terrible and numerous times getting 15 calls in an hour. Often they represent themselves as someone the borrower is familiar with and quote outrageously low rates with a ton of points or try the old bait and switch,” the loan officer said.
HousingWire reached out to Equifax, TransUnion and Experian for comment. However, none of the three credit bureaus responded. This story will be updated and/or follow-up coverage will be added if the bureaus respond.
Angelo Robert Mozilo, the founder of Countrywide Financial, died from natural causes this weekend, his family announced. He was 84 years old.
Mozilo was a pioneer of the mortgage industry, though a deeply controversial figure.
“Independent of how people outside of the industry may perceive this man, insiders know what an incredible force he was,” his son Eric Mozilo wrote in a LinkedIn post. “Over his span of 50 years, he dedicated his life to delivering the American dream of homeownership to millions. He absolutely insisted on ensuring that minorities were represented, first and foremost. No company, not even up until today, has even come close to the size and dominance of Countrywide. Most of today’s mortgage industry leadership, whether it be an employee, an executive, or even a business affiliate, have had a connection or roots with Angelo and Countrywide. Lastly, he was the best Dad a son could ever ask for.”
Originally from New York City and the son of a Bronx butcher, the brash and charismatic Mozilo founded Countrywide in 1969 with his former mentor David Loeb after receiving a Bachelor of Science degree from Fordham University. For most of its history, Countrywide was known for originating low-risk loans. Mozilo was president of the Mortgage Bankers Association (MBA) in 1991-1992.
He gained full control of the company in 2000, after Loeb’s retirement, and put it in growth mode, becoming the largest mortgage provider in America by 2004, surpassing Wells Fargo and Washington Mutual. In 2006, Countrywide made roughly $10 billion in new loans each work week. The company said its five-year total return at the end of 2006 was 340%, close to 10 times higher than that of the S&P 500.
Mozilo avoided working with subprime loans until the late 1990s, when after noticing that his firm was losing business to competitors, Countywide embraced the type of subprime mortgage lending that eventually led to the housing crisis in 2008. And they did it at a massive scale.
Though he publicly defended the company’s lending practices and said he was championing minority homeownership, Mozilo knew about the poor underwriting standards, according to documents disclosed during government settlements.
“On Sunday I met a mortgage broker from a town near Troy, Michigan who told me that he does all of his business with Countrywide. First I was pleased with the news until he told me why. He said that the area he serves is severely economically depressed and the only way he can qualify his borrowers is the via the pay option ARM,” he wrote to a colleague at Countrywide in 2005. “I have heard this story many times over from mortgage brokers who utilize the pay option for very marginal borrowers for the sole purpose of creating volumes and commissions. We simply cannot and will not allow our company to be victimized by this pervasive behavior and since we can’t control the behavior of others it is essential that we control our own actions.”
When home prices started to fall in 2006 and investors abandoned the mortgage-backed securities (MBS) market in 2007, Countywide began running out of money. With Countrywide needing short-term funding and investigations into its mortgage lending business already swirling, Mozilo sold his company to Bank of America for $4 billion. The bank would ultimately lose about $50 billion on the investment.
Mozilo was charged with insider trading and securities fraud by the U.S. Securities and Exchange Commission (SEC) in 2009, tied to stock sales. According to the New York Times, Mozilo sold $406 million since Countrywide was listed on the New York Stock Exchange in 1984, $129 million realized in the 12 months ending August 2007.
Mozilo settled with the SEC in October 2010 for $67.5 million in fines and accepted a lifetime ban from serving as an officer or director of any public company.
Mozilo became the “face of the financial crisis,” the New Yorker reported.
Mozilo and his wife Phyllis were the founders of The Mozilo Family Foundation, providing scholarships for youth. Phyllis died in 2017. In 2019, Mozilo stepped down from the board’s chairmanship and was engaged in consulting initiatives.
Rob Chrisman first reported the news of his death on Monday.
In 2019, speaking at a hedge fund conference in Las Vegas, Mozilo said he didn’t care that he was still held responsible for the financial crisis.
“A lot of years went by, my wife passed away, I turned 80 years old, and now I don’t care,” Mozilo said, according to a New York Post report. “There’s other things more important in life. Somehow, for some unknown reason, I got blamed for it.”
Based on a recent study, the digital textile printer market is gaining momentum as advanced printing technology is increasingly adopted in home décor and furnishing applications
NEWARK, Del, July 13, 2023 (GLOBE NEWSWIRE) — As per Future Market Insights (FMI), the Global Digital Textile Printer Industry is estimated to reach US$ 2,212.9 million in 2023. Over the forecast period 2023 to 2033, global sales of digital textile printers are expected to rise at 9.8% CAGR. This is projected to take the total market valuation to US$ 5,304.3 million by 2033.
