Market Overview

Earnnest Platform Update Enables Nationwide Collaboration for Buyer and Listing Agents

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New update creates a streamlined process between buyer, listing agent, buyer agent and escrow holder

Earnnest, a digital platform that allows for the secure deposit of funds from buyer directly to escrow holder, announced its latest update, which enables buyer agents to work together with listing agents on a given property. The new release will be available to demo at the Earnnest booth during Inman Connect Las Vegas 2019.

Earnnest was built by real estate agents, escrow attorneys and technology veterans, and is uniquely positioned to facilitate fast and secure real estate transactions. The system is OWASP Top 10 compliant and uses banking level security and encryption. Since December 2018, Earnnest has experienced more than 500 percent user growth and in 2019 alone has securely moved millions of dollars in funds for homebuyers throughout America.

Recently, Earnnest began a strategic alliance with Redfin. Through this strategic alliance, Redfin sales professionals in Colorado, Florida, Illinois, Maryland, Minnesota, New Jersey, Pennsylvania, Tennessee, Texas, Virginia, Washington, D.C. and Wisconsin gain access to the platform at no additional cost. The strategic alliance is facilitated through Title Forward, a wholly owned subsidiary of Redfin. It's also non-exclusive and part of a larger strategy to offer the Earnnest platform to agents across all brands.

On the heels of positive industry reception, Earnnest is moving quickly to innovate and progress. The new Earnnest agent collaboration adds ease to the transaction process for the buyer, listing agent, buyer agent and escrow holder. This new leading technology allows for a secure and verified transfer of funds. Agents across the country can now utilize the platform with their buyers, verifying through Earnnest that the transfer is sent by the right person to a legitimate trust account.

"We're determined to make electronic payment the norm in real estate within five years," said Rick Altizer, CEO of Earnnest. "This newest function of our app will be a key driver in facilitating agent collaboration, enabling both the buyer agent and the listing agent to electronically complete earnest money transactions together in a way that's safe, secure and private."

Agent collaboration, like every feature of the Earnnest app, is simple and streamlined. The listing agent and buyer agent can communicate effectively via Earnnest, including receiving alerts when the earnest money is requested from the buyer, when the money is paid and when the money is in the trust account.

Other than the status of the transfer, no information about the buyer—including contact information or account information—is ever supplied to the listing agent. Through the careful management of sensitive information, Earnnest protects the trust inherent in the client-agent relationship while maintaining privacy for all parties.

"Our latest feature was formulated in direct response to the specific needs of agents," said Daniel Jeffords, chief technology officer at Earnnest. "It's time-saving for all parties involved; using Earnnest, a buyer agent no longer has to call a listing agent to let him or her know the earnest money has been transferred."

"Agent collaboration is just one of the many updates we're excited to roll out this year," added George Clements, Earnnest co-founder and Greenville, S.C.-area mega agent. "This process underscores our commitment to drive relationships through technology, to remove unnecessary tedium in the busy lives of agents and ultimately, to create a new standard for how money moves in real estate."

ABOUT EARNNEST

Greenville, S.C.-based Earnnest is changing the way money moves in real estate. The digital platform allows buyers to securely and electronically deposit funds directly to an escrow holder. Earnnest keeps agents, buyers and escrow holders in the loop with automated emails and tracking information. Learn more at Earnnest.com.

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