The words 'title' and 'insurance' are terrible words to describe what we do... We're experts at real estate transactions and real estate data.
Philadelphia, PA (PRWEB) May 11, 2017
It may be time to shed the name 'title insurance' in the real estate transaction management industry. At least, that's what Vista Abstract believes, a Pennsylvania based title company operating in six states and in business since 2005.
Earlier this month, Vista Abstract rebranded as 'Transfer: Real Estate Intelligence'. The rebrand doesn’t only mean a name change for the company. For them, it represents what they feel they actually do for parties in a real estate transaction.
"The words 'title' and 'insurance' are terrible words to describe what we do." founder Matt Einheber said, "Most people don't understand the distinction between the value that a title company delivers and a title insurance policy. We’re experts at real estate transactions and real estate data. Most of the value that we offer our clients is far wider than just a title insurance policy."
The re-brand is much more than just a name and image update, it also includes the simultaneous release of new and unique technology applications.
“We care about building a business that offers value to people", says Einheber, "that is certainly navigating real estate transactions. It's also in telling stories from data that can help players in real estate find opportunity."
In 2015, Einheber developed Brixsy, an application for the real estate investment community that reframed public record data to better evaluate opportunity, not just insure risk. An evolution of that is what he’s calling Real Estate IQ, a GIS/map-based platform that enables users to filter property beginning in Philadelphia only, by attributes such as property type, zoning, size, value and more.
“The information that Real Estate IQ delivers at this point is certainly not magical and not a secret. We find that just data is hard to use without visual tools to help get insight”, says Einheber. “There are hundreds, maybe thousands of relevant data points that can tell you a story, and we think that there are very few ways to extract that value easily from behavioral data.” He continues, “We’re going to give it away at no cost and plan to add more features and data fairly quickly so that people can hopefully gain insight like nowhere else.”
Investment in real estate technology as a sector fell sharply in 2016 after several years of steady and large growth industry wide, and it is largely held that segments of real estate are still far behind the growth curve when it comes to technology.
Public record data has been historically difficult to tame, though more and more cities in the US have taken on versions of open data projects and more transparency seems to be a trend. Philadelphia in particular has taken an initiative to be open and transparent with their data, partially with hopes that private industry will find the highest and best use and deliver returns for the community at large.
It’s rare to see a company come from the title sector of real estate with technology that has potential farther reaching applications than simply title or settlement services. Title insurance companies have an interesting vantage point between raw data and the transactions themselves, operating a service business that most don’t understand.
The re-branded Vista Abstract to 'Transfer' has more applications available for its title and transaction clients, including a portal called SYNC to offer transparency throughout the real estate contract and settlement process.
Transfer: Real Estate Intelligence & Title can be found at http://transfer.properties