Two summers ago, real estate tech startup First was raking in the big bucks. Now, after four years of operation, the company is being acquired.
RE/MAX Holdings, the parent company of RE/MAX, recently announced that it has acquired First. The technology company is known for creating the First app, which uses AI to identify potential sellers for real estate agents. From there, the app helps agents build a database of contacts that can be sorted based on their likelihood to sell.
“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 Adam Contos, RE/MAX Chief Executive Officer. “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.”
First will remain headquartered in Durham, North Carolina. Current First app users will experience no interruptions in service through their current contract, First said.
“First has always considered each client’s data to be owned solely by the client, and that will continue to be the case,” First said on its website in a Q&A about the acquisition. “No other users or parties will have access to your contacts, scores or other personal data. First will never share your data without your consent.”
For RE/MAX agents, the acquisition means they will gain exclusive access to First’s platform at a significant discount beginning in early 2020, according to the announcement.
“We’re committed to providing our global network of highly productive real estate agents with world-class tools, training and technology, and adding First to our powerful technology suite is the next step in that ongoing journey,” said Nick Bailey, RE/MAX chief customer officer. “It’s the perfect complement to the booj Platform – our most recent technology offering that helps agents manage their business – and is another advantage for RE/MAX agents looking to grow their businesses efficiently and effectively.”