Jordan Preston and George Pafitis were high school friends from real estate families. They saw their families working too hard. And an industry ripe for disruption…
Tell us about LavaMap.
LavaMap is a location-based search engine for commercial availabilities. The current focus and flagship product is the LavaTag, an interactive marketing platform that connects listing managers and property seekers like never before. LavaMap assigns each listing a unique ID, and through interactive physical signs, provides 24/7 property exposure and a real-time automated response system to ensure that all parties of a potential real estate transaction save time and resources – and that no one misses out on opportunities. Property seekers now have a branded, reliable, ubiquitous geographic marker, and can receive instant listing information at the point of inquiry. Listing managers (Brokers, FSBO) not only have constant support, but also a CRM that filters and qualifies “hot” leads and allows for on-demand client reports and database fortification.
What market does LavaMap attack and how big is it?
At first, LavaMap is rolling out in the commercial real estate sector of NYC, primarily focusing on retail, offices, mixed-use, and multi-family properties. This immediate market generates approximately $200 million in revenues per annum, as the costs attached to marketing these asset classes. An expansion strategy is in place: to launch nationally,, and to focus on the residential market as well. Members of the government landmark commission and retail communities have also expressed interest in using LavaMap to track leads, and to be able to interface with constituents.
What is the business model?
We will be charging subscription fees for the LavaTag, which includes custom signage, 24/7 support, and a robust, scalable back-end sales system that updates in real time. LavaMap will also provide featured listings and property-specific blog profiles.
Are there any milestones that you plan to achieve within 6 months?
We plan to reach 1,500 monthly LavaTag subscriptions.
Why did you choose NYC over other locations to launch your company?
It is our hometown and the market we know best. It also happens to be the most dynamic and nuanced real estate market in the U.S., and is a great litmus test for measuring whether or not a company will sink or swim.