The two-day National Association of Realtors fourth annual iOi Summit in Los Angeles hit its crescendo just minutes before it adjourned with the biggest announcement of the conference. Revive Real Estate, the fast-growing startup that’s blazing the presale renovation trail, was named the 2022 winner of the highly coveted “Pitch Battle.”
It was a moment that embodied the conference acronym: innovation, opportunity and investment as Revive snagged the winner-take-all $15,000 prize and benefits that will help pole-vault it massive industry awareness.
Revive’s four-minute pitch was handled deftly by its CEO and Co-Founder Michael Allawadi. Then Michael faced four more minutes of rapid-fire (and often tough) questions and assessments from a skilled panel of four judges: Thomas Ma of Real Messenger, Chris Gough of Houlihan Lokey, Max Diez of 25v and Liz Sturrock of the Miami REALTORS®.
Revive is on fire – helping expand the Concierge category with a model that differs significantly from its competitors. The firm business model does not charge consumers, real estate agents, or brokerages any fees or interest – Revive fully funds every renovation upfront, from the smaller prep jobs to the massive remodels. Revive does not share in the profits of its turnkey presale renovation services. It also is not the contractor.
Instead, Revive delivers the back-office support and technology for its network of tightly-vetted, high-quality contractors, earning a profit from the difference between the wholesale pricing it pays as a massive buyer and the market-competitive retail pricing provided for the materials used for the renovations.
The Irvine, CA-based Revive, founded by veteran house flipper Michael and tech-innovator and entrepreneur Dalip Jaggi, is already responsible for renovating and selling more than 350 homes, mostly during a time when “as-is” homes were flying off the shelves.
Clearly, the bet is on both Revive and the explosive growth of this category. Market-ready homes are what buyers want in today’s market, especially the biggest home buyer group, Millennials.
Revive notes too many homeowners are leaving 15-20% on the table when they rush to list. But when a home becomes market-ready, it sells faster. Taking time to renovate – often 90 days or less – can put hundreds of thousands of extra dollars into the seller’s pocket. Doing it stress-free and without the risks is the secret sauce Revive offers homeowners ready to sell.
Agents earn more commissions on the higher-priced sale and look like a hero to their sellers for recommending Revive. The brokerage benefits from increased revenue, too.
Revive describes its mission as maximizing the sale for every homeowner to help build significant wealth. With an average ROI of over 250%, it is on track to do just that.
Here is the NAR news release announcing the Pitch Battle and the win by Revive:
NAR Names Revive the Winner of 2022 Pitch Battle Competition at iOi Summit
LOS ANGELES (September 29, 2022) – The National Association of Realtors® announced Revive as the winner of the fourth annual “Pitch Battle” competition at the 2022 Innovation, Opportunity & Investment (iOi) Summit.
NAR’s strategic investment arm, Second Century Ventures, hosted this year’s Pitch Battle in Los Angeles, California. The competition provided an opportunity for 12 finalists to showcase innovative new tools and resources for commercial and residential real estate marketplaces.
The top prize was awarded to Revive, a fast-growing startup with a mission to guide home sellers through renovations to sell their property for more. The company, founded in 2019, uses a next-generation approach to home preparations that enables sellers to make the most practical and impactful updates without the upfront cost and uncertainty generally associated with home improvements.
“This year’s Pitch Battle saw some of the most promising PropTech startups showcase their innovations to a crowd of stakeholders ranging from global investors to futurists to real estate professionals,” said NAR CEO and SCV President Bob Goldberg. “Revive embodies the essence of iOi and our Pitch Battle – the products and services on display today will have a tremendous impact on consumers and real estate agents. I’m thrilled we have this opportunity to promote the progress unfolding in the market, and I congratulate Revive on the well-deserved victory.”
In its pitch, Revive highlighted the hands-on approach it takes to help home sellers maximize the return on investment. Founder and CEO Michael Alladawi explained how his company has developed processes, technology and expertise to guide homeowners and Realtors® when creating their plans for renovations. Revive provides capital at no upfront cost to the homeowner and a vetted contractor to execute those plans.
In addition to the considerable exposure, Revive will be awarded $15,000, a booth at NAR’s annual conference in November (NAR NXT) and will present the next Pitch Battle winner at the 2023 iOi Summit.
The Pitch Battle’s Crowd Favorite, as voted on by the in-person and virtual audience, was awarded to Stake, an innovative loyalty program delivering cash back for renters. Currently available in 30,000 homes nationwide, Stake empowers renters to save, build wealth, and unlock free and equitable banking services.
During the company’s pitch, Co-Founder and CEO Rowland Hobbs explained how rental communities that offer Stake outperform with dramatically improved demand, loyalty and retention.
To see the full list of 2022 Pitch Battle finalists, visit ioisummit.realtor/pitch-battle
The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
Second Century Ventures (SCV) is the most active global real estate technology fund. Backed by NAR, SCV leverages the association’s more than 1.5 million members and an unparalleled network of executives around the globe. SCV helps portfolio companies grow across the world’s largest industries including real estate, financial services, banking, home services and insurance. SCV also operates the award-winning REACH scale-up program in the U.S., Canada, Australia and the UK.