iBuyer startup Perch lands $220 million capital investment

FirstMark Capital | April 03, 2019

Perch, an online platform for home buying and selling, announced this week that it raised $220 million in funding to fuel its plans for continued expansion. The funding round includes $200 million in debt that was led by FirstMark Capital with help from Accomplice and Juxtapose, plus $20 million in equity. The company which launched early last year in San Antonio and has since expanded to Dallas-Fort Worth is part of a rising category of companies called iBuyers, which seek to simplify the home buying and selling process by creating a completely digital transaction that puts consumers in control.

Spotlight

Judging from recent numbers, businesses and entrepreneurs are jumping on the crowdfunding bandwagon in record numbers. Here are some tips on how to make sure your campaign in a success.

Spotlight

Judging from recent numbers, businesses and entrepreneurs are jumping on the crowdfunding bandwagon in record numbers. Here are some tips on how to make sure your campaign in a success.

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REAL ESTATE INVESTMENT

Knock Expands Presence in Arizona, Florida, Minnesota, Tennessee and Texas to Empower More Homeowners to Buy Before They Sell

Knock | August 20, 2021

Knock, the fast-growing real estate technology company that is bringing convenience, certainty and cost savings to the process of buying and selling homes, today announced that it is building on its existing presence in Arizona, Florida, Minnesota, Tennessee and Texas to bring the Knock Home Swap to homeowners in nine additional markets. With the Home Swap, a consumer is able to make a strong non-contingent offer that empowers them to buy and move into their new home before they list, alleviating the need to time a sale with a purchase, moving twice and living through repairs and open houses. With today's announcement, the Knock Home Swap is available in 59 markets coast-to-coast. The expansion into Prescott and Yuma, Ariz., The Villages in Florida, Duluth, Rochester and St. Cloud, Minn., Knoxville and Memphis, Tenn. and Sherman-Denison, Texas, builds on the company's established presence throughout Arizona, Florida, Minnesota, Tennessee and Texas. "With the Knock Home Swap, homeowners can unlock the equity in their old house so they can buy their dream home and then repair and list their old house on their timeline for the maximum sale price," said Knock Co-Founder and CEO Sean Black. "Based on our rapid growth, it's clear that homeowners across the country are looking for a more digital, streamlined real estate experience that includes the expertise of a real estate professional. We are excited to bring the Home Swap and the certainty, convenience and cost-savings it provides to more homeowners." The Knock Home Swap offers homeowners an end-to-end digital solution that includes a competitively priced mortgage and an interest-free bridge loan, which covers the down payment on the new home, home prep and up to six months of mortgage payments on the old house. A homeowner can qualify for the Knock Home Swap from their mobile device and then confidently shop for the home they want with their own agent by their side and in the app. In addition, they have the advantage of waiting until they have moved into their new home to prep and list their old house on the open market, so there's no living through repairs and showings or selling for less than full value. As part of its Home Prep Concierge, Knock provides access to its contractor network and manages the payment of client-approved work until closing. Additionally, Knock provides a backup offer on the old house in the unlikely event that it doesn't sell within six months. Ninety-nine percent of Knock homes sell in 90 days or less, with 83 percent selling in 30 days or less. For Meisha Cleland, who recently used the Knock Home Swap to purchase her new home in Prescott Valley, Ariz., before listing her house in Mesa, the Home Swap eliminated the need to move twice. "In the past when I've bought and sold a home, I've needed the money from the sale of my house for the down payment on my new home. It has meant having to sell my house and find temporary housing while looking for a new home. The Home Swap eliminated a step in the process, and it allowed me to be a more competitive buyer," Cleland said. Nationwide, the Knock Home Swap is available through 245 real estate brokerage firms with 100,000 agents in approximately 4,700 ZIP codes throughout Arizona, Southern California, Colorado, Florida, Georgia, Illinois, Minnesota, North Carolina, South Carolina, Tennessee and Texas. Knock plans to offer the Home Swap in over 100 markets by 2023. About Knock Knock is on a mission to empower people to move freely. The Knock Home Swap™ makes it easy for consumers to buy their new dream home before selling their old one, skipping the hassles of living through repairs and showings, paying only one mortgage at a time, and having home prep covered upfront, so their old house sells for the highest possible price. Knock currently offers the Home Swap in 59 markets and plans to be in over 100 markets by 2023.

