Exclusive: Real estate data startup RealReports raises $2 million
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.