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Exclusive: Real estate data startup RealReports raises $2 million

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Feb 5, 2024
Illustration of a house-shaped word balloon with a question mark in it.

Illustration: Brendan Lynch/Axios

RealReports, a home intelligence data provider to real estate professionals, raised a $2 million seed round, the company tells Axios exclusively.

Why it matters: Comprehensive real estate data can be difficult for real estate agents to access.

Details: The funding round included backing from from TTV Capital, Moderne Ventures, Erez Capital and CMS Holdings.

Context: While running their previous startup — a tech-enabled homebuying platform called Torii — RealReports founders James Rogers and Zach Gorman struggled collecting the right data to show consumers.

  • "Real estate data is incredibly fragmented ... both by industry but also geography. It's incredibly expensive to access, and it can be quite tedious," Gorman says.

Zoom out: RealReports seeks to differentiate itself from platforms like Zillow and Redfin, where real estate agents pay for ad space.

  • "Those portals have an incentive to not provide a level of detail or information that would dissuade somebody from going to look at a house or schedule a showing or interact with an agent," Gorman says.

How it works: By contrast, RealReports provides a Carfax-like report that goes beyond just providing a home's previous sales data and potential value.

  • It aggregates information from more than 30 different data providers to provide a comprehensive report on any property, including zoning, crime, schools and climate risk, as well as remodeling and rental potential.
  • "When you want to know everything about [a] property — the good, the bad, and the ugly — we will provide you with the source of truth for that home."
  • It has also developed an AI-powered co-pilot called Aiden that enables its customers to ask questions and get actionable insights on a home.

State of play: The company got its start as a consumer-facing data provider called BHR but pivoted to serving real estate professionals instead.

  • Now, it sells into large brokerages, making its data available to other proptech products in the industry, as well as integrating with real estate-focused CRMs and sales management platforms.
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