July 21, 2024

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Douglas Elliman Parent Business Vector Group Launches PropTech Expense Venture

4 min read

NEW YORK–(Business WIRE)–Vector Group Ltd. (NYSE: VGR) currently announced the start of New Valley Ventures, an expenditure motor vehicle searching for opportunities in upcoming-era technologies in the assets technology (PropTech) house. New Valley Ventures will spend in promising PropTech startups dedicated to supporting swift transformation of the authentic estate industry for the reward of the agent experience.

In link with the start, Vector Team also declared New Valley Ventures has acquired an ownership stake in Rechat, a direct-to-near completely-cellular technological know-how dashboard for actual estate brokers. New Valley Ventures’ affiliate, Douglas Elliman, is the most significant household actual estate brokerage firm in the New York Metropolitan space and the sixth-biggest in the United States.

“We are exceptionally enthusiastic to introduce New Valley Ventures to the PropTech industry,” mentioned Richard J. Lampen, Government Vice President and Chief Functioning Officer of Vector Team. “We look ahead to putting our cash and deep marketplace know-how to operate to bring interesting and revolutionary tech-pushed solutions to our colleagues at Douglas Elliman as properly as the higher authentic estate group.”

New Valley Ventures will look at organizations of all measurements, supporting their enhancement with in-depth authentic estate expertise and helping them enter primary domestic genuine estate marketplaces. New Valley Ventures has also invested in Camber Creek, a undertaking capital company whose portfolio incorporates startups this kind of as Notarize, Curbio, Flex and Darwin Properties, and MetaProp, a enterprise funds organization with investments in startups these as Milo Credit score and Skipp.

“I am thrilled about this initiative and self-assured it will even more greatly enhance agent productiveness,” explained Scott Durkin, President and COO of Douglas Elliman. “In partnership with New Valley Ventures, our brokers will now be at the forefront of emerging systems that will make them far better, faster, far more effective and ultimately, much more productive.”

New Valley Ventures is staying spearheaded by Dan Sachar, who serves as its Taking care of Director as effectively as Vice President of Business Innovation for Vector Group. Sachar functions in partnership with each Vector Group’s Main Technological know-how Officer David Ballard and with Douglas Elliman’s Main Details Officer Connie Mui-Reilly.

“We are witnessing a generational shift in how real estate pros function, and with that will come a new established of expectations for innovation and ordeals that offer simplicity, mobility and nimbleness. Our aim is to totally free brokers to do what they do finest, which is to sell real estate,” stated Sachar. Ballard additional, “It is not just about us remaining innovators, it is about becoming able to detect emerging technologies early and profit from them. In change, we supply start-ups with a must have intelligence from Douglas Elliman’s 7,000 agents throughout the United States.”

“When we detect a provider from an early phase organization that we believe that agents can advantage from, we are eager to spend in them, aligning our interests with these of our agents, although encouraging these businesses to innovate at get started-up velocity,” said Ballard.

“We are grateful for our new partnership with New Valley Ventures and Douglas Elliman and their self esteem in our transformational item,” claimed Shayan Hamidi, Founder and CEO of Rechat. “I seem ahead to welcoming them to the Rechat family members.”

Rechat will revolutionize the way actual estate agents and professionals work and involves a sturdy customer marriage management (CRM) technique that aids actual estate gurus arrange their shopper rosters, handle communications and prioritize responses, syncing with Google Mail and Outlook. It also allows for promoting automation for social media, electronic mail blasts and digital and printed collateral elements.

Other critical functions contain a modern day open up house expertise, aiding agents help save time and effort on scheduling, planning advertising templates, handling listings and capturing sales opportunities. Its on-line and offline registration web pages allow attendees to only movement into a databases, maximizing outreach and supplying automated responses.

Also critical is the authentic-time MLS search and alerts aspect making it possible for users of Rechat to provide fast, correct and constant details to share with purchasers a lot more proficiently. Also, Rechat’s thoroughly-mobile system enables for less difficult listing and transaction administration operations, streamlining the method of finishing forms, handling files, updating pricing and chasing down signatures.

Rechat will be strategically rolled out to all Douglas Elliman agents for the duration of the 1st 50 % of 2021.

About Vector Group

Vector Group is a keeping company for Liggett Group LLC, Vector Tobacco Inc., New Valley LLC and Douglas Elliman Realty, LLC. Supplemental details relating to the corporation is obtainable on the Company’s web page, www.vectorgroupltd.com.

About Douglas Elliman Real Estate

Recognized in 1911, Douglas Elliman Real Estate is the biggest brokerage in the New York Metropolitan spot and the sixth-largest in the U.S. With much more than 7,000 agents, the Enterprise operates roughly 105 workplaces in New York City, Lengthy Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. In addition, Douglas Elliman has a strategic world alliance with London-based mostly Knight Frank Household for company in the all over the world luxury marketplaces spanning 60 nations and six continents. The enterprise also controls a portfolio of authentic estate providers, including Douglas Elliman Advancement Promoting, Douglas Elliman Property Administration and Douglas Elliman Professional. For far more data on Douglas Elliman, as perfectly as specialist commentary on emerging tendencies in the actual estate market, you should visit www.elliman.com.

About Rechat

Rechat is a initial-of-its-sort PropTech company that offers an all-in-one, built-in platform to simplify and streamline a genuine estate professional’s workflow, from get started to end. Started in 2015, the entirely-cellular data-driven on the net platform supplies all the vital instruments for individual brokers and brokerages to identify prospects, make qualified prospects and drive product sales as a result of innovation, integration and automation. With customizable options and simplicity of accessibility, Rechat is built for authentic estate experts by true estate professionals. Understand more at www.rechat.com.

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