VANCOUVER, April 29, 2020 /CNW/ – RESAAS Services Inc. (TSX-V: RSS, OTCQB: RSASF) President and CEO, Tom Rossiter, is pleased to provide a corporate update:
COVID-19 has forced every industry to adapt. Real estate agents have been forced, almost overnight, to embrace a new way of doing business. In the face of what’s happened this year, using technology is now mandatory, not optional.
RESAAS’ mission since inception has been to connect the entire real estate industry. RESAAS’ award-winning technology provides a centralized and collaborative platform for real estate agents globally. Since COVID-19, the RESAAS team has seen increased activity and increased data levels across the RESAAS platform.
Real estate is relationship-driven. How can an industry that relies on physical presence thrive in this new world of social-distancing? Go virtual. Go remote. Go digital. RESAAS empowers real estate agents to stay connected to their clients, their peers, and their business.
To help RESAAS agents adapt to a new way of conducting business, RESAAS has partnered with Grant Cardone, named the #1 marketer to watch by Forbes Magazine, and author of New York Times Bestseller “The 10X Rule”. Together, RESAAS and Grant Cardone will educate and coach agents how to dominate in a down market and prepare for an upswing through Grant Cardone’s comprehensive modules of online education.
RESAAS Sales and Business Development teams are busier than ever, working new opportunities to bring RESAAS technology to real estate teams, offices and national brokerages. The industry needs on-demand, remote-friendly, virtual, video-enabled technology. RESAAS provides that power.
RESAAS has announced several new partnerships already this year. These include integrations and revenue-sharing alliances with many leading industry partners like BoxBrownie, RE/MAX World Headquarters, Zorrosign, Real Elevated, Grant Cardone, and T3 Sixty. Many more will be shared in the weeks and months ahead.
RESAAS has enhanced one of the most valuable benefits of the RESAAS platform: the referral engine. Referrals are the lifeline of an agent; a successful agent will have multiple referrals in a year. RESAAS has entered into strategic partnerships to drive more leads into the platform, expanding lead sources to include both business-to-business (B2B) and business-to-consumer (B2C). Revenue is increasing, and is attributed to Enterprise customers upgrading to new enhanced functionality, as well as agents upgrading to the Company’s paid-for-Premium tier.
RESAAS is now a true SaaS (software-as-a-service) company. Management’s decision to focus on high-margin, subscription-based revenue sources has positioned the Company to capitalize on renewed technology dependency. RESAAS Premium enables agents to separate themselves from their competition and secure more business.
Internally, Management has reacted quickly to the changing environment. As a technology company, the RESAAS Team has the ability to work remotely. Since relocating our offices due to COVID-19, productivity has increased. Consequently, Management has elected to remain remote and vacate our corporate office, providing a substantial reduction in monthly expenditure. This strengthens our balance sheet, propelling the Company towards profitability.
Yesterday, RESAAS filed audited 2019 financial statements, representing year-over-year improvements:
- Increased revenue by 30% year-over-year from 2018, up to $802,286.
- Decreased expenses by 38% year-over-year from 2018, down by $2,437,451.
- Decreased net loss by 47% year-over-year from 2018, down by $2,719,590.
This demonstrates RESAAS’ ability to generate high-margin, recurring SaaS revenue. The RESAAS platform provides what successful real estate agents need right now.
RESAAS is built for times like this, creating a strong end to 2020 for the Company, with a tremendous 2021 ahead.
President & CEO
About RESAAS Services Inc.
RESAAS is a cloud-based and blockchain technology platform that enables real estate brokerages, franchises and associations to bring real-time communication, new business opportunities and unique data to their agents on a global basis.
Visit www.resaas.com for more information.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from RESAAS Services Inc.’s expectations and projections.
SOURCE RESAAS SERVICES INC.
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