Homelight to help home sellers
HomeLight was founded in 2012 to connect home owners seeking to sell with property agents in their area who are very likely to shut immediately and get the best price for their houses. The business has raised $ 40 million in new funding led by Menlo Ventures, using its company growing.Homelight to help home sellers.
“The market opportunity in front of us is just so big… A small amount of market share may be a significant opportunity for us,” Uher said.
Despite the increase for locating homes for sale, there’s been a pronounced uptick in the amount of properties. But because the vast majority of real estate agents are preferred through word of mouth or referrals, most sellers do not know before they sign a contract, how good a broker is.
“A good agent matters,” he explained. In accordance with Uher, the best agents excel at preparing a home for sale, pricing it correctly, and will usually possess “an army of folks” to assist sellers throughout the trade. That means knowing other specialists, stager, and the best photographer .
It appears the model is working, as revenue has grown by nearly 500 percent and it’s recorded more than $1 billion in houses this year.
HomeLight’s data gives it a huge advantage, because it takes a referral fee when business sourced on its own platform close and its own incentives are aligned with customers. Users who find their realtor through HomeLight have the ability to market their homes about a month quicker and for 3 percent more than list price on average, founder and CEO Drew Uher told me.
Previously the company had increased $15.5 million from investors that included Zeev Ventures, SGVC, GV, Crosslink Capital, Bullpen Capital and Innovation Endeavors, amongst others. Along with the financing, Menlo’s Tyler Sosin will join the board while board observers will be joined as by Venky Ganesan of Menlo and Dovi Frances of SGVC.
The new financing will be used to invest in employees, including growing its group from about 60 today at the end of the calendar year, based on Uher. Much of that investment will be across its offices in San Francisco and Phoenix.
After five years of running a business that is pretty capital efficient, HomeLight is ready to pour gas on the fire. With that in mind, the company is announcing today that it has raised a $40 million Series B round of financing.
HomeLight hopes to capitalize on this with a data-driven approach to making real estate agent recommendations. By evaluating nearly 30 million trades around the country and pulling in information from more than 100 different data sources, HomeLight can identify the agents for any given region.Homelight to help home sellers.