Proptech
Browse the latest news about real estate technology and proptech startups in Southern California from dot.LA.

I wasn't a believer until I saw him in action. At a Tom Ferry event at the Seattle Convention Center, I observed thousands of people worshipping Tom Ferry, then and now, a legendary real estate coach, as he doled out words of wisdom during his presentations.

In many ways, Tom learned from the best. His dad is Mike Ferry, also a legendary real estate coach. Tom started working in sales at his dad's company, the Mike Ferry Organization, at 19. He eventually earned the position of president.

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The venture capitalist Aileen Lee coined the term "unicorn" in 2013 as a catchy way to denote startups reaching the milestone of a billion-dollar valuation. It was meant to describe something unusual; at the time there were just 39 unicorns.

In today's red hot startup market, unicorns are far less rarified, currently numbering more than 600 worldwide, according to CB Insights.

Pacaso, a platform facilitating fractional ownership in second homes, announced Wednesday it too will join the unicorn club. That makes it one of the fastest companies ever to reach a $1 billion valuation, according to Pitchbook data.

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Former Zillow Group CEO and dot.LA cofounder Spencer Rascoff is jumping back into the real estate game in a big way.

Rascoff, who left the CEO post at Zillow in February 2019, is part of a group of SPAC investors that's buying Offerpad, a 6-year-old real estate company that competes directly with Seattle-based company in a quest to transform how people buy and sell homes.

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