Homeowners use Redy’s interface to post information about their homes in the hope that real estate agents will pay them in exchange for listing business.
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Redy, a consumer web-based solution for homeowners to find listing agents, is currently launching in Atlanta, Dallas, Orlando, Phoenix and San Diego, according to a June 18 press release shared with Inman.
The company initially launched in June 2022 as BidMyListing, with Josh and Matt Altman as initial investors and advocates. It raised $20 million in its first few months. Redy is a new, more market-friendly car.
Homeowners use Redy’s interface to post information about their homes in the hope that real estate agents will pay them in exchange for listing business. Automated listing systems help homeowners quickly expose their properties to potential bidders. They simply enter their address, confirm the details, provide a description and set a target sales price. The proxy matching algorithm does the rest.
The product is designed to ensure that all parties are aligned on sales targets, and the idea is that agents who have already invested will have more incentive to recoup their upfront costs. Agents submit proposals for homes they are interested in representing.
“When you own local seller listings, you own local marketplaces,” company co-founder Josh Altman said in a statement about the model.
“For the first time, sellers are paid cash to select an agent. So the agent invests directly in the sale,” Altman said. “All agents have the opportunity to own local seller listings, which will in turn help them own the local marketplace in which they operate and level the playing field for listings.”
The website describes an agent’s proposal as “a plan you submit to a potential home seller that outlines the home seller’s commission, contract length, and cash incentives.” They can include written and rich media content, payment recommendations, and, generally, Everything that may be part of a live listing presentation, including listing terms and proposed commissions.
At its core, Redy is a lead generation system. Instead of paying advertising fees or paying brokers, agents are paid directly for leads for their business. This means agents need to be prepared to compete for the best listings on a direct cash basis. Expertise often comes second, but a savvy agent can offer a smaller upfront fee to ensure a smooth, quick sale.
More than 5,000 homes have been listed on the Redy platform, with sellers receiving an average down payment cash bonus of $2,357, according to a press release. The company has 15,000 registered agents, according to its website.
“Home sellers choose the agents they want to interact with and have full control over when that interaction happens. Home sellers can escape endless unsolicited offers and receive personalized agent recommendations simply by listing their home cash prize,” the release said.
Redy said it also has a “strong network of partners” if a homeowner doesn’t like any proposal submitted. This includes cash offer opportunities and traditional referrals. Potential customers who may be “ready to sell” become another asset to the company.
Shelly Cofini, the company’s chief strategy officer, said the NAR settlement was a factor in Redy’s launch.
“At the heart of the National Association of Realtors settlement is a significant revelation that the real estate industry has systematically disempowered consumers,” she said. “We offer home sellers unprecedented control, fair competition and complete transparency. According to NAR’s own data, agents only convert about one percent of the leads they receive from major advertising agencies.
Redy soft launched in 2022 and is now widely available, with more markets coming soon.
Email Craig C. Rowe