Growth in the market is driven by continuously changing fashion trends, a high need for advanced printing technologies, and increasing demand for customized & personalized home décor.
The market for custom textiles in the home décor and furnishing sector is experiencing rapid growth. Nowadays, people prefer fast fashion and exclusive products that can be customized and personalized according to their specific demands.
Customers are willing to pay premium prices and actively seek out platforms and brands that cater to their custom home décor needs. This trend is particularly evident due to the increasing purchasing power of Gen Z, who are more inclined towards online shopping.
There is a strong demand for printed materials used in furniture. Consumers are increasingly looking for personalized and one-of-a-kind home furnishings, including curtains, upholstery fabrics, bedding, and cushions. This, in turn, is encouraging the adoption of digital textile printers.
Download the Sample Report to Explore Other Factors Driving the Global Digital Textile Printer Market: https://www.futuremarketinsights.com/reports/sample/rep-gb-17495
Digital textile printers have emerged as ideal printing solutions, allowing for customization by enabling the printing of specific designs, patterns, colors, and even photographs on a wide range of home textile products. This personalization capability is significantly fueling the demand for digital printing within the home interior market.
Consumers shift to online shopping is another key factor driving the global digital textile printer industry.
Today’s consumers have elevated expectations, seeking pleasant and personalized shopping experiences and affordable and high-quality clothing aligned with seasonal trends. Online shopping platforms fulfill these demands through attractive offerings, such as seasonal sales and diverse apparel selections.
The rising demand for fast fashion amplifies the importance of digital textile printers in the fashion sector, and the ongoing shift in customer preferences and choices toward online shopping is poised to accelerate market growth further.
Key Takeaways from the Digital Textile Printer Market Research Report:
The global digital textile printer industry is expected to reach a valuation of US$ 5,304.3 million by 2033.
Based on ink, the pigment segment is forecast to expand at a CAGR of 11.1% through 2033.
By printing process, the Direct-To-Garment segment is expected to hold a market share of around 50.2% in 2023.
By end use, the clothing & apparel segment is projected to reach a valuation of US$ 3,474.0 million by 2033.
The United States digital textile market value is anticipated to reach US$ 568.0 million by 2033.
Digital textile printer demand in India is predicted to rise at 8.8% CAGR during the assessment period.
“Growing concerns over sustainability in the printing sector have increased demand for digital textile printers. Digital textile printers offer design flexibility and faster production rates. As a result, they are being widely used globally. Key companies are looking to develop advanced printing equipment to expand their customer base.” – says a lead analyst at FMI
Receive a Customized Report for Deeper Insights: https://www.futuremarketinsights.com/customization-available/rep-gb-17495
Digital textile printing offers several advantages over traditional dyeing, starting with its ability to reduce waste and address the water pollution caused by dyeing, which is known as the second leading global water polluter.
Further, the agility & flexibility of digital production and textile printing allow manufacturers to efficiently handle both small boutique orders and large retail orders using the same equipment, making it an attractive option.
With a lower cost per print and the convenience of print-on-demand, fast production is possible, enabling profitability from orders of any quantity with just a single button push.
Digital textile printing provides designers with nearly limitless graphic and color capabilities, surpassing traditional printing technologies. This freedom allows designers to unleash their creativity and produce unique designs.
The benefits extend to the supply chain as well. Meeting production and shipping deadlines become easier with digital printing, thereby preventing overstocking. Designers can constantly produce new collections to keep up with ever-changing fashion trends, while customers can satisfy their desire for customized apparel, décor, and gift items.
Key Companies and Their Winning Development Strategies:
Following are the prominent Digital Textile Printer Manufacturers profiled in the report. The Tier 1 players in the market hold a 15% to 25% share in the digital textile printer industry.
Seiko Epson Corporation
Kornit Digital Ltd.
Durst Group Ag
Aeoon Technologies GmbH
J. Zimmer Maschinenbau GmbH
SPGPrints BV
Ricoh Company, Ltd
ATP COLOR S.R.L
Electronics For Imaging, Inc.
DCC Group
MIMAKI ENGINEERING CO., LTD.
Konica Minolta, Inc.
Mutoh Holdings Co. Ltd.
Dover Corporation
HP Inc.
Brother International Corporation
, and others are few
Leading companies focus on developing new digital textile printing machines with enhanced features. Further, they are implementing various strategies, including mergers, partnerships, acquisitions, etc., to gain profits.
