Tech Tool For Realtors and Their Clients
Quigler is mobile communication tool for realtors and their clients.
It was designed to help agents communicate with their clients and adhere to real estate regulations, and to provide full transparency to those buying or selling a home.
The company was founded by husband and wife David and Linda Michonski. Both have been in the real estate industry for several decades. David has been named one of the Top 10 Realtors in the U.S. by Today’s Realtor magazine.
The Michonskis started Quigler after determining that the current home buying and selling process is riddled with compliance and transparency issues.
Agents and clients are required to complete certain tasks throughout the transaction process. However, federal and state regulations are complex. California’s real estate laws, for example, are more than 800 pages long.
At the same time, most consumers aren't sure what their agent is required to do.
Research shows that 93% of consumers want their realtor to be “responsive” and “communicative.” But only 1% of agents provide regular updates to their clients. As a result, more than 60% of seasoned buyers, and 80% of first-time buyers, don’t fully understand the real estate process.
Quigler aims to solve these issues.
The company has parsed thousands of federal and state laws and organized the requirements into specific “to-do” lists.
When an agent completes a required action, the client receives a text or e-mail notification. This helps maintain transparency, and creates a documented compliance record.
By maintaining transparency, agents can improve their reputation as a reliable, honest realtor, and ensure they’re following all the regulations. Clients, meanwhile, can better understand the value their agent is providing for the commission they’re being paid.
Norman Flynn, former President of the National Association of Realtors, noted: “This is something that is really an opportunity for all of us.”
Quigler is free for consumers, while agents pay for monthly or annual memberships. The company plans to use in-app advertising as an additional revenue stream once consumer adoption of the platform grows.
Quigler released a beta version of its platform in August 2016, and released the full version in May 2017.
Since then, it’s raised more than $1 million from investors, and launched a version with federal law requirements in all 50 states. In addition, it launched in New York and Connecticut with a version that includes state requirements.
In 2018, Quigler was one of just eight companies selected from more than 1,000 applicants by the National Association of Realtors "REach Accelerator." It also received an investment from Connecticut Innovations, an investment firm providing capital to tech-related businesses.
With funds raised, Quigler will expand its state law content to California, Florida, Texas, and New Jersey.
In the future, the company could potentially be an acquisition target for a large real estate company. There is considerable M&A activity in this sector.
In August 2018, for example, Move Inc., owner of realtor.com, acquired real estate startup Opcity for $210 million. Opcity is a platform that connects real estate agents to prospective homebuyers.
David is an expert in the real estate industry. He was once named one of the Top 10 Realtors in the U.S.
In the mid-90s, he brought a Coldwell Banker real estate franchise to Manhattan, and grew it to nearly $1 billion in sales by 2008. It became one of the 15 largest Coldwell Banker franchises out of 2,000 nationwide.
In addition, he founded the Manhattan Association of Realtors, and was named one of the “100 Most Important People in Real Estate.”
David has authored three books on real estate, two of which received Pinnacle Book Awards. He has appeared on networks including CNBC, MSNBC, CNN, and PBS to discuss real estate-related topics.
He earned a Bachelor’s degree in Political Science from Colgate University and a graduate degree in Political Philosophy from Boston College.
Like her husband, Linda has been a real estate agent for 40 years. During her career, she placed among the top 2% of real estate agents in the U.S.
She co-authored an award-winning real estate book entitled “Get Your Highest Price.”
Edward has been a certified public accountant since 1983.
He is a member of the American Institute of Certified Public Accountants and the Massachusetts Society of Public Accountants.
He specializes in helping startups establish their accounting and bookkeeping systems. He also focuses on business planning, forecasting, and financial analysis.
Edward earned a Bachelor’s degree in Mathematics from Boston College, and a Master’s in Accounting from Northeastern University.