California beckons

WikiRealty is exactly the kind of technology company Florida economic development officials seek out to help diversify the state's economy.

But despite high taxes, wildfires and traffic, California still beckons technology entrepreneurs. WikiRealty's founder and CEO, Sanjay Kuttemperoor, moved the company's headquarters from its birthplace in Naples to Santa Monica, Calif., last year. WikiRealty's move shows how Florida still has a ways to go before it becomes a hub for tech companies and the venture-capital investors who fund them.

WikiRealty and technology companies like it have become an integral part residential real estate as consumers seek information online. In addition to listing 1.3 million homes for sale, WikiRealty encourages content contributions by real estate professionals and others to boost the site's popularity on search engines like Google. The company has created partnerships with major Realtor associations in big metropolitan areas like Miami and Chicago.

WikiRealty doesn't disclose user numbers or other website traffic statistic, but if you type “Naples high rises that allow large dogs” or “Malibu foreign buyers” in the Google search engine, for example, WikiRealty's site pops up first. “Our goal is to drive traffic to Realtors,” Kuttemperoor says.

Kuttemperoor says the move isn't a knock on Florida. But young technology talent and venture capital is more plentiful in California. “I moved out here to be in the middle of all the action,” says Kuttemperoor.

It also helped that WikiRealty signed a partnership deal with the California Association of Realtors, with 180,000 members. “They are the second-largest trade organization in the country after trial lawyers,” Kuttemperoor says. “They're a large and sophisticated group.”

WikiRealty is building a base of Realtors who use the service for free. But it's working on developing applications and other fee-based services, such as lead generation, that it can sell to Realtors.

To build those services, Kuttemperoor says he'll need to turn to California's extensive venture capital network next year. Although he doesn't have a specific amount in mind, he says the typical first round of venture capital funding totals $4 million to $5 million.

For example, WikiRealty's newest investor and board member is Lewis Feldman, a partner with law firm Goodwin Procter in Los Angeles who has advised clients on more than $75 billion worth of real estate deals.

In addition to venture capital, Kuttemperoor says there's more talent in California because so many large technology companies have a presence there. “Wherever they are, that's where the talent is,” Kuttemperoor says. “All my developers have come from venture-backed companies.”

With a growing staff of seven people, WikiRealty's offices in Santa Monica are located within walking distance of the hip Third Street Promenade with its popular shops and restaurants. “Most of my team are millenials,” people in their 20s and early 30s, says Kuttemperoor, 47. “Hiring top-notch tech help is a lot easier than in Florida,” he says.

Kuttemperoor says Florida remains a significant opportunity for WikiRealty's growth. For example, Berkshire Hathaway HomeServices Florida Realty, a subsidiary of Bonita Springs-based homebuilder and developer WCI Communities, is providing its 1,650 agents in 17 Florida counties with access to WikiRealty.

Kuttemperoor plans frequent trips to Florida. Trained as an attorney, he and his family developed Treviso Bay in Naples. “My mom and dad are still there,” Kuttemperoor says.

Follow Jean Gruss on Twitter @JeanGruss