The National Association of Realtors’ strategic investment arm, Second Century Ventures, has said it’s accepting applications for its 2017 REach accelerator class from now until January 31, 2017.
REach offers education, mentorship and exposure for technology companies to enter into the real estate market, advance their businesses and expand into adjacent markets such as insurance, mortgage and financial services. The program accepts organizations in later growth stages, not just early-stage companies.
The nine-month program provides a unique opportunity for technology companies to get intense exposure into real estate, a market that represents more than $1 trillion in revenue, consists of more than 100,000 small- and medium-sized businesses and generates more than $12.5 billion in annual advertising spend in the U.S.
The program has attracted technology startups of all types, ranging from big data and marketing automation to business productivity and lead generation companies. Previous REach classes included a company that raised $50 million before entering the program and another with a revenue run rate greater than $10 million, along with graduates from other accelerator programs – including Y Combinator – and those backed by prominent investors in the venture community, such as Andreessen Horowitz, Bessemer, Madrona and Maveron.
Benefits of participating in the REach program are abundant. Some include:
Mentorship from 300-plus real estate and technology thought leaders and executives from major real estate brands and brokerages, real estate technology companies and venture capitalists. Participating organizations meet on average with 50-plus of these advisors for 30-minute one-on-one sessions throughout the program.
Access to NAR’s Insight Panel, a group of more than 5,000 real estate practitioners who provide feedback on user experience, product viability and pricing. This guidance has proven vital to many companies’ success.
Education on how to navigate the trillion-dollar real estate industry with the backing of the largest trade association and NAR’s $5 billion brand.
“By leveraging NAR’s network and brand, SCV aims to help REach accelerator companies better define their business and find their value in the real estate industry,” said NAR President William E. Brown, a Realtor® from Alamo, California and founder of Investment Properties, a division of his family real estate business. “REach also brings great benefits to NAR and its members because of the equity in and access to the latest and greatest technology and innovations that are helping change the face of our industry.”
Companies that have participated in past REach classes show impressive results:
In aggregate, the companies have raised almost more than $60 million of follow-on financing
Revenue, customer and/or user growth rates from 50 percent to over 5,000 percent
Key partnerships with major companies, including Coldwell Banker, Keller Williams, RE/MAX, Century 21, Realty Executives, realtor.com and Facebook
“Our participation in REach helped us grow from a nascent startup into a nationally recognized brand,” said Andrew Flachner, CEO and co-founder of RealScout, and a 2016 REach graduate. “The mentorship, connections and platform contributed towards 1,000 percent growth in customer accounts, as well as additional funding.”
The early application deadline is December 20, 2016. Companies selected early into the program are given the opportunity to kick-start their entry into the marketplace. The final deadline for applications is January 31, 2017. Companies will be selected by the end of February 2017, with the nine-month program kicking off at the end of March and running through November 2017.