Recent Development:
In Dec 2022, Metro NXT, a high-quality and high-speed digital textile printer, was launched by ColorJet Group at India ITME 2022.
Engage with Our Analyst for Expert Insights: https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-17495
Global Digital Textile Printer Market by Category
By Printing Process:
Direct to Garment (DTG)
Dye-sublimation
Direct to Fabric (DTF)
By Ink:
Sublimation
Reactive
Acid
Disperse
Pigment
By Machine Type:
Single Pass Printer
Grand Format Printer
By Substrate:
Cotton
Silk
Rayon
Linen
Polyester
Polyamide
Wool
By Sales Channel:
By End Use:
By Region:
North America
Latin America
East Asia
South Asia & Pacific
Western Europe
Eastern Europe
Central Asia
Russia & Belarus
Balkan Countries
Baltic Countries
Middle East & Africa
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. From packaging materials and machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Explore Research Related Reports of Packaging:
Digital Printed Cartons Market Overview: As per the latest report by FMI, the digital printed cartons market is likely to witness growth at a CAGR of 6.5%-7% annually over the upcoming decade.
Digital Label Printing Market Growth: Global digital label printing demand is anticipated to be valued at US$ 10,538.3 Million in 2022, forecast to grow at a CAGR of 5.3% to be valued at US$ 17,662.6 Million from 2022 to 2032.
Digital Printing Packaging Market Demand: Global digital printing packaging demand is anticipated to be valued at US$ 17,760.7 Million in 2022, forecast to grow at a CAGR of 5.1% to be valued at US$ 29,206.9 Million from 2022 to 2032.
Digital Printing Paper Market Forecast: The growth in demand for digital printing paper is anticipated to remain steady for various reasons. The digital printing paper is used in various industries such as display packaging, food & beverages packaging.
Oceania Digital Textile Printer Market Segmentation: Recent market research reveals that the Oceania digital textile printer market is set to hit a valuation of US$ 98.4 million in 2023. It is expected to further expand at a CAGR of 4.3% over the forecast period 2023 to 2033.
About Us :
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware – 19713, USA T: +1-845-579-5705 LinkedIn| Twitter| Blogs | YouTube For Sales Enquiries:[email protected]
Anyplace, a marketplace startup that offers people find flexible-term furnished housing, aims to draw digital nomads and other temporary residents to the fold. A recent email outreach from their PR company (EZPR) prompted the following early assessment.
Started back in 2015 with angel capital from East Ventures, Anyplace works with extended stay hotels, serviced apartments, furnished rentals, and co-living companies to supply turn-key mid-term accommodations, has just raised another $2.5 million. The round, headed by UpHonest, FundersClub, East Ventures, and others, should extend the startups reach.
The startup, which prides itself on its B2C core logic, is being billed as a predictability value over Airbnb and other shared property innovations. With a growing roster of longer-term stays from San Francisco to Guadalajara in Mexico, the company says they’re looking to expand to Europe and Asia by 2020. This may, in fact, come to pass, but “listing” 50+ properties in 9 cities for any rental marketplace should not be seen as a market takeover. The market for such an endeavor exists, but here’s where I see Anyplace in the current scheme of things.
The website traffic numbers at Anyplace do not speak of massive volumes of business people relocating at Anyplace offerings, but this says nothing for the company’s mobile app numbers. But, 6 reviews at the iTunes app store do indicate slow uptake, however. A slim Facebook (under 500 likes) presence, along with one social post per 3 months does not a modern digital age game changer make. Ditto for Twitter (111 followers), Instagram (35 subscribers – no posts), and LinkedIn (No posts). The lack of effort here is symbolic of companies I’ve seen hit the TechCrunch “dead pool” before.
In addition, the fact the Anyplace team is searching for backend and full-stack engineers willing who are founding members does not bode well for the extended development this far into the funding. What this means to me is that the CTO and co-founder Kouichi Tanaka is probably doing most of the app and backend development with a very small team. And while this is not a bad thing, it is not $2.5 million dollar investment level staffing. Looking at LinkedIn profiles for Anyplace employees I found the front-end user interface developer, a freelancer from Germany named Martin Broder, iOS engineer Arpit Agarwal, and front-end developer, Michal Ittah of the 17 employees listed for the startup.
I hate pouring cold water on a PR outreach since I once owned one of Europe’s most successful boutique hotel tech PR companies, but there’s some homework left to do at Anyplace, PR and otherwise. Short version, Anyplace needs to step up its game now. The fact they closed this round in 2018 and are only now reaching out for media is another negative for anybody who looks close. Given the massive potential for Alt Living innovations, Anyplace has a big potential, so my cautions should be taken with a grain of industrial salt.
