reAlpha Tech

Intangible assets (20/100): Brand is nascent; AI assistants (for agents, borrowers, and CX) are replicable by larger peers and SaaS vendors. Prevu adds processes and a rebate‑oriented model, but differentiation is limited.

Network effects (10/100): Two‑sided liquidity is weak compared with portals and national brokerages; mortgage distribution lacks unique lead sources. Switching costs (15/100): Buyers and loan officers can move easily; rebate constructs are not sticky.

Cost advantages (15/100): Some potential from vertical integration and direct lending, but current scale is too small to confer structural cost leadership. Efficient scale (15/100): Real estate services remain fragmented; local licensing does not create natural monopolies.

Overall, multiple putative moat sources are early, unproven, and face strong incumbents with deeper data and marketing budgets.