FOREWARN to Provide Identity Verification Services to Greater Baltimore Board of REALTORS® to Promote Agent Safety
Rhea-AI Summary
FOREWARN, a red violet company (NASDAQ: RDVT), has secured a contract with the Greater Baltimore Board of REALTORS® (GBBR) to provide identity verification services to its 5,000+ real estate professional members. The GBBR, established in 1858 and the second-largest local REALTOR® Association in Maryland, will offer FOREWARN services 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 technology enables agents to plan showings more safely and confidently.
Positive
- New contract secured with major real estate association covering 5,000+ potential users
- Service implementation with zero additional cost to end users, increasing adoption potential
- Expansion into Maryland market through second-largest local REALTOR® Association
Negative
- None.
Insights
The partnership between FOREWARN and the Greater Baltimore Board of REALTORS® (GBBR) represents a strategic expansion into a significant market, with access to over 5,000 real estate professionals in Maryland's second-largest local REALTOR® Association. The deal's structure as a bundled benefit suggests a reliable recurring revenue stream for FOREWARN, though specific financial terms weren't disclosed.
The timing aligns with heightened industry focus on agent safety and risk management. FOREWARN's technology platform, leveraging big data analytics for identity verification and background screening, addresses a critical market need. The association's historic status as the nation's first real estate association adds prestige to FOREWARN's client portfolio and could accelerate adoption by other major REALTOR® associations.
From a market perspective, this deal strengthens RDVT's position in the real estate technology sector and demonstrates the scalability of their business model. The integration of FOREWARN's services as a standard membership benefit suggests potential for similar implementations across other large realtor associations, representing a significant growth vector.
The technical infrastructure required to process billions of data points for real-time identity verification and criminal history checks positions FOREWARN as a sophisticated player in the regtech space. The platform's ability to deliver comprehensive background analysis from just a phone number showcases advanced data aggregation and processing capabilities.
The mobile-first approach, offering both web and app-based solutions, aligns with modern user preferences and enables real-time risk assessment in the field. The system's architecture, handling multiple data streams for instant verification, represents a significant technical advantage in the real estate security sector.
The nation’s first real estate association (established in 1858), and the 2nd largest local REALTOR® Association in the state of Maryland, contracts to make FOREWARN services available for its 5,000+ real estate professional members to promote proactive agent safety
BOCA RATON, Fla., Jan. 13, 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 Baltimore Board of REALTORS® (“GBBR”) will offer FOREWARN® services to its 5,000+ members it serves throughout the Baltimore 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 GBBR are available to the 5,000+ members at no additional cost to individual agents.
"Our commitment to safeguarding our members and staying ahead of potential risks is unwavering," stated Alan R. Ingraham, CEO of Greater Baltimore Board of REALTORS®. "By providing this cutting-edge tool in FOREWARN, we enhance both the security and well-being of our members, ensuring they remain empowered and well-supported."
Existing GBBR 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 Baltimore Board of REALTORS® members. 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 is the impact of FOREWARN's contract with GBBR on RDVT's market presence?
How will GBBR members access FOREWARN's services under the new contract?
What security features does FOREWARN provide to GBBR real estate agents?
When does the FOREWARN and GBBR partnership take effect?
