For a company starting up just last year, RESAAS Services (CSE:RSS) has seen an impressive amount of growth in the short time since, recently hitting a milestone of 300,000 professional real estate users on its specialized social network while also being praised as a success story by Facebook's global marketing team.
"The real estate social network experienced huge spikes in the number of people using its platform in North America and around the world after using targeted Facebook Ads to reach global agents and brokers," the Facebook article read.
Indeed, RESAAS experienced a 16 times increase in monthly user sign-ups in North America and an 11 times increase outside of North America in the five months since it started using Facebook Ads to target international audiences. The company said 55 percent of all new user sign-ups are now directed from Facebook advertising.
RESAAS provides a social media platform for real estate agents to market their listings, answer questions from potential homebuyers, communicate ideas on their market to followers online, as well as refer and network with each other.
It is designed to sync with other social networks such as Facebook (NASDAQ:FB), Twitter (NYSE:TWTR) and LinkedIn (NYSE:LNKD), allowing listings and photos to be shared, and industry news to be posted, all of which helps generate leads for the agent.
The business has gone international quickly, with the company having built its own proprietary translation website in order to allow the platform to reach a truly global audience. The platform is currently offered in 13 languages, with a total of 26 languages targeted for availability in the first quarter of next year.
Earlier this week, RESAAS said it reached the 300,000 professional real estate user mark just 18 months after its commercial launch, securing the company as the largest and fastest growing professional real estate network.
All of the 300,000 users are verified real estate professionals, meaning they are either a licensed real estate agent, a REALTOR broker owner, or a professional working for a real estate franchise or association.
"This milestone shows the appetite for a vertical-specific platform, exclusive to real estate professionals," said president Tom Rossiter in a previously released statement.
"Agent-to-agent collaboration is long overdue for a digital revolution of the industry, and RESAAS is helping its members take the lead in this transformation."
RESAAS' international expansion has no doubt been fueled in part by its partnership with some of the largest organizations in the real estate industry, the biggest being RE/MAX with 95,000 agents in over 100 countries, which has accelerated interest from overseas.
Since launching a year and a half ago, the platform has been adopted by hundreds of independent brokerages, large multinational franchises, real estate assocations and industry news outlets.
Its main goal is to generate more business for real estate agents through its referral network. In the past 12 months, the company's stock has risen 30 percent, currently trading around C$2.21 on the Canadian Securities Exchange.