RESAAS: An under-the-radar technology firm with global ops and partnerships
2020 had turned out to be spectacular for the tech sector as various industries were forced to accelerate their digitization efforts in order to weather the pandemic. Investors saw stocks of companies like Zoom (NASDAQ: ZM), Salesforce (NYSE: CRM), Shopify (NYSE: SHOP), and ServiceNow (NYSE: NOW) that supported the digitization spurt had massive valuations by the end of the year.
A lesser-known company operating in the OTC markets saw similar exponential growth but stayed largely under the radar. RESAAS Services (OTC: RSASF) claims to be the world’s largest technology platform for the real estate industry. The company’s name is an abbreviation for SAAS for real estate and shows what exactly matters.
RESAAS was founded in 2009 and began as a network platform for real estate agents. Over the years, the company has integrated more tools and collected valuable data that make it easier for users to convert. The platform currently has over half a million real estate agents in 160 countries.
Multiple sources of income
In an interview with AlphaStreet, RESAAS CEO Tom Rossiter said 2020 was a breakout year for the company as more real estate agents recognized the need to implement a centralized industry platform to stay connected during the pandemic. This was also reflected in the company’s financial data. The fourth quarter of 2020 was the company’s first profitable quarter, although the year ended in a loss.
“We have multiple sources of income. There is a recurring income component made up of subscriptions to real estate agents themselves. Over time, we expect up to 20% of our agents to move to a paid subscription, which is $ 100 per month. Regardless, some of the largest real estate agents and franchisees are using RESAAS to facilitate the exchange of deals, opportunities and leads within their businesses. And large companies pay a license fee for this, ”said Rossiter. He added that the company also receives some transaction fees for transferring funds and fees between agents or brokers.
In particular, as part of its global foray, the Vancouver-based company has partnered with global real estate companies such as Remax, Intracorp and Keller Williams. The CEO said his company is helping these partners improve their internal communications, resulting in increased business flow and insightful business intelligence about how the network of agents, offices and regions around the world is working. To streamline these processes, the RESAAS platform offers support in 22 languages and 45 currencies.
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So what’s on the agenda for 2021? The CEO explains: “We have proven the value of the RESAAS platform in the residential real estate sector. We are now taking this proven track record and stepping into an entirely new industry focused on the commercial real estate sector. “
With this new expansion of business, the CEO is confident to see faster sales growth as well as company valuations.
The RESAAS share has more than doubled since the beginning of this year after a rally in 2020. The stock is currently trading at $ 1.15 on the OTC market. In the meantime, RESAAS management is aiming for an addition to the NYSE or NASDAQ later this year to give the stock more visibility.
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