You know we are in a real estate bubble when some company pops up promising to "Sell your home in 6 weeks or less" and if they can't they will buy it themselves for "market" price. Despite the fact that if a house isn't selling at "market price" that means it needs to be lowered and the market price is actually declining (see current SF Bay Area prices. Peaked and in the decline. Buyers are fed up with paying sky high prices)
"Over 200 million buyers search our partners Zillow, Trulia & Realtor.com every month" --> Should put a number there that's a little more believable given there are only 5 million sales a year, total.
@drewmeyers this is the real number of unique monthly visitors to all 3 sites combined each month. You can actually fact check this as all 3 are public companies. I'm sure there is overlap as people tend to search multiple sites, but it's not possible to dedup. While you are correct that 5 million homes are bought/sold each year, we as a country are obsessed with real estate and spend a great deal of time searching, browsing, tracking, dreaming and researching. Also, if you assume there are an average of 3 people in each household and there is a household on both the buy and sell side of those 5 million transactions, you are talking about multiple millions of people involved in the purchase of those 5 million homes. Furthermore, people search an average of 9 months before buying a home, so a great deal of online activity on any given month includes people buying over the next few years.
@seanblack How many of those 200 million combined visitors searching/buying in the Atlanta area? Even if you assume 3 people per transaction, that's only 15 million a year per side / 30 million total - across the whole country. How many sales occurred in your market last year?
All I'm getting at is that in these early days, you have early adopter / industry insiders attention -- and we all know those numbers aren't close to reality of actual buyers. You need a number that's believable by people in the industry, specific to a startup that's operating in one market.
@drewmeyers fair points Drew. We are thinking nationally while acting locally, thus the nationwide numbers. We are going to take it under advisement. We will clarify that those numbers are nationwide on the site in the meantime. Thanks!
Report
@seanblack as an active real estate buyer/seller I think this is a great idea. how are you deciding what markets to go to? Is it just finding the right patrner or something else? How do interested parties contact you about partnering in other markets?
Cool to see another competitor to Opendoor in the market, w. Knock focused first on the greater Atlanta metro area. Buying and selling a home is one of the most frustrating and time-intensive processes in our lives, so services like these are really fantastic for consumers.
I was a huge fan of @seanblack's Crunched platform for sales teams a few years ago but looks like he's getting back into real estate w. Knock alongside @jamieglenn.
Horizon
Knock
Horizon
Knock
Horizon
Knock