Revive takes dwelling the $15,000 money prize from a contest hosted by NAR’s for-profit funding subsidiary Second Century Ventures. It was considered one of 12 startups to compete within the contest.
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Revive, based in 2019, helps owners restore and renovate their properties earlier than promoting with the purpose of boosting their internet proceeds from the sale.
One other winner, Stake, which offers methods for renters to earn money again and increase their financial savings, gained the “Crowd Favourite” award, garnering probably the most votes from attendees each in-person and digital.
“This 12 months’s Pitch Battle noticed among the most promising PropTech startups showcase their improvements to a crowd of stakeholders starting from international buyers to futurists to actual property professionals,” mentioned NAR CEO and SCV President Bob Goldberg in a press release.
NAR’s for-profit funding subsidiary Second Century Ventures hosted the competition on the 1.5-million-member commerce group’s fourth annual Innovation, Opportunity & Investment (iOi) Summit, which passed off Sept. 28 and 29 in Los Angeles. The competition was additionally live-streamed.
All Pitch Battle winners to this point provide companies for homesellers: Final 12 months’s winner was furnishings rental startup Feather. Revive competitor Curbio gained in 2019 and on-demand photo-editing service BoxBrownie gained in 2018. All winners to this point together with Revive, have been members in NAR’s REACH tech accelerator.
Revive was considered one of 12 startups to compete within the contest, which was judged by Thomas Ma, founder and CEO of Actual Messenger; Liz Sturrock, chief of MLS and innovation at Miami Realtors; Chris Gough, managing director at Houlihan Lokey; and Max Diez, accomplice and founder at 25v.
“Revive embodies the essence of iOi and our Pitch Battle – the services on show … could have an amazing influence on customers and actual property brokers,” Goldberg mentioned. “I’m thrilled we’ve this chance to advertise the progress unfolding available in the market, and I congratulate Revive on the well-deserved victory.”
Revive founder and CEO Michael Alladawi, who can be a homebuilder and flipper, made the pitch for the corporate, emphasizing its purpose to maximise return on funding for owners. Revive offers steerage to owners and Realtors relating to which renovations provide probably the most ROI, covers the upfront price of the renovations and vets contractors to do the work.
“At this time’s patrons, greater than ever, need up to date, turnkey properties,” Alladawi instructed contest judges. “The issue is greater than 76 p.c of sellers don’t do something to their dwelling or little or no when it comes to bringing them updated and so they’re leaving some huge cash on the desk.”
Revive doesn’t cost owners or actual property brokers. After the properties promote, owners pay again the rehab prices with none extra charges or curiosity; Revive makes cash by charging the contractors in its community.
“Realtors who’re leveraging this are successful,” Alladawi mentioned.
“They’re successful extra listings, they’re making extra in commissions, they’re standing out from their friends, and most significantly, they can make a life-changing influence on their purchasers’ lives.
“Since our inception in 2020 we’ve helped over 350 households add $60 million of fairness that didn’t even exist earlier than. We’ve helped Realtors add $5 million of extra commissions.”
Revive at present operates in 11 states and 27 markets. The corporate just lately hired real estate venture capitalist Kia Nejatian as its new head of company growth.
Revive released an app to help homesellers and agents manage pre-sale renovations in March. In February, Revive introduced a partnership with Zavvie, a software program firm serving to owners manage and think about a number of promoting choices with its Provide Optimizer, amongst different options. Inman reviewed Revive’s software program earlier this 12 months.