Two companies partially owned by the National Association of Realtors will soon integrate their products to help real estate professionals simplify the moving process for their clients, the trade group announced today.
As a result of the integration, agents who use both NAR’s official forms software provider zipLogix and address-change Web app Updater will be able to send their clients email invitations to use Updater directly through zipForm without having to log in to both platforms.
Updater allows clients to easily update their new address on over 10,000 accounts and subscriptions, file their official U.S. Postal Service mail forwarding form, and transfer and connect utilities, among other moving-related tasks.
“Integrating Updater with zipForm makes it effortless for real estate professionals to eliminate a major pain point for clients during the moving process,” said David Greenberg, founder and CEO of Updater, in a statement. “We’re excited to help real estate professionals deliver an enhanced client experience.”
An Updater subscription costs $149 a year and allows an agent to send an unlimited number of clients emails inviting them to use a version of Updater that’s branded with the agent’s headshot and contact information, and includes prefilled client forms and a personalized work flow.
The integration is slated to launch in September, Updater told Inman News. Agents will be able to either automate invitations so that they are sent to all of their zipForm clients or manually choose which clients receive invites.
ZipLogix is a joint venture between NAR and California Association of Realtors subsidiary Real Estate Business Services Inc. (REBS). As of the end of 2013, NAR owned an approximate 30 percent interest in zipLogix. The value of that stake stood at $4 million at the end of 2013, down 45 percent from the year before. NAR said the value is calculated based upon zipLogix’s financial statements and it could not comment on the value change.
NAR declined to disclose how much of a cash investment it has made in zipLogix, but in the three years between 2011 and 2013 it received $1.15 million as a return on capital, according to NAR financial reports. Realtors receive discounts on some zipLogix products.
Earlier this year, Updater closed an $8 million funding round that included a commitment from Second Century Ventures, NAR’s venture capital fund. NAR did not disclose the investment amount at the time, but a financial report from the trade group shows that the amount was $1.97 million, representing an 8.7 percent stake in the startup. Updater was one of seven companies in the inaugural 2013 class of REach, NAR’s tech incubator.
“We invest in technologies and companies based on their potential to add value to the real estate industry,” said Constance Freedman, SCV’s managing director, in a statement.
“When companies that we work with come together to enhance each other’s value, it’s a win-win for real estate agents, consumers and our portfolio.”
Editor’s note: A previous version of this story incorrectly stated that NAR had invested $17.75 million in zipLogix between 2011 and 2013. NAR declined to disclose the actual investment amount. The story has also been updated to note that the value of NAR’s 30 percent stake in zipLogix fell 45 percent year over year in 2013.
