Few organisations have looked at more Real Estate Software Products than PieLAB Venture Partners, here’s why we chose to back AcitvePipe.
After reviewing approximately 150 real estate technology products over the last 12 months, the PieLAB Real Estate Industry Venture Capital Fund made just two investments with a third to be announced shortly.
One of those investments was in a software product called ActivePipe. So why did we invest in ActivePipe and just what exactly does ActivePipe software do?
Until 3 years ago, a real estate agent would ring a contact on their database, because the CRM prompted them to make the call based purely on the information that it was 3 or 6 months since the agent had called that contact.
Rattling off some familiarity notes held against the contact, the agent would pretend to ingratiate themselves with the contact while desperately hoping that the contact was contemplating selling their property.
Like bobbing for apples, this was a clumsy, inaccurate, inefficient, unprofessional and thankless task, that didn’t yield good results and that agents hated doing.
The industry had no information on which to make meaningful calls based on a contact’s data-identified intent. In other words, an agent called everyone periodically, because they had no way of telling who on their database was likely to sell and who wasn’t.
The approach was similar with email, it was a blast approach, with the only data captured being at the campaign reporting level, i.e. how many people opened the email or unsubscribed.
ActivePipe identified this as being time consuming and inefficient and delivered a solution. The solution it delivered has changed the real estate industry. (At least for those that are using it.)
At its core, ActivePipe is an automated marketing platform designed specifically for the nuances of the real estate industry. It delivers timely automated communications that are curated and personalised. Equally, it is a ‘tiered-down’ platform that allows centralised communications to be delivered (for the first time ever) on a personalised basis to the hundreds or thousands of databases that exist within a franchise group or network.
It delivers standardised branding and messaging, increases web traffic 5 to 10 times along with dramatic efficiencies across agents and the office. It delivers absolute visibility to a Principal of all agent priorities and has proven to be the number one source of cross channel leads (mortgages) and conversions within Australia’s number one network.
It profiles contacts (new and old) through direct polling and more importantly, through behavioural interactions. It harvests all contact interactions with new listings and sold properties while providing personalised communications regarding those properties that they have been engaging with.
In short it uses contact-specific data to tell an agent when a contact is ready to BUY or SELL or BOTH.
The reason we invested in this product is because after thousands of hours spent looking at hundreds of products, this one solved a very genuine problem in a clever way and delivers to agents what they’ve always wanted, a better insight into just who on their database of contacts is likely to be interested in selling, removing the need for them to use the scattergun approach.
Of course, we didn’t just take ActivePipe’s word for it either, we conducted hundreds of hours of legal, financial, and technical due diligence. We also talked to agents and principals all over the country and overseas who are customers of ActivePipe to get their feedback and put simply the feedback was overwhelmingly positive.
ActivePipe has delivered whole new layers of data that have NEVER existed in the real estate industry.
A contact exists across multiple agent (and Brand) databases – the agent that does not have the insights delivered by ActivePipe has minimal chance of securing that contact’s next transaction.
Launched in early 2015, ActivePipe is now approaching 20% market share in the Australian/New Zealand markets.
It has recently launched in the UK with approximately 12 networks in the process of using or onboarding and is managing in excess of 200 Expressions of Interest from agencies.
In the USA it has just secured deployment within Compass, alongside Cushman & Wakefield on the commercial side of real estate.
Quite literally, ActivePipe has become table-stakes. If you aren’t using it, you aren’t at the table. That’s our opinion and so we put our money where our mouth is, literally and co-invested with NAB Ventures to help the team at ActivePipe achieve their vision of making good agents exceptional.
Go to https://activepipe.com/case-studies and see for yourself.