Canadian Tech Company Invests over $5M to Bring Modern MLS Technology to Europe After Landing Major Partners Real Estate Webmasters building a Pan-European MLS system with partner support from Google and the Government of Canada.
NANAIMO, BC (August 19, 2019) — The support of the Canadian government's elite Business Scale-Up & Productivity (BSP) program has brought Real Estate Webmasters one step closer to revolutionizing the European real estate industry.
In the Honorable Minister Navdeep Bains' announcement this month, Real Estate Webmasters (REW) has received a huge show of confidence from the Canadian Government towards the launch of an international, multilingual multiple listing service.
The government's Western Economic Diversification Canada division will partner with REW through its BSP program. This exclusive program only selects companies that demonstrate the highest merit and that fit with the stringent program objectives.
REW has already committed $2.58 million in advance towards the project. The BSP program offers match-funding as an interest-free loan paid back over time, bringing the investment up to $5.2 million.
The Government of Canada is the most recent major partner to join in on this initiative. REW has already received funding and engineering support from Google and partnered with software engineering company Slalom for international data architecture. REW is also finalizing terms with RE/MAX Europe to have them become the flagship customer to launch this new program.
"We are very excited at this announcement, and are looking forward to the next steps of working with Real Estate Webmasters, " shares RE/MAX Europe CEO, Michael Polzler. "Together, we are going to change the way real estate is done in Europe."
This strong bond between REW and RE/MAX Europe first started 5 years ago, when RE/MAX Europe approached REW.
"At the time, they were in the market to replace their existing website vendor," shares REW CEO, Morgan Carey. "An organization this dynamic is very complex — we have spent the last few years going to Europe and meeting with regional directors so that we truly understand their platform needs as we replace their current vendor."
As the two companies work together on moving their current website over to the modern REW platform, REW and RE/MAX Europe will continue to be champions for change in the European markets.
"We share RE/MAX Europe's vision of bringing a more organised structure to the real estate industry in Europe. One of those avenues is to work with the Government of Canada, who is also very passionate about technology growth, job creation, and generating external sources of revenue," Vy Luu, REW Director of Product affirms.
Luu has been at the frontlines of industry innovation, leading REW research and development efforts for the international MLS system. Their team plans to incorporate the successful practices of the current North American MLS system, including integrating the newly developed RESO data standards and processes for all real estate transactions.
When you open up data, it facilitates competition and calls for higher transparency between both buyers and sellers, benefiting both sides," Luu continues.
With approximately 3 years on average to sell a property in Europe, the current bespoke real estate system leaves both buyers and sellers frustrated, keeping one of the largest parts of the collective European GDP growth at bay.
Once the international MLS system is in place in Europe, sales cycles could reduce to as low as 90 days on average. This time reduction is expected to have a significant economic impact for not only Europe, but in the world markets as their economy strengthens, with Canada leading the innovations.
As news of the announcement spread over social media, the real estate industry's reaction was instantaneous. North American real estate industry professionals shared in congratulating the team at REW. The overall sentiment was best conveyed to Carey by Stefan Swanepoel, celebrated speaker and real estate icon:
"Any goal set, once achieved, is worth celebrating as it shows focus, dedication, and tenacity. Should that goal itself be meaningful and purposeful, then the achievement becomes one of those life milestones which we should celebrate, cherish, and be grateful for, as they come but a few times in a lifetime."