This week, we had the privilege of presenting Lumentus Social at the inaugural Realogy FWD Innovation Summit, an invitation-only event designed to uncover the best new technology products and services for Realogy’s franchise networks and company-owned residential real estate brokerages. We were honored to have the opportunity to showcase Lumentus Social directly to the leaders of the Realogy family of companies, and the response we got was amazing.

The 15 companies invited to present varied in focus from real estate investing to real estate matchmaking to others trying to simplify existing processes.  I was personally impressed by the quality of all of the presentations.   The grand prize was awarded to Floored for their vision of 3D models of real estate properties.  If I had a vote for one of the other companies, my ballot would go to our NAR REach™ colleagues, Updater, who gave the most entertaining presentation with a clear value proposition for the industry.

That said, my biggest take away from the day was Realogy’s commitment to innovation and technology.  Both Richard Smith, President and CEO of Realogy, and Alex Periello, President and CEO of Realogy Franchise Group participated in the full event, as along with most of the other franchise executives.  The commitment was not just to learn about these companies, but to identify ways to incorporate them into their businesses to differentiate Realogy and improve the overall industry.  That would be the true prize for Lumentus Social.

Real estate is sometimes known as an industry behind the technology curve.  Yesterday’s event is evidence that this  is not true.  The real estate industry accounts for 15 percent of the U.S. economy and 2.5 million jobs. Every year, over 1 million real estate agents and 100,000 brokerage offices interact with 12 million customers. If Lumentus Social and the other technology companies can work with Realogy to help agents and brokers build strong relationships with their clients, that will not only be good for real estate, it will be good for America.