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Pricing Fraud with Finesse | Tyler Adams (CertifID)
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What if your real estate transaction could be hijacked by cybercriminals in mere seconds?
Join me in a discussion with Tyler Adams, co-founder and CEO of CertifID, around the alarming realities of wire fraud in the real estate industry. With a shocking $12.5 billion lost to cybercrime last year according to the FBI, Tyler unveils how fraudsters exploit trust and rapid money movement in real estate deals, and how CertifID is on a mission to secure these transactions through identity verification and robust security measures.
Tyler shares how increasing awareness of fraud risks and changes in insurance coverage have driven a growing appreciation for their product. We discuss the initial resistance to subscription models due to the cyclical nature of the industry, and how this led to the creation of a more tailored annual license plus transaction-based pricing approach—aligning costs more closely with customer value and market dynamics. Tyler explains the transition to a hybrid billing model, balancing subscription and per-transaction fees, and the continuous adaptation required to meet customer needs. We also explore how CertifID navigates the challenges of transitioning existing clients to new pricing structures. This episode is a must-listen for anyone interested in preventing wire fraud and mastering effective pricing strategies.
In this episode:
(00:00) Tyler Adams, CEO of Certified, discusses wire fraud in real estate, and overview of FBI’s fraud report -$12.5 billion lost to cybercrime in one year (reported)
(04:50) Challenges convincing businesses to adopt paid security measures, entering the market with a unique fraud prevention solution, evolving perception of its value, challenges of pricing models, and shift to annual license plus transaction-based pricing
(13:00) Complexity of balancing predictability and flexibility in pricing models
(22:05) What’s working right now in real estate security and pricing, addressing multiple money movements within a single real estate transaction
(28:30) Sales team approaches to customers and commission structures
(36:15) Plans going forward, continuous iteration to align with customer needs and market dynamics, offering tiered insurance options for better customer control and value
(40:40) Favorite jam growing up
Welcome to Street Pricing, the only show where proven SaaS (Software as a Service) leaders share their mindset and mistakes in pricing so we can all stop guessing and start growing. Street Pricing is hosted by Pricing I/O CEO and Pricing Coach, Marcos Rivera, sought after slayer of bad pricing. With 20 years of pricing expertise, he has helped price over 200 SaaS products and coached over 100 SaaS CEOs and counting! From the streets of the Bronx to CEO, Marcos wants to take the guessing out of pricing.
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