In today’s “personalization first” era, when a company wishes to establish its market leadership, it starts by defining its customer base and catering to its needs, even if its operations are based on a B2B model.
Effective personalization tools are an obvious requirement for high-demand, high-risk clients like those of the real estate market. It seems like the global real estate market has been pretty much unaffected by the unstable economy, the post-Covid geographic transitions, or the organizational office shifts.
Investing in real estate may still be one of the most popular means to accumulate wealth.
The estimated size of the U.S. real estate market was USD 3.69 trillion in 2021; it is expected to reach USD 3.81 trillion by the end of 2022. While real estate companies worldwide are thriving, their operational methods are under scrutiny. Digitization and automation have led investors to demand 21st-century efficiency, and most midsize real estate firms are still unable to deliver these standards.
In every industry these days, innovative technology is considered a standard and critical operational must, as well as a value-generating business asset. However, it seems that one of the most undeniably most successful industries today has very few technological solutions for enhancing its operational liabilities and services and providing their investors with the personalization to which they are accustomed.
There are over 100,000 real estate firms operating in the United States. They are dissimilar in size, area of expertise, and goals; however, their customers have similar needs. Until now, midsize real estate companies were not able to provide investors the same meticulously tailored services as large real estate companies. Automate reporting, sharing and customizing reports, tracking, managing, visualizing complex fund structures, and sending sensitive documents in a secure manner are all services that require time, experts, and sometimes a significant budget.
The available technological solutions today are quite limited and far from able to provide industry-focused solutions for midsized real estate firms or services that meet the high bar set by the large enterprises.
Agora is a fintech/SaaS company that has developed an advanced real estate investment management platform and commercial real estate software designed to enhance investor experiences and simplify investment operations. The software enables global, real-time cross-border payments. It includes a tool that automates and prepares specific required filings and tailored, private and secure reports on profits, losses, deductions, and credits to the IRS.
“Investors demand transparency, quick access to data and reports, and a digital experience.” Agora … [+] Founders, Lior Dolinski, Bar More and Noam Kahan
Yarin Ternos
“Real estate firms have very specific needs, but very limited options, mostly ‘one-size fits all software programs that were designed for real estate, VCs, private equity, hedge funds, family offices, and so on,” says co-founder and CEO Bar Mor. “The reality is that each of these has very specific needs and requirements, some more complex than others, and there is a huge advantage in being a vertical-specific company.”
Coming from a long line of successful real estate investors, Mor detected an untapped need. “Real estate firms and investors are dealing with inefficient workflows, manual processes, and a lack of transparency in managing their back office, investors’ relations, and financial operations,” he explains. “Since real-estate investments require tailored solutions, our technology is focused on real estate, with fintech and prop-tech combined. We not only provide a tool to manage information and share data but also combine different types of services.”
Investors Demand Transparency
“Our clients today manage over $40 billion in assets, over 14,000 investors, and 28,000 investments,” says Mor. “Investors demand transparency, quick access to data and reports, and a digital experience. Our investor portal is simple and convenient to use.” He describes the portal as a demand-based platform designed to provide the efficient solutions real estate companies seek. “The burden these companies carry is heavy.”
“Investors demand transparency, quick access to data and reports, and a digital experience.”
Agora
The platform helps firms to automate essential processes, like reporting, managing payments, sharing documents securely, and tax operations. Mor insists that the platform is so efficient, it even facilitates capital raising processes: “Our platform reduces the fundraising process from weeks to days and produces a faster, more professional experience while reducing friction. We see that fundraising is up to 80% more efficient when using the platform,” he adds. “Firms report that they spend 50% less time on operational tasks for investor relations, that there is a significant reduction in human error due to the minimized use of excel spreadsheets, among other things, and that reports are completed and distributed rapidly.”
Founded in 2019, the NYC/TLV-based company already assists over 150 real estate companies worldwide. In the last few weeks, it has raised $20MM, which it will use to further expand the industry-specific financial products and capture a larger market share.
When the industry standard requires you to develop a competitive edge, your survival may depend on identifying the right technologies.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
