From the Podcast: FriedonTech Meets FriedOnBusiness
Podcast Moderators, Andreas Senie CEO, CRE Collaborative & Jim Fried, talk to special guest Bob Gillespie, Executive Director of REACH Commercial, the real estate technology accelerator of the National Association of REALTORS ®.
Bob explained REACH Commercial.
The National Association of REALTORS® (NAR) is America’s largest trade association, representing 1.4 million members, including NAR’s institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries.
Their membership is composed of residential and commercial brokers, salespeople, property managers, appraisers, counselors, and others engaged in the real estate industry. Members belong to one or more of approximately 1,200 local associations/boards and 54 state and territory associations of REALTORS®.
REACH Commercial is a Second Century Ventures (SCV) company, the strategic venture arm of the National Association of REALTORS®. SCV is a venture capital fund that can identify and invest in impactful Real Estate technologies. The National Association of REALTORS® has fully capitalized SCV.
An early SCV investment was with DocuSign, a broadly adopted technology. There was a realization that SCV was missing out on early-stage investment opportunities. Companies with really compelling value propositions. In 2013 SCV launched the REACH Commercial accelerator. Eighty companies, too early stage for SCV funding, have been through the incubator. These companies plug into a leading technology incubator backed by NAR. What a place to start!
REACH Commercial looks at a couple of hundred companies per year and has observed themes. Real Estate companies are no longer interested in building their solutions in house. They have become solution finders open to new ideas to keep up with trends in the industry — a much more efficient way to do things.
The companies REACH Commercial works within PropTech and CRETech take a leadership position to provide the new and paving the way for new ways of doing business. They leverage trends and disruption. REACH Commercial rolls out these technologies to NAR members to help them be at the forefront of that technology wave rather than battling against it. Leaning into the sift.
To sum, the formal mission of REACH Commercial is to help companies connect with one of the largest industries in the world: real estate. REACH Commercial helps hundreds of thousands of small businesses, millions of REALTORS® and consumers and the economy as a whole.
REACH Commercial has recently expanded with REACH Australia and REACH Comercial. REACH Canada and REACH Global are in the offing. It is all
REACH Commercial has become the #1 accelerator in real estate (www.nar-reach.com)
CRE Collaborative Inc
203-307-2242 | howard@CRECo.ai