FlareAgent, a platform that automates real estate transactions, launches out of YC
The true property trade is experiencing a little bit of a rejuvenation. After years resisting the affect of tech, the trade is now feeling the doorway of e-buyers, in addition to a wide range of software program to streamline the method. One such tech firm seeking to infiltrate actual property is FlareAgent, which launches right now out of Y Combinator.
FlareAgent was based by Abhi CVK and Rashid Aziz. The duo, who simply graduated out of NYU, first constructed FlareAgent when Rashid’s dad, an actual property agent, was requested by his boss (Mr. Brown) about discovering software program which may velocity up the method of finishing a transaction.
Abhi and Rashid constructed one thing that ended up serving to develop the actual property agency from 20 offers per thirty days to greater than 100 offers/month. How?
FlareAgent lets all events collaborate on a transaction from the consolation of their very own house or workplace. From buy gives to escrow paperwork to the closing settlement, FlareAgent permits brokers and purchasers to view and work together with varied paperwork to hurry up the time to shut.
This was performed manually by brokers, who’d need to fax or mail or hand-deliver paperwork to and from varied events within the transaction. If modifications happen to the paperwork, this course of might begin over from scratch.
With FlareAgent, on a regular basis spent altering and sharing paperwork manually could be performed on-line.
To be clear, a transaction doesn’t really undergo FlareAgent. In different phrases, the cash altering fingers from purchaser to vendor doesn’t movement via the FlareAgent platform. However all of the paperwork that should be reviewed, amended and signed could be dealt with on FlareAgent.
To generate profits, the corporate fees a month-to-month subscription to brokers utilizing the platform.
To this point, FlareAgent says it has round 100 energetic brokers on the platform and has processed greater than 2,500 transactions (price $550 million in property worth) since its inception.