INSUBCONTINENT EXCLUSIVE:
Reali, a real estate platform that replaces traditional real estate transaction fees with a flat-fee model, today announced that it has
raised a $20 million Series B funding round led by Zeev Ventures, with participation from Signia Venture Partners and other investors
This round brings Reali total funding to $30 million.The basic idea behind Reali is to do away with the current agent-centric commission
model and replace it with a technology platform and agents that are paid a flat fee per transaction
To do this more efficiently in the future, Reali is looking to machine learning and artificial intelligence.&We are fusing AI with human
intelligence and optimized workflows around buyer and seller journeys — all towards a superior customer experience for real estate
transactions that also result in significant savings for buyers and sellers,& Reali CEO and founder Amit Haller told me.It no surprise,
then, that much of the new funding will go toward expanding the company expertise in this area
In addition, the service is also looking at expanding its service geographically
Currently, it only available in the Bay Area and Sacramento
Reali now wants to add Southern California to this list
&We are in the process of recruiting and training a team of Reali Experts and on-the-ground Brand Ambassadors, and we expect to begin
servicing buyers and sellers later this summer,& said Haller
&We will be covering all of California this year, followed by out-of-state markets.&So far, Reali says, the platform has processed &hundreds
of millions of dollars in homes bought and sold.& The company boasts that its agents are far more efficient than other brokers on a
per-transaction basis and that they have a Net Promotor Score of 85.2
The company app has only been downloaded 30,000 times since January 2017, though that number doesn&t mean much given that the service is
only available in a very limited area.