This report at NFX reveals the positive side for Anyplace’s founder and investors. Lifestyle shifts, non-traditional transactions, technology empowered markets, and so forth – make Anyplace a good prospect. The downside is the lack of commitment of both funding and human resource. One thing I really like about this startup is its B2C heart – which flies in the face of Airbnb and the customary access economy giants. In my former business, hoteliers were literally freaking out over lost business to Airbnb. Anyplace-like value can mitigate at least some of this lost revenue. But that’s far off in my view, at a point when this startup has $100 million in funding and 25,000 Facebook fans.
As it stands, Anyplace needs a solid product, a solid marketing team, and a tech PR firm listed at O’dwyer’s if they can afford it. A final note, an old associate of mine, Jason Calacanis of East Ventures, has invested in some of the most successful startups in Silicon Valley history including; Uber, Facebook, and many others. One of Silicon Valley’s most ethical and intelligent investors, I’m surprised Anyplace is not farther along. Jason, get these boys some help, will you?
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
In our latest real estate tech entrepreneur interview, we’re speaking with Stephen Arifin from The Closing Docs.
Who are you and what do you do?
My name is Stephen Arifin and I am one of the founders of The Closing Docs. Prior to serving as a software engineer at Microsoft, I had launched and supported several other revenue generating software tools. I am the technical founder and lead for our company. I graduated with an Electrical Engineering degree from the University of Texas at Austin.
I love bringing new technology and creative ideas into outdated industries, and that’s exactly what we’ve done with The Closing Docs. Our automation has streamlined the income verification process for companies managing more than 635,000 units.
What problem does your product/service solve?
The Closing Docs provides automated income verification to property managers and lenders. Historically, screeners and underwriters are collecting paper pay stubs and bank statements from applicants. This manual process is ripe for fraud, is really cumbersome and is burdened by many start/stop cycles in the set of related activities. By expediting deal closings and eliminating fraud, we have significantly compressed vacancy periods and underwriting cycles, getting applicants approved in minutes, not days or weeks. We provide a real solution to a very real and cascading problem. Even before COVID-19, pay stub fraud was on the march. And now, with rampant job loss, fraudulent pay stub and bank statement submittals are apt to increase in prevalence significantly. With the current rate of unemployment announcements, it is more important than ever to have a clear view of applicant income. The outdated method to verify an applicant’s income involves scanning or taking pictures of bank statements, W-2’s, and pay stubs. This form of income verification was a very manual process, which involved screeners deciphering bank statements and playing detective investigating whether the documents were falsified. Each applicant’s income documents arrived in a different format, which led to huge inefficiencies in approving a rental applicant. Many property managers also call the applicant’s employer, which can take days to get a hold of the right person in HR to confirm employment. Each day it takes to approve a tenant means your property is remaining vacant and not generating income. Using The Closing Docs, we pull the applicant’s bank statement data directly from the applicant’s bank account, with their permission. Since our data comes directly from the bank, our income verification completely eliminates fraud. Once the applicant decides to share the data, a standardized report is generated for the property manager instantly, verifying the applicant’s income in minutes rather than days. That means shorter vacancy periods, more income, and faster, more accurate data.
What are you most excited about right now?
Well, implementing new customers on first phone calls and inside of 30 minutes is pretty exciting – I’ve never experienced that before now! Property managers know how painful the income verification process is, and when they finally find a product that makes it easier by light years, their eyes spark up. It’s really fun to know you have true product market fit.
What’s next for you?
Growth, growth, growth. With the customer adoption and retention we’re experiencing, it’s time to grow the business hockey-stick style. We’re leveraging sales channels through integrations with a bunch of property management software programs, like Appfolio, Buildium, Yardi, and Propertyware, and we also support Chrome, Safari, Firefox, and Edge browsers for our integrations. We’re focused on increasing our sales and have expanded our marketing budget to expedite uptake.
What’s a cause you’re passionate about and why?
Being an entrepreneur myself, I’m extremely passionate about helping other entrepreneurs succeed. The best place I’ve found to give back in this way is through Seattle’s Community Carrot program.It takes another founder that’s been in the trenches to truly understand what starting a business is like. While building The Closing Docs, I’ve received a tremendous amount of support from my friends and family, along with other like-minded founders and mentors. Now, I am happy to step out of my way to help other aspiring entrepreneurs achieve their dreams.
Thanks to Stephen for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).