In an ever-evolving world of technology, innovation takes center stage as pioneers seek to transform industries for the better. Realquantum, a trailblazing force in the commercial real estate (CRE) sector, emerges with a visionary goal to reshape the way the industry operates. Founded with a rich history in the field, Realquantum signifies the journey from typewriters to a fully integrated cloud-based system as a commitment to solving complex problems plaguing the sector.
In this employee profile, we delve into the inspiration behind Realquantum’s inception and its pursuit of streamlined solutions. We also gain invaluable insights from the company’s Chief Operating Officer (COO), Dan Craig, who sheds light on the challenges faced and the strategies employed to build and scale the company, all while staying ahead of the curve in a rapidly changing landscape.
1. Can you tell us about the inspiration behind the founding of Realquantum and the problem you aimed to solve in the commercial real estate industry?
Realquantum was founded with a 40-year background in the industry, transitioning from IBM typewriters to cloud-based solutions. Recognizing the need for innovation in commercial real estate, we embarked on creating a fully integrated cloud-based system. We witnessed the rise of mobile apps in various domains, which highlighted the potential for mobile apps in the CRE industry and the ability to automate metadata and include photos in reports. Despite existing cloud systems, early solutions on the market lacked integration and SaaS capability.
Realquantum became the pioneer by introducing a mobile app integrated with a fully cloud-based SaaS system. This proved advantageous in industries where desktop installations were restricted, such as government and banking sectors. Our commitment to “high availability” disaster recovery, facilitated by AWS, ensured data security, especially after transitioning from internal servers.
Recognizing the industry’s requirement for a contemporary database, we adopted standards like PUCS, OSCRE and CMISMO. Our goal is to drive the industry towards embracing these standards. As new professionals expect SaaS solutions, Realquantum aimed to simplify the user experience, enhancing efficiency and accuracy in appraisals. Addressing the shortcomings of systems reliant on Word and Excel, which often result in broken links and outdated data, we strive to eliminate errors inherent in spreadsheet calculations commonly found in corporate worksheets.
2. Realquantum has been making waves in the prop-tech sector with its innovative solutions. As the COO, could you give us insights into the unique challenges and opportunities you’ve encountered while building and scaling the company?
As the COO of Realquantum, I’ve navigated many unique challenges and opportunities in prop-tech. Overcoming the resistance to change among average appraisers has been a hurdle. However, our approach has led to successful transitions. Appraisers who were initially hesitant very quickly realized the value of our solutions and expressed appreciation.
We understand the importance of supporting our users during their transition. We offer various avenues for training, from personal Zoom sessions to group training. Our “teach the teacher” approach is especially effective in large companies. As COO, I, along with the four MAI appraiser founders, ensure we provide not only technical support but also guidance on appraisal processes.
While similar software exists for residential properties, Realquantum stands out for its ability to handle complex properties. Our database covers over 50 land classifications and more than 290 improvement classifications. Our system accommodates various property types, methods of comparison, and income models. We’ve pioneered the integration between appraisers and lenders at a digital level, a challenging feat that sets us apart.
Our system’s flexibility addresses the diverse range of assignments. Users can create simple or complex reports, operate at different levels, and perform quantitative and qualitative analyses. We enable comprehensive descriptions of multiple properties and improvements, fostering a holistic approach to analysis without resorting to scenarios.
3. The real estate industry is constantly evolving, and technology plays a vital role in its transformation. How do you envision Realquantum adapting and staying ahead of the curve in the coming years to remain a leader in the market?
Realquantum is poised to lead the CRE industry’s evolution by embracing key technological shifts. The rise of AI is a prime example, enabling us to provide insights previously untapped. Through integration with Snowflake, today users can leverage their data for novel insights. This approach aligns with the market’s trajectory, where AI’s potential is maximized through curated, precise data. Realquantum excels as a “data vacuum,” ensuring users access the most accurate information. This trend aligns with the anticipated use of AI by major banks, underpinning our leadership.
Integrations are pivotal, and we’re responding to the surging demand. Partnerships with Rockport Val, drone-based aerial photography provider Zeitview, and demographic data sources exemplify our commitment. Addressing customer demands, we’re enabling JSON file outputs with comprehensive data, reducing appraisal times significantly. This appeals to larger banks seeking future-proof solutions, with smaller banks likely to follow suit.
Realquantum demonstrates remarkable adaptability by seamlessly integrating public data, and sourcing property information from county appraisers’ offices, while also streamlining efficiency through third-party inspectors who take location-tagged photos. This approach not only enhances appraiser productivity but also aligns with the prevailing remote work trend. Anticipating rapid growth, Realquantum leverages data iteratively and embraces the work-from-home movement, positioning itself as a proactive frontrunner in real estate technology transformation within the dynamic landscape.
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