RealDirect ( web-based real estate tool) Raising $2 Million in Funding

By ajay at June 24, 2011 | 10:06 am | Print

RealDirect ( web-based  real estate tool) Raising $2 Million in Funding

RealDirect, a web based real estate technology & brokerage startup, got $2 million in Series Around of funding which is led by GSA Venture Partners, with additional investments from Bendigo Partners, High Peaks Venture Partners and others.

This round will be used to build out the growing team and technology behind RealDirect’s proprietary web-based platform.

What exactly this startup do?

RealDirect is an alternative real estate brokerage that helps clients buy and sell residential real estate through a web-based, data-driven marketing and sales platform, with the assistance of a licensed real estate consultant.

Currently operating in Manhattan and Brooklyn, RealDirect plans to expand its areas of service to additional markets across the New York metro area through the end of the year.

How It Works:

Sellers sign up online and build a profile of their home to get a RealPrice estimate – an accurate pricing estimate of how much to list their home. Users can then decide to list their home for sale and choose either “Owner-Managed,” where they pay either a monthly fee of $395 or a 1% commission at close, or “Agent-Managed,” where a RealDirect agent manages the entire process for a 2% commission to RealDirect. Clients are able to choose the commission they are willing to pay buyer’s brokers. The platform uses listing and market data in real-time to make recommendations along the way to the seller and their consultant.

On the buyer side, RealDirect provides prospective buyers with two-tiered guidance in managing their apartment search. RealDirect for Buyers gives users access to dynamic tools, including a unique Buyer Profile that helps clients better understand their living needs. At completion of the profile, the buyer will receive a synopsis of what is important to them, broken down into three categories: “Must Have’s,” “Wish List” and “Deal Breakers.” RealDirect then provides the buyer with a list of the 5-10 properties that best fit their needs.

The list will also periodically flag a listing as a “RealBargain” if data shows the property to be a particularly good deal. In working with RealDirect, buyers have the opportunity to earn a 1 percent rebate check on the sale price of a home at closing.

What VCs Says About This Company:

Jarrett Lilien, former president and COO of E*Trade and founding partner of private investment firm Bendigo Partners, said, “With an increasing amount of data and tools available online, RealDirect satisfies a need in the real estate market similar to how E*Trade and other online brokers give consumers an alternative in financial services. My partners and I strongly believe the market for consumers having more control over their real estate transactions is about to take off.”

Visionwiz’s Views:

We are seeing good potential in this kind of sites.Let’s see how this site grow.

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