PropTech company Savvy Lane raises $2M to drive sales and West Coast expansion.
SEATTLE, Sept. 5, 2019 /PRNewswire/ — West Coast-based real estate tech brokerage Savvy Lane announced today its funded Series Seed-1 round. The $2 million round was led and fully funded by a notable public company targeting innovative property tech solutions.
Savvy Lane secured the round to further scale operations, build out its buyer and seller support team and extend its multi-state sales effort. The company expects to triple its headcount and revenue in the next 12 months as the US market’s appetite for affordable alternatives to the traditional, fee-ridden, real estate experience grows.
The company launched in 2015 and, since the close of an angel round early that year, has experienced triple digit annual growth up and down the West Coast. According to Co-Founder and Chief Executive Officer, Andrew Miklos, the company’s rise is due to its ability to meet the more nuanced demands of today’s buyers and sellers. «The market is armed with more data, more digital tools and more insight than ever before. And still, the transaction experience has effectively remained, ‘one size fits all.’ We change that.»
Miklos suggests Savvy Lane’s model mimics early tax industry pioneers TurboTax and HRBlock. «These companies revolutionized how taxpayers filed taxes. They applied technology and transparency, at scale, to provide an affordable, DIY, alternative to a cost-prohibitive CPA.» The company believes its idea of «supported, self-service» fills a major market gap in real estate too.
«By providing everything from a la carte services for FSBO sellers to a 1% full-service agent experience, buyers and sellers can find the right option at the right time at the right price. Ultimately, we unbundle what the traditional agent does and create an end-to-end transaction experience, that’s supported, if needed,» noted Miklos.
In the last year the company has hired veteran talent from companies including Market Leader, Carta, and IGNW. It expects to continue to digitize workflows, improve its property marketing capabilities and enhance users’ one-stop-shop dashboard experience. By leveraging available technology the company avoids the back-office inefficiencies common in brokerages and pushes savings out to clients.
About Savvy Lane
Founded by a team of highly experienced real estate and business professionals, Savvy Lane is a modern alternative to the age-old real estate industry and commission model that negatively affects today’s buyers and sellers. The founders built a software platform to give clients the tools to buy and sell themselves with professional support, or hand-off the experience entirely to an affordable, local, dedicated agent. By creating a more transparent and streamlined process, Savvy Lane saves time and money over traditional brokerages and can offer solutions no matter a client’s budget. Today, Savvy Lane is the #1 Flat Fee MLS real estate provider on the West Coast.
About the Savvy Lane Platform
The Savvy Platform is perfect for the For Sale By Owner and Do-It-Yourself customer that wants to quickly, easily and affordably buy or sell a property. The platform features a simple guided process to help prepare the home; even offering connections with cleaners, stagers and handymen. Users can market the home with an MLS listing, access professional photography, and prepare virtual tours, signage, and flyers. The platform also helps facilitate closing with broker support, title and escrow, and mortgage services. Interested buyers can even place offers directly from the platform. All required documents are automatically generated in an easy-to-follow workflow for electronic signing and storage.
For those that want the ease of a full sale hand-off, Savvy Lane has local dedicated agents that will manage the entire sales experience – for just 1%!*
(*certain minimum and location restrictions many apply)
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SOURCE Savvy Lane