RESAAS sees Brazil and central Europe as fertile areas for expansion

Real estate services provider RESAAS Services Inc (CNSX:RSS) is expecting significant user growth in Brazil and central Europe.

The company, which has developed a cloud-based social business software platform for the real estate services industry, revealed in its first quarter results that registered professional users on its platform in North America had risen to 344,928 from 320,865 the year before, while outside of North America the number was up to 76,122 from 75,486 the year before.

RESAAS said it had identified Brazil and central Europe as fertile areas for its services as there is a burgeoning middle class in both regions.

“We intend to establish a local presence in such regions and hire additional staff to further develop brand awareness,” the company said.

Revenue in the first quarter climbed to C$116,093 from C$98,381 the year before.

“We anticipate that revenue will continue to increase with the further commercialization of our platform through conversions of professional users to paid premium services, advertising and enterprise contracts with brokerages,” RESAAS said.

The company recorded a net loss of C1.27mln, versus a loss of C$953,052 the year before.

Story by ProactiveInvestors