We founded Intelerit in 2016. We love the name of the company and it carries lots of meaning within it. It comes from latin intel/ˈe.rit/ (noun), meaning “future intelligence”, or “becoming smart” depending on the context. Since we are a data and machine learning company in the real estate industry, we incorporated an AI into the logo that also looks like a building (see the negative space AI on the mark?).
However, since we shipped our platform to our first alpha customer, we hit a communication wall when they struggled over and over to pronounce or even remember the name of the product they were using. The issue was further confirmed the more customers we landed in our “Intelerit” platform, which meant they were unable to refer us to anybody (because they don’t remember the name), or sometimes even come back in a natural way to the URL to visit the portal. They’d be going through some email notification and searching in different ways to find the link that will take them to the app.
In Q4–17 we ran an in-person user study amongst two groups of realtors, and one of the questions required them to write the name of the application. Answers varied from “Intelity”, “Intelligence”, and even got a few “the app”. The writing was on the wall when we tally the surveys and only 1 out of every 10 were able to write correctly the name of an application they were calling “revolutionary”, “innovative”, “amazing” just a couple of questions above.
At the time we were ready to step into high gear growth and focus a lot more on business development since we had a product that was tried, tested and loved by our customers. But before we spend thousands of dollars on marketing and PR, we needed to make a change. The name was hindering our trajectory, and with our plans to go nationwide in the short future. We needed to act fast.
We had a few requirements we wanted to meet:
- Needed to be edgy and modern
- Short with 2 or 3 syllables max
- Pronounceable the same way in English and Spanish
- With a single logical way to spell it out
- With a clear relation to the Real Estate industry
After looking at many different names, variations, running surveys, and contests online to find the perfect successor to Intelerit, we ended up with two finalists: RealDAX (the Real Estate Data Asset Exchange) and REX-Hut (the Real Estate Exchange Hut). Most importantly, our customer demographic (real estate professionals) seemed to embrace them both. They were easy to remember, easy to write, easy to pronounce, and both had an edgy stance.
While doing our final diligence during the trademark search, it became clear REX-Hut was a no-go, due to several trademarks related to the word REX in the real estate category, and Hut in the technology space…not to mention the couple of Pizza Hut references that came to mind during our conversations or while casually ordering an Original Stuffed Crust Meat Lovers delicatessen.
So, RealDAX won our hearts and we look forward to having it embraced by the Real Estate professionals in the industry. The company will continue to be Intelerit Corporation, but we are filing a DBA (doing business as) RealDAX, and have renamed all our product line to RealDAX. Along with the rename, we are launching new features we have been cooking for a bit behind the scenes. Check out the new website at https://www.realdax.com to see all RealDAX has to offer.
To our customers, supporters, and fans, thanks for the patience and the empowerment to change when we needed it most. We’ve put a lot of thought and hours into this new brand, and we have completely fallen in love with it. It’s been a journey, and we look forward to bringing many more amazing innovations to our clients with the world’s most powerful investment analytics platform, The Real Estate Data Asset Exchange: RealDAX.