A new company launched yesterday called Frugyl. It is the child of Jimmy Mackin and Chris Smith, creators of the “What should I spend My Money On?” Facebook Group. This will be of interest to those with analyst careers. The goal of Frugyl is to crowd source information and satisfaction on real estate tools and services used by real estate agents. Additionally, Frugyl will endeavor to provide group discounts on products purchased as a group.
The Frugyl site had a great start yesterday when they announced the launch on Facebook. They exhibited excellence in social media marketing that many technology companies would be well served to observe. They reported that hundreds of agents signed up and are paying $9 per month to subscribe.
The thesis of the site points to the conviction by many in our industry that there is a hunger among agents for information about the best tools to use in real estate – not just the best vendor pitch. Here is the positioning from the site:
I am Frugyl the Pig, and I want to personally say “THANK YOU” for visiting Frugyl.com.
We have created a place where smart real estate pros like you learn about the best and most useful tools and offerings in the industry… and then get sweet discounts on those same “pig approved” products and services! Can I get an “oink oink” on that?
The way The Frugyl Club works is actually quite simple: Real Estate technology and services are first vetted by your peers openly on Facebook – we then figure out the “best in class” in a given category – and then we offer the best of the best at group discount prices exclusive to The Frugyl Club Members! Can you see me raising the roof?
Have you ever purchased something where the vendor over promised and under delivered? The goal of Frugyl.com is to bring greater transparency regarding the actual return on investment that sadly often times just is not there.
We firmly agree with this thesis. It is the guiding principle of RE Technology, a company we founded that is offered to agents and brokers through their MLS for free. RE Technology reaches 700,000 agents through 60 MLS partnerships today, and more than 65,000 agents access the site daily. Many MLSs also have parallel initiatives to deliver this type of information service to members – ARMLS, MRED, MLS Listings, MRIS, MFRMLS, Metrolist Colorado, among others have very active online technology publications.
A shift is happening in real estate communications, and agents will be the benefactor. This is a good thing.
I was a little critical of Frugyl’s use of the Facebook group for violating the group rules. I probably should have kept my opinion to my self – but that is another story, and probably less interesting.