4 Real Estate Tech Startups Agents Need to Watch

by Claire Smith

Within the family of sites like Zillow and Redfin, there have been a plethora of tech startups emerging from the woodwork over the past couple of years in endless pursuit of streamlining the home buying and selling process. Here are a few startups that are brewing in potential:

Faira

Birthplace: Seattle, Wash.

Founded: 2015

Founders: Kamal Jain, Eduardo Oliveira and Haresh Sangani

Recent funding: $1.2M

Current focus: With a summation of investments from Mark Hager, Himel Capital, Amit Metal and R. Ravi, Faira plans to extend its services into San-Fransisco.

Faira aims to reduce difficulty for buyers and sellers by providing a modern and transparent experience, producing reports which include information on independent inspections, title reports and seller disclosures. Aware of competition Faira CEO Kamal Jain says, “Faira enables sellers to get the best price for their home for two reasons. There is social proof in the transparent offer process, which gives buyers confidence. Faira also gives agent-less buyers access to the offer process, and therefore more competition. Direct buyers can save 3 percent on the price using Faira without an agent.” Faira also provides its service to sellers for free.

Visit their site for more information.

OfferPad 

Birthplace: Gilbert, AZ

Founded: 2015

Founders: Brian Bair and Jerry Coleman

Recent funding: $260M

With an online driven focus, sellers are able to request, receive and accept a very real purchase offer any day of the week. With an extensive history in real estate, founder Jerry Coleman says, “We believe that we have the most experienced team of single-family operators ever assembled.” OfferPad hosts services in Las Vegas, Salt Lake City, Tampa, Orlando and Los Angeles. As mentioned on their website, offices will be expanding into Atlanta, Charlotte, Nashville, Texas and more.

Visit their site for more information.

Opendoor

Birthplace: San Fransisco, CA

Founded: 2014

Founders: Eric Wu, Keith Rabois, Ian Wong and JD Ross

Funding: $580M

Opendoor’s main preface is to buy single-family homes built after 1960 and priced between $125,000 and $500,000 from sellers, site unseen. This advances the process for sellers, allowing them to skip the hassle of interior and exterior repairs, and scheduling and staging for showings. “Our investors are incredibly supportive of our market and the time horizon under which we’re operating,” says Eric Wu, CEO and co-founder of Opendoor. Opendoor currently serves in Phoenix and Dallas with feelers out in Las Vegas. It will branch out to at least ten other cities by the end of this year.

Visit their site for more information.

Nestio

Birthplace: New York, NY

Founded: 2011

Founders: Caren Maio, Matthew Raoul and Michael O’Toole

Funding: $8M

Originally serving as a host site for listings posted on Craigslist, Zillow, Trulia, etc. Nestio redirected its attention directly to landlords renting out apartments and homes. In 2014, they revamped their systems, opening services to brokers, providing platforms with access to real-time data, which is key for fast-paced markets. Nestio gives landlords and brokers a space to manage, market, research and close. Based in New York, Nestio plans to expand to Boston, Chicago, Miami and Washington, D.C.

Visit their site for more information.

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