Real Estate Investors love tech stories. Well, here’s mine
RE/MAX announced Friday that it is turfing Booj, the tech platform it acquired just over 4 years ago.
For a few quarters, the Booj deal gave RE/MAX a tech “story” to tell investors.
Because investors — the really smart money people — loooove a tech story.
Here’s my tech story
The truth about real estate tech stories: They are, more often than not, like those fevered and grisly Grimm’s fairy tales we only half-understood in kindergarten, the ones where hexes are cast, kids get eaten, and deep-seated weaknesses are exploited. Happy endings are rare.
Let me explain
Realogy bought ZipRealty in 2014. It didn’t work out. Now, they partner for tech and tell a very good story about their brands, mature services platform, and balance sheet.
Another Real Estate company tech story
Gary Keller declared that Keller Williams was a tech company shortly before RE/MAX went in for Booj, adding that he was going to expunge Zillow, Redfin, and all the other demons in the Boston condo for sale midst. Then, a couple of years later, Zillow is stronger than ever, what happened?
The Compass real estate tech story
And if you’d like to see how Compass’ tech story is ending, read this article. It’s not pretty.
Boston condos for sale and the bottom line
So RE/MAX is moving on with their new high-tech toy, okay, but Zillow won’t be impacted, and importantly neither will Ford Realty Inc.