Short answer: Jackson Reiter says Realm launched for multifamily investors but demand came from mixed use and industrial too. Small and medium firms benefit most, competing with bigger firms' 100 analysts and implementing in a couple of weeks.
Watch this answer from Episode 47 (starts at 12:06) · Episode 47 notes and transcript
From Episode 47: AI Agents Doing Commercial Real Estate Due Diligence in Minutes. We Demo It Live., starting at 12:06.
Jordan Metzner [12:06]: That's awesome. And so give us, obviously, the investor space for commercial real estate is also in, immensely large from, obviously, we've got like trillion dollar global players and all the way down to kinda, mom and pops who just, own like a, two plex or four plex or something like that. So, where have you found, good product market feed product market fit kind of, who is who's found value in your tool and, what type of maybe it's like a vertical of real estate, maybe it's great for multifamily or for industrial or maybe you can tell me that it worked for both or whatnot. But, yeah, I'd love to hear a little bit more of kind of, where customers have had success.
Jackson Reiter [12:47]: We initially my background outside of the time spent in real estate was in marketing. So when we actually launched and brought this to market, my assumption was, alright. We need a narrow scope. We need a very specific ICP, initial consumer profile on this. That that's the standard practice. You want a small pool. You wanna take over that and then use that to scale up. Right? And so I picked out okay. We're gonna start with multifamily. It's a simple asset relatively. It's a building with a bunch of apartments in it. Pretty simple to model. We can do the financials easily. These people are doing higher volume usually than a office building. And so we launched the platform was capable of doing everything, all asset types, right from the get go. But we launched positioning ourselves for the multifamily investor. And what we found is that that worked very well except for the influx of people that we knew in our network that worked in mixed use or industrial that were chomping at the bit to use it. So my marketing brain does, feel pain every day at how, diversified our user base is. But in terms of the simple utility of being a cofounder of the company, it really does span the gamut of different asset types and everything.
Jackson Reiter [13:57]: Forgive me. I'm forgetting the first part of your question. I know there was another piece there that I missed.
Jordan Metzner [14:00]: Oh, just like we were talking about, like, well, who's the best, like, customer? So, like, size of
Jackson Reiter [14:05]: Size wise.
Jordan Metzner [14:06]: Investor and then, like, vertical of investor. I think, like, you explained kind of, like, multi vertical. But yeah.
Jackson Reiter [14:11]: Yeah. The two things that surprised us because, again, when we started, we had a specific consumer in mind or client in mind, and we were positioning ourselves for whatever that was. But with the clients we've worked with that have come inorganically by word-of-mouth through our network and in the events that we've hosted, we really are servicing right now some bigger firms. It's mostly small and medium investors. We're not working with trillion dollar asset managers yet, but the people that have found, I think, the most value are those small to medium investors, offices where the entire company consists of, two principals that started the firm together, three analysts, and one capital advisory guy. And their whole goal is to be able to get deal flow and compete with some of the deals compete on deals with some of the bigger guys. And we're a tool that gives them a huge competitive advantage, like, truly almost unfair competitive advantage against bigger firms that have a 100 analysts going through deals. Well, they have three analysts, and they're getting to the deal table quicker with an offer because they're able to model things quicker, with better data. We've heard, gosh. I could spend the next two hours here with you guys just listing off anecdotes from clients of actual deals that has happened with.
Jackson Reiter [15:31]: We'll have to save that for the next one. So it is small and medium guys. It's giving them that advantage to actually compete in the market with the big firms that monopolized the space for so long. And on the other hand, the big firms are slower to adopt things just by the nature of large corporations and layers of complexity. The small guys are that they find us, they implement in a couple weeks, and they're ready to go.
Jordan Metzner [15:51]: That's awesome. Yeah. I mean, I think that's, like, probably exactly a perfect use case of AI and like right up the alleyway of what our podcast is all about. But essentially like, small business owners being able to leverage AI to scale up and flex and do things that they previously weren't able to do and like that's probably happening to your point that, these multi trillion dollar firms. So that's really awesome. I think that was a really great introduction and product demo and whatnot. I don't know. Should we jump into the news, Sam?
