FOREWARN to Provide Identity Verification Services to Greater Fort Worth Association of REALTORS® to Promote Agent Safety
Rhea-AI Summary
FOREWARN, a red violet company (NASDAQ: RDVT), has secured a contract with the Greater Fort Worth Association of REALTORS® (GFWAR) to provide identity verification services to its 4,000+ real estate professional members. The service will be offered at no additional cost to individual agents.
FOREWARN's platform, available online and via mobile app, analyzes billions of data points to help real estate agents verify identities, search criminal histories, and validate potential client information using just a phone number. This tool aims to enhance agent safety and confidence during property showings.
GFWAR CEO Suzanne Westrum emphasized the association's commitment to member protection and cited FOREWARN as the industry's leading proactive safety and fraud prevention tool. Existing GFWAR members will receive instructions for activating their included FOREWARN subscription.
Positive
- Secured contract with large real estate association covering 4,000+ members
- Service will be provided as included benefit, potentially leading to stable recurring revenue
- Expansion into Texas market through partnership with major metropolitan association
Negative
- Financial terms of the contract not disclosed
Insights
The partnership with Greater Fort Worth Association of REALTORS® marks a strategic expansion for RDVT's FOREWARN service, securing a significant footprint in one of Texas's major metropolitan areas. With 4,000+ real estate professionals gaining access to the platform, this deal represents more than just a simple contract - it's a validation of FOREWARN's market leadership in real estate safety technology.
The business model here is particularly compelling. By securing association-level contracts rather than individual subscriptions, FOREWARN creates a more stable and predictable revenue stream while significantly reducing customer acquisition costs. This approach also creates powerful network effects - as more associations adopt the platform, it becomes increasingly difficult for competitors to penetrate the market.
Looking at the broader implications, this partnership follows an intelligent market penetration strategy. Fort Worth, being part of the DFW metroplex, represents one of the most active real estate markets in the US. Success here could lead to additional opportunities with other Texas realtor associations, potentially creating a domino effect in the region. The fact that the service is provided at no additional cost to individual agents ensures high adoption rates, which is important for building a defensive moat around FOREWARN's market position.
From a revenue perspective, while specific terms aren't disclosed, association-level contracts typically command premium pricing due to the bulk nature of the service and the institutional relationship. The recurring nature of these contracts also provides better revenue visibility for investors, though the impact on RDVT's financials will depend on the contract's specific terms and duration.
Texas-based Association contracts to make FOREWARN services available for its 4,000+ real estate professional members to promote proactive agent safety
BOCA RATON, Fla., Feb. 06, 2025 (GLOBE NEWSWIRE) -- FOREWARN, LLC, a red violet company (NASDAQ: RDVT) and the leading provider of real-time information solutions for real estate agents, today announced that Greater Fort Worth Association of REALTORS® (“GFWAR”) will offer FOREWARN® services to its 4,000+ members it serves throughout the Greater Fort Worth metropolitan area to promote proactive real estate agent safety.
Available both online and through a mobile application, FOREWARN analyzes billions of data points and provides users with the ability to mitigate risks by verifying identity, searching for criminal histories, and validating information provided by potential clients -- using just a phone number. FOREWARN allows agents to properly and safely plan for showings with a higher level of confidence.
The FOREWARN services offered by GFWAR are available to the 4,000+ members at no additional cost to individual agents.
"We are dedicated to protecting our members and equipping them with the best resources available," stated Suzanne Westrum, CEO of Greater Fort Worth Association of REALTORS®. "As the leading proactive safety and fraud prevention tool in the industry, it was an easy decision to provide FOREWARN for our members. With all the unknown safety and fraud related risks that agents are regularly faced with, having unparalleled identity verification at their fingertips in FOREWARN is something all our members can benefit from."
Existing GFWAR members will receive specific instructions on how to move forward with activating their FOREWARN subscription as an included benefit.
All other real estate agencies, agents, and appraisers can learn more about FOREWARN at www.forewarn.com.
About FOREWARN®
At FOREWARN, we bring instant knowledge through innovative solutions to ensure safer engagements and smarter interactions. Leveraging powerful analytics and a massive data repository, our solutions enable organizations to gain real-time knowledge, for purposes such as verifying identity, searching for criminal histories, and validating information. Risk assessment and due diligence at your fingertips™.
RELATED LINKS: www.forewarn.com
About red violet®
At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipate,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations, including whether FOREWARN will address critical safety and security areas for Greater Fort Worth Association of REALTORS® members and whether FOREWARN is something Greater Fort Worth Association of REALTORS® members will benefit from. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading “Forward-Looking Statements” and “Risk Factors” in red violet’s SEC Filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Camilo Ramirez
Red Violet, Inc.
561-757-4500
ir@redviolet.com
FAQ
What services will FOREWARN (RDVT) provide to Greater Fort Worth REALTORS?
How many members will benefit from FOREWARN's services in the Greater Fort Worth deal?
What is the cost for individual agents to access FOREWARN through the GFWAR partnership?
When will RDVT's FOREWARN services become available to Greater Fort Worth REALTORS?
What data analysis capabilities does FOREWARN offer to GFWAR members?
