PinnacleHQ
Issue 106 - October 21st, 2022
We launched a new product for our agents this week called PinnacleHQ. As we continue to innovate and push forward to build the world’s first BaaS (brokerage as a service) platform, we know how important it is to have a central space for our agents to operate and find tools and services they need to run their business and help their clients.
We are taking a different approach from every other brokerage firm in the market as most firms try to push specific tools or products on their agents or build entire CRM systems from scratch.
We are building a product that is part “virtual office” for our agents to access business critical items such as contract forms, yard sign orders, business cards and other resources agents need on a daily basis, and part “services and vendor marketplace” which is a “discovery tool” for agents to find ANYTHING they need to help run their business from home-affiliated vendors for their clients to web design freelancers to help with a marketing items or an agent website.
For example: How many times as an agent have you had a client ask you 3 months post closing, “Who is the best window washer in this area? Where do I find the best sprinkler repair company (the other people stopped answering their phone)?
Our team focuses on finding incredible vendors and service partners to highlight in the marketplace, so our agents have the ultimate choice to find what best suits their needs. We see ourselves as a connector in a sense to provide impeccable service to our agents and help them find the best solution for their unique situation. Every single agent runs their business differently and you cannot fit agents into a box - they need custom resources and assistance ranging all over the place depending on their specific business needs.
We see this product as part “Upwork” and part “Shopify App Store” in a way as we see PinnacleHQ as the platform connecting agents <> vendors and we stay out of the way and counsel our agents on the best services for THEM. Everything we do puts the agents first and this product is a huge step forward in delivering on our PURPOSE which is to “MAKE REAL ESTATE BETTER FOR EVERYONE”!
Newsworthy Links To Share
Roofstock onChain Sells First Real Estate NFT Purchased with USDC through On-Chain Home Financing (GlobalNewswire)
Read our blog post on PinnacleHQ HERE!
“Late-stage proptech startups that already have burned through the Series A capital they raised will need to make it last for another 12-18 months because the tide of venture capital that has funded startups for the past five years now is being shut off. Proptech valuations are plunging as VC capital is heading to the sidelines in a volatile market, several proptech players told us at CREtech 2022 in NYC last week. … As a recession sets in, underwriting for proptech startups has become far stingier than it was for the past five years, especially compared to 2021 and the first few months of this year. … The valuations have changed for small, late-stage companies that are on Series A funding, he said. With venture capital pulling back, these companies will have to prove that their business model is working to continue to draw investors, Odegard said.” (Globe St.)
A Texas Home with a ‘Magic Door’ Lists for $13 Million: The 1930s Art Deco-style home in Austin was inspired by the 1937 Frank Capra film ‘Lost Horizon’
The Billionaire Behind New York’s Most Luxe Hotel (Curbed)
Buyers: Results from the Zillow Consumer Housing Trends Report 2022 (Zillow)
Crunchbase News released an analysis on newly public real estate startups, finding that U.S. companies which went public in the past two years are down an average of 85% from their offering price. This equates to a combined $49.9 billion in total valuations at the time of each companies respective public listing, with many companies going public via special purpose acquisition company (SPAC) merger, to only $7.3 billion today. These companies include iBuying platforms Opendoor and Offerpad, which are down over 91% and 92% respectively, and homeowners insurance startup Doma, which is down a whopping 94% since going public via SPAC in early August. Additional real estate startups that went public include: loanDepot (down 90%), Compass (85%), WeWork (78%) and Vacasa (63%). While most companies are still valued at more than a billion dollars, loanDepot, Doma and Offerpad all fell below $500 million valuations in that time.
PROPERTY HIGHLIGHT: Do you have $100 million laying around for this mansion in Beverly Hills?? A spectacular generational estate envisioned by a master who elevates luxury to the next level. This extremely private and very rare nearly 3 acre property is located down a private lane in the most prime section of Beverly Hills.