California-based “multilateral” residential portal Realoq has expanded to Florida, Georgia and North Carolina. The company raised $3 million in seed funding in 2023.
exist Inman Connect Las Vegas, July 30-August. On January 1, 2024, the noise and misinformation will be cut away, all your big questions will be answered, and new business opportunities will be revealed. join us.
Residential marketplace Realoq has expanded to Florida, Georgia and North Carolina, according to an announcement earlier this week.
Anvesh Chakravartula | Anvesh Chakravartula Image source: LinkedIn
Anvesh Chakravartula, Founder and CEO of Realoq, said: “Unlike industry stalwarts, Realoq’s free-to-use service offers a carefully selected and custom-vetted pool of local agents, giving home buyers and sellers peace of mind, complete transparency and top-notch quality. ” in a prepared statement.
Realoq’s marketplaces serve California, Georgia, Florida, Idaho, Texas, North Carolina, Oregon and Washington, including providing home searches, Agent-consumer matching and transaction and customer relationship management technology.
On each listing page, home buyers can view basic listing information as well as key monthly, quarterly and annual market trends dating back several years. The listing page also includes mortgage rates, a mortgage calculator, and the option to get prequalified from one of the Mortgage Research Center’s participating members. If available, buyers can also request to speak with a qualified Realoq partner agent to discuss home buying options.
Meanwhile, a home seller’s Realoq journey begins by providing their home address, which provides them with a list of Realoq partner agents who can list their home. Powered by its customer relationship management (CRM) platform, Realoq provides sellers with market insights and personalized support throughout the transaction process.
“Buyers can choose the real estate agent that works best for them,” Chakravatula told Inman. “This means buyers are making a conscious effort to engage with agents, which in turn makes the entire process more efficient.”
Realoq charges no upfront, setup or monthly subscription fees to partner agents and brokers and provides free lead and customer relationship management tools through its Realoq Connect portal. Partner agents pay a flat fee of 25% of the commission when completing referral-based transactions.
“The platform is attractive because it provides free leads to agents who have been verified through the Realoq system,” Chakravartula said. “This means agents have a clear understanding of the needs of these buyers while ensuring they are qualified to meet them. [their needs]”.
Chakravartula said Realoq will improve its platform and market coverage this year, with the goal of going head-to-head with technology-leading brokerages such as portal giants Zillow, Redfin and Realtor.com, as well as Compass. Realoq has brokerage licenses in California, Georgia, Florida, Idaho, Texas, North Carolina, Oregon and Washington state, but does not yet offer brokerage services.
“Realoq’s platform solves several long-standing challenges in the real estate industry, including the inefficiencies and complexity of traditional transactions, which often involve excessive paperwork, lack of transparency and opaque procedures,” he said. “By automating and digitizing these processes, Realoq significantly reduces the time and effort required to trade.”
The 18-month-old company raised $3 million in seed funding in December, with UK-based TRK Ventures Fund as the sole investor.
Email Marianne McPherson
