Clever Real Estate, a rapidly expanding real estate education and technology company, has completed the acquisition of Gravy Technologies, a startup that developed a pioneering loyalty rewards platform for first-time home buyers. Following the acquisition, Gravy's team, headed by co-founders Jeff Dinter, Jimmy Lien, and Will Dunn, will integrate with the Clever team.
Launched in 2021, Gravy aims to make purchasing a home more engaging by incorporating a rewards system and financial tools to assist individuals in becoming mortgage-ready more quickly. Since its inception, the Gravy app has aided over 30,000 individuals in preparing for homeownership and has facilitated earning $20 million in rewards.
In the future, our tech will serve not only renters but also homeowners, sellers, and repeat buyers. With Clever, we're tapping into an engaged audience of over 10 million people each year coming to Clever for online advice, data, and education — who we can now bring into personalized interactive experiences inside the Gravy platform.Jeff Dinter, Gravy co-founder and CEO, who is joining as Clever's VP of Product
Gravy not only offers a consumer app but also provides a "loyalty-as-a-service" (LaaS) solution for real estate agents and mortgage lenders to present a personalized loyalty app to their clients. According to Merkle's 2022 Loyalty Barometer Report, 79% of consumers are more inclined to engage with a business due to its loyalty program. With Gravy's technology, any real estate professional can initiate a loyalty program, incentivizing their customers to take steps to gain knowledge and financial readiness for purchasing a home.
There is a loyalty arms race in real estate, as lawsuits challenge the structure of buyer's agent fees and incumbents such as Rocket Mortgage invest huge amounts into their own loyalty apps. Clever is leading the charge in equipping our lender and realtor partners with the networks and technology they need to compete with the best — and win.Luke Babich, Clever Real Estate co-founder and CEO
The acquisition aligns with Clever's mission to offer cutting-edge solutions for every stage of the real estate journey. This further solidifies the company's position as a leader in the real estate technology sector and a reliable authority on commission rates.