Relli’s COO and co-founder’s background in consumer tech at Snapchat taught him what doesn’t work when building technology for highly regulated real estate syndications. Ross Iannarelli spent years at Snapchat working with major retail brands on nationwide campaigns before co-founding Relli. The transition from consumer tech to PropTech required completely rethinking how technology operates in regulated spaces.
“Your audience is different, so your targeting and your messaging is different. It’s a little bit more sophisticated,” Iannarelli explains. “When it comes to building something that’s in a more regulated space, you can’t be as free flowing as you could for a consumer product.”
The Compliance Constraint
At Snapchat, Iannarelli worked with retail brands creating campaigns designed to drive immediate purchases. The creative freedom was significant. Messaging could be bold, experimental, attention-grabbing. The goal was simple: get people excited enough to make a purchase.
Real estate syndications operate under entirely different constraints. Relli can generate interest and provide information, but the platform cannot directly sell investments like a financial advisor. Instead, it must pass qualified investors to project developers who handle the actual transaction.
“We need to get you excited enough, but then we can’t directly sell you like a financial advisor,” Iannarelli notes. “We have to pass you off to the actual project developer, the real estate sponsor, and they can kind of take you through and really explain it.”
This passthrough model requires significantly more due diligence on both sides of the marketplace. Relli must vet sponsors before allowing them on the platform. Investors must meet accreditation criteria before accessing certain opportunities. Data must transfer securely between parties.
“Neither side of the marketplace wants to deal with a bad actor,” Iannarelli says. “We have to vet the sponsors, and that’s a really big aspect of our marketplace, where you can’t just create an account really quickly as a sponsor. Same thing for the investors. They can come and create an account, but if you don’t have certain qualifications, you can’t go to the next step either.”
The Marketing Challenge
Consumer brands can track extensive data through platforms like Facebook and Instagram. They sort audiences by income, interests, behavior, and optimize campaigns accordingly. Real estate syndications face significant restrictions on data usage for investment, housing, and credit-related advertising.
“A lot of those fundamental tracking things are taken away,” Iannarelli explains. “For them, they’re experts in real estate. We’re experts in marketing. We can build the same thing for them that a Fortune 500 company would set up, right now at a fraction of the cost.”
Relli builds custom audiences based on signals from their CRM rather than relying on standard demographic sorting. As more sponsors advertise through the platform, the system learns collectively rather than individually, reducing cost per lead while improving quality.
“Our system can build off of all sponsors that are advertising, so they’re all looking for the same type of individual,” Iannarelli says. “We have it in a way where they can all learn together. As our system grows and our platform grows, all the sponsors will actually be seeing a higher quality investor come through the funnel.”
Translating Big Company Expertise
Iannarelli’s favorite book is The Lean Startup, which focuses on three principles: build, measure, learn. That framework guides every product and marketing decision at Relli.
“I think we always try to take the big idea and try to drill down to what is the most important, and then really build from there,” Iannarelli says. “If you’re not focused on particular things, it won’t work.”
The approach contrasts sharply with how large companies operate. Big budgets enable experimentation across multiple initiatives simultaneously. Startups must prioritize ruthlessly, measuring results constantly and learning from data rather than assumptions.
“When you kind of follow that mindset, it’s almost impossible to not be better off down the line than you are today,” Iannarelli reflects.
For PropTech companies building in regulated spaces, the lesson is clear: consumer tech playbooks don’t translate directly. Success requires understanding compliance constraints, building proper vetting systems, and creating marketing approaches that work within platform restrictions.
The operators who recognize these differences early build sustainable competitive advantages. Those who try forcing consumer tech approaches into regulated markets discover why so many PropTech startups fail despite strong technology.
To explore Relli’s platform and operator services, visit www.relli.co
Disclaimer: This article is intended for informational purposes only and does not constitute legal, financial, or investment advice. The views and opinions expressed herein reflect those of the individuals quoted and do not represent an endorsement of any particular company, product, or service. Readers should conduct their own due diligence and consult qualified professionals before making any investment decisions.
Disclosure: Individuals or companies mentioned may have a commercial relationship with KeyCrew.
