The Pavonis group recently made some significant acquisitions, which included REI Wise, Property Line, and Real Estate Assistance. The purpose of these multiple acquisitions was to merge them in order to create an economical platform that is designed to support the commercial real estate industry. This new brand is called RealNex, and the project is being led by real estate technology pioneer, Jeffry Finn.
The focus of Pavonis is to create a comprehensive, innovative and integrated technology solution that has the capacity to service the global real estate industry — especially as it pertains to the CRE. The goal is to provide the capacity for commercial real estate companies to become more efficient in their business process and transaction management.
The company plans to effectively leverage its massive knowledge and experience to deliver a product that will serve to improve the liquidity and improve the global real estate industry. Additionally, the company will also be leveraging its relations within the industry to ensure that is can provide a quality product that is highly comprehensive and fully integrated.
While the advancement of technology has advanced rapidly, producing an almost endless supply of technological solutions for all industries, including the real estate industry, the technological explosion and massive availability of data has actually produced a highly fragmented real estate industry, where businesses are being forced to use hundreds of tools through multiple providers in efforts for the purpose of optimizing the performance of the company. While the tools and the host of service providers may provide some level of improved performance, the convoluted process is becoming increasing complex.
RealNex offers a centralized industry solution that is designed to simplify and optimize business and transaction processes — all through one platform.
The Excitement Surrounding the Expectations
What has the industry so exciting is the track record that the Pavonis Group has compiled through their innovative approach to developing process technology. In order for a technology and software-based company to be effective in any industry, it has to invest a great deal of time and money to gain a lucid perspicacity of business processes. It’s simple; if the tech company does not understand the business process of an industry of companies, it cannot develop solutions to help improve those processes.
Developing an understanding of these different processes allows RealNex to have a holistic view that is able to actualize the potential of external data sources, consolidated internal data and user discovery. One thing that the last five years have proven is that using individual apps that don’t have the capacity to integrate with each other is not a viable solution in which process are becoming increasing complex, and customer expectation are becoming increasingly demanding. What the industry needs is a technological solution that will allow commercial real estate professional to effectively manage their work processes with efficiency and productivity.
The truth is that the idea of creating a solution that consists of one highly comprehensive application is nothing new; however, the development of such an app has always encountered significant complications that accompanied an immensely steep learning curve. Additionally, there was always the need for customization in order for the program to meet the specific need. What Pavonis is doing with RealNex is combining multiple application that have already proven to be highly effective in their specific sphere of influence — avoiding much of the frustration associated with some of the developmental concerns.
A Prepared and Committed Market
What made this somewhat of an easy decision for Pavonis was the fact that the vast majority of CRE brokerages have already to invested in CRM technology company wide. So, the likelihood that the majors would be a viable market for this technology is not that high. So, that would leave small real estate firms and individual real estate agents as the target market that RealNex would be directing its marketing and products at. The key to success in this area is to make sure that the price points are well researched. It does not matter how effective the technology proves to be, if it is financially out of reach of the target market, the company struggle mightily.
Additionally, another concern will be the importation of existing data into the system. The more complicated the import process is, the more difficult it will be to get small brokerages and individual agents to bite. It is will also of immense importance that the platform possesses the capacity to export listing information to other marketing platforms, such as LoopNet — not to mention the integration of listing that are published on websites and blogs.
While the cloud is an effective solution as far as creating mobile access across devices, there still remains the challenge of how to access data when there is no internet connection. Another issue that must be effectively engaged is determining how data will be protected if a provider goes under. Will the data be loss, or will there be a safety net that will allow for data recovery? What will happen if an agent or brokerage wants to pull out? What data will be considered their proprietary property, and what will be retained by the service provider. All of these concerns must be answered with great specificity in order to provide the confidence necessary to build the interest and desire to push this project forward into heavy profitability.
Fortunately, Pavonis has a proven track record of taking on these types of challenges and developing incredible and innovative solutions that are not only highly effective, but cost efficient. The bottom line is that the CRE industry is in need of a process overall to keep up with the demands of rapidly evolving global industry, in which customers are demanding more in the area of experience and performance.
As stated earlier, the need for a more centralized and functional solution to the fractured technology is long standing. Many service providers have attempted to effectively address the dilemma, but none have possessed the range, expertise and experience to fully integrate all process; however, RealNex may be the one to get the job done.