This startup and established players are duking it out for control of the listings space

TRD New York /
Mar.March 13, 2018 09:55 AM

From the March issue: Since its debut last year, Perchwell — which bills itself as a one-stop shop that combines listings, analytics and marketing — has racked up a slew of big-name clients.

In addition to Sotheby’s and Stribling, those clients include CORE, Warburg Realty, Berkshire Hathaway HomeServices, Fox Residential and Sloane Square.

The listings software market has long the domain of two companies in New York — RealPlus and On-Line Residential — but new tech startups with venture money to burn are upending the space.

Click here to read the full story: Piping in listings, pumping out cash

Founder Brendan Fairbanks, a 31-year-old former investment banker, came up with the idea for Perchwell after an ill-fated apartment search. To date, he’s raised $4 million in seed funding.

According to Fairbanks, StreetEasy and Compass have changed the way NYC residential firms view data and technology, giving Perchwell an opening.

The startup — which only sells subscriptions to firms (not individual agents) — allows clients to created branded market reports on smartphones and then instantly send them to clients. In addition to historical sales, data also included development permits and geospatial data. Fairbanks said he doesn’t consider OLR and RealPlus competitors.

“We’re offering a different product,” he said, arguing that Perchwell’s focus is on enhancing data and helping agents interact with clients.

Doug Heddings, CORE’s executive vice president of sales, said he tested the beta version of Perchwell and worked closely with Fairbanks to fine-tune the platform before switching from RealPlus in August.

According to Heddings, agents must often tap multiple platforms — StreetEasy, OLR, RealPlus and even PropertyShark — to search for listings, scrutinize contract activity, crunch the numbers on closed sales and interact with clients. Over the years, he added, some vendors became “complacent” in their offerings. “I don’t want to pretend the market is efficient yet,” Heddings said. “If you compare the New York City real estate market to the rest of the country, we’re archaic.”

But, he said, startups are “definitely moving us in the right direction.”


Related Articles

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
With many tech companies open to long-term remote work for their employees, questions are being asked about how that will impact the office and residential markets in hubs of tech talent. (iStock)

TRD Insights: What #WFH could mean for office and resi costs in tech hubs

TRD Insights: What #WFH could mean for office and resi costs in tech hubs
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...