Revive takes home the $15,000 cash prize from a contest hosted by NAR’s for-profit investment subsidiary Second Century Ventures. It was one of 12 startups to compete in the contest.
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Revive, founded in 2019, helps homeowners repair and renovate their homes before selling with the aim of boosting their net proceeds from the sale.
Another winner, Stake, which provides ways for renters to earn cash back and boost their savings, won the “Crowd Favorite” award, garnering the most votes from attendees both in-person and virtual.
“This year’s Pitch Battle saw some of the most promising PropTech startups showcase their innovations to a crowd of stakeholders ranging from global investors to futurists to real estate professionals,” said NAR CEO and SCV President Bob Goldberg in a statement.
NAR’s for-profit investment subsidiary Second Century Ventures hosted the contest at the 1.5-million-member trade group’s fourth annual Innovation, Opportunity & Investment (iOi) Summit, which took place Sept. 28 and 29 in Los Angeles. The contest was also live-streamed.
All Pitch Battle winners so far offer services for homesellers: Last year’s winner was furniture rental startup Feather. Revive competitor Curbio won in 2019 and on-demand photo-editing service BoxBrownie won in 2018. All winners so far including Revive, have been participants in NAR’s REACH tech accelerator.
Revive was one of 12 startups to compete in the contest, which was judged by Thomas Ma, founder and CEO of Real Messenger; Liz Sturrock, chief of MLS and innovation at Miami Realtors; Chris Gough, managing director at Houlihan Lokey; and Max Diez, partner and founder at 25v.
“Revive embodies the essence of iOi and our Pitch Battle – the products and services on display … will have a tremendous impact on consumers and real estate agents,” Goldberg said. “I’m thrilled we have this opportunity to promote the progress unfolding in the market, and I congratulate Revive on the well-deserved victory.”
Revive founder and CEO Michael Alladawi, who is also a homebuilder and flipper, made the pitch for the company, emphasizing its aim to maximize return on investment for homeowners. Revive provides guidance to homeowners and Realtors regarding which renovations offer the most ROI, covers the upfront cost of the renovations and vets contractors to do the work.
“Today’s buyers, more than ever, want updated, turnkey homes,” Alladawi told contest judges. “The problem is more than 76 percent of sellers don’t do anything to their home or very little in terms of bringing them up to date and they’re leaving a lot of money on the table.”
Revive does not charge homeowners or real estate agents. After the homes sell, homeowners pay back the rehab costs without any additional fees or interest; Revive makes money by charging the contractors in its network.
“Realtors who are leveraging this are winning,” Alladawi said.
“They’re winning more listings, they’re making more in commissions, they’re standing out from their peers, and most importantly, they are able to make a life-changing impact on their clients’ lives.
“Since our inception in 2020 we’ve helped over 350 families add $60 million of equity that didn’t even exist before. We’ve helped Realtors add $5 million of additional commissions.”
Revive currently operates in 11 states and 27 markets. The company recently hired real estate venture capitalist Kia Nejatian as its new head of corporate development.
Revive released an app to help homesellers and agents manage pre-sale renovations in March. In February, Revive announced a partnership with Zavvie, a software company helping homeowners organize and consider multiple selling options with its Offer Optimizer, among other features. Inman reviewed Revive’s software earlier this year.