RE/MAX Holdings has announced its acquisition of First, a technology startup that uses data science and machine learning to give real estate professionals access to First’s intelligent coaching platform.
The North Carolina-based startup is known for its intelligent coaching platform, which simplifies the process of identifying sellers for real estate agents. The First app also helps agents identify future listings by prioritizing who they should reach out to. Additionally, the platform organizes and consolidates agents’ databases and provides reporting on how much business is both won and lost from within their network.
The acquisition enables RE/MAX agents in the United States to access First’s platform, exclusively and at a significant discount, starting early next year. RE/MAX said that it would allow current First clients not affiliated with RE/MAX to remain on through their current contract’s expiration or until the end of 2020.
"We have set our sights on becoming the global leader in real estate technology, and the acquisition of First is evidence of that steadfast commitment," said RE/MAX CEO Adam Contos. "With First, we found next-level talent combined with a game-changing service, delivering exclusive access to one of the best products for agents out there today."
The CEO and founder of First, Mike Schneider, will continue to lead the First team and work closely with technology executives at RE/MAX on upcoming integrations and contributions to the company in the future.
"We've seen the impact the First platform has had in growing individual agents' businesses, and the fact that we'll now bring it to scale with the RE/MAX Network's extensive group of agents is motivating," Schneider said. "The race is on in the industry to establish technology as a true competitive advantage. For us, RE/MAX was the obvious choice given its brand, strategic roadmap, and global leadership position within the industry."
The companies did not disclose the financial terms of the deal.