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RESAAS Services Inc. (TSX-V:RSS, OTCMKTS:RSASF) To Use Technology To Revolutionize Real Estate Sector

RESAAS Services Inc. (TSX-V:RSS, OTCMKTS:RSASF) is a multinational firm which is revolutionizing the real estate markets in North America by employing technology which eliminates the inefficiencies that are inherent in the sector. Typically the real estate markets are comprised of four primary components and these are multiple listing services, franchises, brokers and agents.

Though social media platforms have provided agents and brokers an opportunity of advertising properties there are major problems that still exist in the sector. So far the solutions that have been advanced to solve these problems are ad-hoc and reactive. For instance these solutions prevent brokers and agents from easily sharing pre-market data. Additionally they are only used to share information after a certain property has been taken off the market besides requiring third-party platforms. And recently privacy scandals with regards to social media have highlighted the perils of these platforms.

Dedicated social media

In order to solve these problems RESAAS Services has created a dedicated social media solution specifically tailored for real estate sector. With the RESAAS platform agents are able to share their expertise with a global audience thereby increasing referrals while brokers are able to link their agents via a pre-market network which raises the deal flow and improves the bottom line. Franchises are also able to boost leads as well as communication between networks while multiple listing services get more control of the pre-market activity. Typically more than 30 days can pass before a listing reaches multiple listing services but with the RESAAS platform all it takes is a couple of minutes.

One of RESAAS’ products is BrokerOS which is a platform that serves as a communication hub for agents within a broker. Some of the features of BrokerOS include push notifications and virtual bulletin boards.

Blockchain technology

The goal of RESAAS is to augment existing solutions with blockchain technology and in order to achieve this, the firm acquired a blockchain startup known as Real-Block Inc towards the end of last year. This was announced by the chief executive officer of RESAAS, Tom Rossiter. RESAAS intends to integrate the technology of Real-Block Inc into its platform to enhance and expand referral services.

In the quarter which ended on March 31 RESAAS Services reported that revenues for the company had increased by 20% compared to a similar period a year ago to reach a figure of C$139,421. According to the real estate tech firm the rise in revenues was due to the addition of new clients. With increased commercialization of the platform RESAAS Services expects the revenue to keep on rising.

During the same quarter the net loss rose year-over-year from C$1.272 million to C$2.75 million and this was attributed to share-based compensation increases that were paid out in the intervening period.

At the beginning of May Rossiter indicated that the focus of the firm in this fiscal year would be raising sales. According to Rossiter special attention will be paid to midsize real-estate brokerages. For the last half a decade RESAAS Services has been on average enjoying a top-line growth of 68.03%.

 

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