How the Founders of SpaceIt Are Re-Building the Way Real Estate Brokers Do Business Jordon Keltz and Adam Stupak discuss the launch and growth of their revolutionary real estate platform SpaceIt.
By Dan Bova
In this ongoing series, we are sharing advice, tips and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Answers have been edited and condensed for clarity.)
Who are you and what's your business?
Jordon Keltz: I've spent the last 20 years building businesses that reimagine the way customers and clients connect across some of the largest industries. My co-founder, Adam Stupak, and I joined forces in 2018 to create SpaceIt, a lead engagement software platform for the real estate industry that facilitates automated lead capture, custom lead routing, and lead tracking that easily integrates with existing CRM systems. It evolved as a way to help solve the gap in contactability and lead tracking that is so prevalent and detrimental in real estate today.
Adam, a licensed real estate broker in the state of New York, is a pioneer in leveraging technology to power his real estate business, which made us a good match in bringing SpaceIt to market.
What inspired you to create this business?
Adam Stupak: Our "aha moment" came when I realized I couldn't manage the growth of my real estate business without technology to help manage and track my leads. Many other brokers and real estate professionals and agents were not immediately responsive when I needed them to be, and I knew there had to be a way to leverage technology to improve efficiency and effectiveness in managing my sales funnel from the first inbound lead to the close.
I went to Jordon, an accomplished entrepreneur who was my neighbor at the time, and we brainstormed a software platform that would help solve a problem in the real estate industry while also building a scalable business model.
Jordon Keltz: Shortly after, we built an advisory team with expertise in various technologies and verticals, which included our current CTO Collin Rodolitz, who is, put simply, a genius. With beta versions in the largest firms across the real estate industry and a group of real estate families backing the team financially, we have penetrated the market of both residential and commercial real estate. In fact, we recently launched a pilot partnership with Douglas Elliman Real Estate, which has more than 7,000 residential real estate agents in its network.
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What has been your biggest challenge and how did you pivot to overcome it?
Adam Stupak: Our biggest challenge was that we launched right before the pandemic, so we had to put the business on ice while in lockdown as we all struggled with the constraints of COVID. We overcame it by using that time to reimagine our software to go beyond what we originally conceived to span the entire real estate industry — both residential and commercial — as well as add features that appealed to a broader audience.
When the pandemic lifted, our expanded platform allowed for all-inclusive workflows for residential and property managers in addition to the commercial real estate market. More importantly, we incorporated the capture and tracking of all channels of leads from incoming and outgoing calls and text messages to QR codes, emails, and more, forging a more efficient way of initiating and monitoring communication.
What advice would you give entrepreneurs looking for funding?
Adam Stupak: It's about knowing where to look. Start with friends and families — people you know who trust you and can get behind you and your ideas and passion. Use those relationships and trust to build a coalition and work together within your circle to create a group to help with the initial seed funding.
Jordon Keltz: Preparing the right pitch is everything. Work as a team to come up with important highlights and drivers around the problem you are solving and how your business can grow and create value. Use data, industry experience, and graphics to quickly present the value proposition.
What does the word "entrepreneur" mean to you?
Jordon Keltz: Entrepreneurship represents the spirit of innovation, risk-taking, and creativity. It drives us to create something new and valuable, to solve an existing problem, to improve upon something in ways we have never before imagined. An entrepreneur identifies opportunities, develops a vision, and takes calculated risks to turn that vision into reality. Entrepreneurship can be challenging and requires hard work, persistence, and resilience, but it also offers the potential for personal fulfillment, financial independence, and a positive impact on society.
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What is something many aspiring business owners think they need that they really don't?
Adam Stupak: Substantial capital. You don't need to be super well-funded to go out and build a business idea. You just need the simple attributes of a business plan and strategy, an LLC or corporate entity, and proof of concept. Everything will fall into place from there.
Is there a particular quote or saying that you use as personal motivation?
Jordon Keltz: One quote I feel epitomizes the essence of entrepreneurship and what Adam and our team are building comes from Brad Inman, the founder of Inman News, who said, "Innovation is the key to success in real estate, whether it's in terms of technology or in terms of creating new business models."
This quote resonates with me as it highlights the importance of constantly adapting and evolving in the dynamic world of real estate. As an entrepreneur, I believe that innovation is key to staying relevant and gaining a competitive edge in the market.
Inman's notion inspires me to continuously seek out new technologies and ideas that can improve the real estate industry and create value for my clients. It reminds me that innovation is not only about keeping up with the latest trends, but also creating new ones and pushing the boundaries of what is possible.
