The real estate industry has been known for its complexity and lack of centralized solutions, making the experience of buying or selling a property challenging. However, a group of innovative minds came together to change the game. TechNews180 had the opportunity to sit down with the founders of Realoq, Anvesh Chakravartula, Scott Philips, and Jayanth Sanganabatla, to discuss their journey in revolutionizing the real estate market. Let's dive into their vision, experiences, and insights shaping Realoq.
Anvesh: Since my teens, I have been passionate and enthusiastic about real estate and have always had a drive to create something new, solve problems, and make a positive impact. As I grew, I experienced that every step of the real estate transaction is fragmented and disjointed, and there is no uniformity and a centralized approach to performing everything in one place. So, I wanted to build a unified technology platform for real estate that brings the entirety together and that formulated a thought in me to create Realoq.
Scott: My experience has given me firsthand insights into the pain points for both consumers and real estate professionals. I have seen the challenges of not having the right tools, information, or processes to produce the best customer experience. That experience has been a driving force behind our customer-centric approach. The key benefits of Realoq can be summarized as: knowledge, people, and process. We seek to provide customers with the most robust data and information to empower them to confidently make informed decisions.
Anvesh: My previous experience at Salesforce and Visa reinforced the idea that a deep understanding of the customer journey is fundamental to driving business success. It taught me that a customer-centric mindset, combined with data-driven insights, structured processes, and a commitment to continuous improvement, is key to building long-lasting and meaningful relationships with customers. One key takeaway from my experience was the importance of a customer-centric approach. Understanding the unique needs, preferences, and pain points of customers is crucial for providing products or services that truly add value. My experience in security has made me acutely aware of compliance requirements and industry standards. This knowledge is critical for ensuring that Realoq adheres to legal and regulatory obligations. It's not just about protecting our assets, it's about ensuring that we're operating ethically and responsibly.
Jayanth: My expertise in delivering low-latency and exceptional user experiences has been invaluable in addressing the needs of end users, especially in the context of real estate, where such experiences are crucial for informed decisions. One of my proudest achievements at Realoq is our solution for managing real estate listings. We successfully standardized real estate data from various sources and presented it to users seamlessly, as if it were all coming from a single source. This achievement not only streamlines the process of searching for real estate but also significantly enhances the overall user experience.
Scott: Realoq helps save time throughout the real estate journey. The consumer has immediate access to data and information, service providers, and efficient processes. The time savings is one element of the equation, but ultimately the value proposition extends beyond time to allow the consumer to accomplish their goals with confidence and with a high level of support.
Scott: Our goal at Realoq is to provide the highest level of transparency possible to the marketplace. To that end, we provide data to help all parties to a transaction have the information to make informed decisions.
Scott: It is a big task that we take very seriously. We are fortunate to have industry professionals on our team to give perspective in our compliance. We also work with real estate attorneys, real estate data experts, and go directly to the agencies when needed to ensure compliance.
Scott: Our goal is to provide 'the best customer experience'. To get there, we are committed to improving. We need to learn and view our solutions through the eyes of the customer. We gather that perspective through customer surveys, customer interviews, and customer interactions.
Scott: As we all know, 2023 has been a dramatically different year, impacted by high interest rates and low inventory levels, resulting in a significant reduction in sales volume. As the interest rates have continued to tick upward, there has been an increase in canceled transactions. Both buyers and sellers have had to reset their expectations regarding price and affordability. In any market, there will always be buyers and sellers. One good outcome of the current market conditions is that although there may be fewer people in the market, they tend to be highly motivated.
Realoq's founders are on a mission to simplify the real estate industry, one of the most complex sectors, through innovation, customer-centricity, and adherence to legal standards. Stay tuned as TechNews180 continues to track their progress and explore how Realoq is changing the landscape of real estate.