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REAL ESTATE TECHNOLOGY

Realtor.com Seller's Marketplace Adds Four New Selling Options

Realtor.com | May 11, 2022

Realtor.com announced the expansion of its Seller's Marketplace, adding four new selling options and expanding its reach throughout the U.S. Seller's Marketplace presents homeowners with information about more selling options than any other real estate search site, allowing them to compare information and choose the option that works best for them. Seller's Marketplace has grown traffic by more than 300% year-over-year for Q3 while providing highly qualified leads to our industry partners and agents. In addition to the 5 seller offerings already available from companies such as EasyKnock, HomeGo (New Western Company), Knock and WeBuyHouses.com, as well as listing with an agent, homeowners can now view selling options from Flyhomes, Orchard, Reali and Swift Home Solutions. With just a few clicks, homeowners can see which of these are available in their area and compare estimates for sale price, timeline, and more with no upfront cost or commitment. Since launching in 2020, Seller's Marketplace has had tremendous momentum and we're proud to add more great selling options to help homeowners understand all the different ways to sell a home. We want to empower homeowners to take control of their home sale and be able to compare more options than ever before – all in one place." Marissa Mierow, vice president of product, Realtor.com Seller's Marketplace now includes: List on the open market with an agent Buy Now, Sell Later Sell with Ease Sell Now, Move Later Sell in Any Condition In today's competitive housing market, alternative selling and financing solutions have gained popularity as ways to sell a home quickly, compete and win in bidding wars, unlock home equity, and even provide flexibility for tricky circumstances. Realtor.com is the only national home search site that lets people compare different selling options and empowers them to find the right fit with just a few clicks. Real estate agents also continue to benefit from Seller's Marketplace through many of the solutions offered by Seller's Marketplace providers as well as from referrals from the Realtor.com network. "Everyone's situation is different and Realtor.com wants to provide important information and connect homeowners with providers in the financing and selling spaces, so that they can weigh their options and make the best decision for themselves and their families," added Mierow. About Realtor.com Realtor.com makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com pioneered the world of digital real estate more than 25 years ago, and today through its website and mobile apps offers a marketplace where people can learn about their options, trust in the transparency of information provided to them, and get services and resources that are personalized to their needs. Using proprietary data science and machine learning technology, Realtor.com pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com is operated by News Corp subsidiary Move, Inc.

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REAL ESTATE INVESTMENT

NAS Investment Solutions Acquires New Class-A, Indiana Office Property

NAS Investment Solutions | December 22, 2021

NAS Investment Solutions (NASIS), a national sponsor of high-quality real estate investment properties with a nationwide reputation for acquiring elite commercial real estate with investment grade tenants, has acquired a prime Class-A, office property in South Bend, IN. Newly constructed in 2021, the 82,064 square-foot office building serves as the national headquarters for Press Ganey, the area's fifth largest employer and a leading provider of performance measurement and improvement services to U.S. healthcare providers. The company currently has 1600+ employees in 23 locations across the U.S. and over 41,000 customers, including over 80% of the largest U.S. hospitals and medical service providers. Press Ganey has a 98% customer-retention rating. Assuming responsibilities for asset management and property management for the newly acquired investment is National Asset Services (NAS), one of the Nation's leading commercial real estate companies. Since 2008, NAS has served over 2,500 investment clients and has established an impressive track record for investment property management. The track record includes generating over $585 million in cash distributions to property investors and managing a commercial real estate portfolio of 169 diverse commercial properties, comprised of 24.422 million square-feet, in 30 states. The overall value of NAS' managed portfolio in the company's 12-year history, totals over $3.325 billion. We are extremely proud to have delivered an elite, trophy-class property to our investment clients while expeditiously closing the transaction for our 1031 Exchange investors, This property acquisition is the direct result of our tenacious acquisitions team, our exhaustive underwriting process and our transactions management expertise." Karen E. Kennedy, President and Founder of NAS Investment Solutions and National Asset Services. NASIS was represented by Paul D. Rubenstein, Attorney in Los Angeles, CA for the acquisition of the property. Located less than two miles southwest of downtown South Bend, the Press Ganey property's structure and design were recognized by the Indiana Kentucky Associated Builders and Contractors with the 2021 Award of Excellence in Construction. The 6.8-acre site consists of approximately 408 surface parking spaces and features a unique 4,800 square-foot rooftop employee patio lounge. About NAS Investment Solutions (NASIS) NAS Investment Solutions was established to leverage National Asset Services' vast experience in investment property management by identifying, acquiring, and enhancing commercial real estate investments across all sectors of the real estate industry. About National Asset Services (NAS) Headquartered in Los Angeles, California, NAS manages a wide range of diverse commercial real estate: Office, medical office, multifamily, retail, student housing, assisted living and industrial flex properties. The company manages sole-owned and multi-owner properties. NAS offers a wide range of asset management capabilities. They include property management; project management; lease administration; acquisition and disposition services; real estate strategy analysis; long-range business objectives; monitoring changing market conditions; investor relations; real estate and investor accounting; loan modification and workout solutions; exit and hold strategies; leasing & marketing; tenant retention plans; research studies; site selections; feasibility studies; insurance risk management; capital improvement planning and tracking; property tax appeal services and cost segregation services.

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