“There’s hundreds, if not thousands of places around the internet where real estate professionals can get their new fix,” Creator Bruce Peterson says. “We started RED to curate content from multiple sources and provide our audience with what’s most relevant.”
Their sourcing methodology includes identifying an ‘engagement factor’, by using some technology combined with a couple of part time curators hired by Peterson. The site has been live for about nine months now and boasts 70k unique visits per month, according to Peterson, which has prompted a few early advertisers to jump on board as paying customers.
This is really just our minimum viable product we created in order to gauge the appetite of our users and partners. We’ve have done this by pulling together various open source software and third-party extensions integrated with WordPress,” Peterson explains.
“We have a lot of ideas about how to do this more efficiently and turn our combined technologies into a single platform to grow beyond the real estate vertical.”
To that extent, Real Estate Daily has introduced a $150k equity crowdfunding campaign via Silicon Prairie Online to sell up to 10% of the company at a $1.5m valuation; that effort reflects an 8% commitment with $2,500 of the $30k minimum requirement to date.
Real Estate Daily isn’t Peterson’s first entrepreneurial endeavor in the real estate technology world. His two most notable successes include a Realtor CRM called “On-Line Software” in the mid-nineties that sold for $7.5m in about two years after raising $800k, returning ~10x to investors. Another, University.com, was an e-learning platform for real estate agents that Peterson and his partners raised $2m for and sold about three years later for ~$20m.
While past performance is never indicative of future success, Peterson’s previous wins seem aligned well with the same space Real Estate Daily is pursuing.
“We’re going to continue operating lean and are determined to make Real Estate Daily work financially as a business.”