FORT LAUDERDALE, FL--(Marketwired - Aug 7, 2015) - RealBiz Media Group, Inc. (
Mr. Kerby's final report to the Board and Shareholders
Since founding RealBiz in October of 2012, the company has made great strides in capturing a leading position in video production for the real estate industry. The road has not been without challenges, but there are a number of significant accomplishments that should be highlighted as we approach our three year anniversary.
One too often overlooked, due to technical development timelines, is that RealBiz has achieved industry leadership status in the real estate video creation arena and is on pace to produce over 5,500,000 videos this year. This is many times the production of our next closest competitor. With continued enhancements to the processing engine, the company can now process up to 500,000 images per hour, allowing ample room for future expansion. The company has become a trusted provider, handling over 20 key industry feeds (including strategic partners like List Hub, 40 MLSs and hundreds of National and regional brokers), thus ensuring its video listing are both timely and accurate for its customers.
Key milestones for RealBiz included:
- The transitioning of the company from virtual tours to a comprehensive video creation and marketing platform.
- Accelerating processing speed to 500,000 images per hour.
- Video production that can be viewed on both television and web.
- Introduction of the MVA platform, allowing corporate accounts a platform for video marketing and print capabilities
- Nestbuilder.com - a National website (primarily designed as an agent platform to access and market properties with video).
- ReachFactor -- allow agents to enhance their social media status and Google ranking.
- Ezflix - an enhanced video creation and editing tool.
- Promote a listing - a powerful lead generation system.
- Integration of company products under PowerAgent, forming a complete agent's eco system.
Over the last quarter, the company has gone through a significant transformation, which included the de-consolidation of financials, separation of assets, employees, financial reporting and services from its former parent company Monaker Group. At the core of this de-consolidation was the desire to eliminate unnecessary development expenses and unlock revenue opportunities by creating a unified technology platform. The result saw the company cutting costs of roughly $200,000 per month, while at the same time setting it on a focused growth path. Thus, the overall process for the emergence of RealBiz as a significantly streamlined company has now been completed. At present, the company enjoys a solid cash position and as of July, the organization was operating at a cash flow break even position. With new opportunities under discussion, RealBiz is now knocking on the door of profitability, and the new leadership team is confident the changes incorporated have put the company on its way to a very exciting future.
With de-consolidation and a dramatic upgrade and integration of the company's technology platforms completed, the company's focus will now shift to the acceleration of profitable revenue streams. As our new CEO, Alex Aliksanyan had identified a noticeable trend over the last 18 months was where the sales team would bring in multiple projects that all required significant upfront technology expenditures by the company prior to implementation. With constant requests for more customization from our development team, management concluded that several of the projects would take years to payback, and as such, needed to be discontinued. While turning away business is never easy, realistically unprofitable contracts were resulting in insufficient revenues to cover expenses and were only serving to significantly deplete the company's cash reserves. After careful evaluation, management determined that the sales team practices of gifting technology to obtain contracts was not in the best long term interest of the company. As a result, the company parted ways with both unprofitable contracts and the legacy sales force. Mr. Aliksanyan is in the final stages of bringing into the company a highly experienced VP of sales and supporting team to accelerate sales.
At present, the company is in the best position it has ever been and is now poised for profitable growth. RealBiz has dramatically cut overhead, increased efficiencies in all areas, implemented accountability in its reporting systems, has sufficient money in the bank to conduct operations, has moved to cash flow neutral and is well positioned to dramatically expand its operations. RealBiz, at its core, is a technology service company to the real estate industry and with Mr. Aliksanyan's background in technology, marketing and operations, he is the natural person to assume the role of CEO. Under the guidance of Don Monaco as Chairman, with his years of successful business and technology experience, I believe that the company has been correctly positioned to move ahead.
I want to thank the Shareholders, Staff, and Board of RealBiz for their patience and support over the years. As both a director on the RealBiz Board and through my role as CEO in Monaker, I believe I will be more effective in assisting the RealBiz executive team to build on the foundation laid over the balance of this year and the years to come.
About RealBiz Media Group, Inc.
RealBiz Media Group, Inc. is a real estate digital media and technology company whose proprietary video processing technology makes it one of the leaders in providing home video tours to the real estate industry. Its client base reaches more than 350,000 real estate agents and brokers. The company provides a series of products including a consumer portal at http://www.nestbuilder.com, an agent-only platform known as Nestbuilder Agent, an agent social media and marketing solution known as ReachFactor, a growing MVA network, virtual tours and mobile apps. The company enjoys access to many of the nation's largest real estate companies with numerous approved vendors and national contracts.
RealBiz Media Group, Inc. (
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plan, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks described in statements filed from time to time with the Securities and Exchange Commission. All such forward-looking statements whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by the cautionary statements that may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.