Real Estate Tech Startup Homesnap Raises $14M Series B for Verticalized Software Solution for Brokers
Homesnap is a productivity and marketing app for real estate agents. The startup just announced a $14M Series B led by Updata Partners. The startup claims that around 75% of the real estate agents in the United States are using the Homesnap product.
The startup is one of the leaders in the real estate industry trend toward verticalized software solutions for brokers.
For consumers, Homesnap offers a live feed of new real estate listings in the zip code of a buyer's choice. Users can create price alerts and message other users within the app. These features offer an alternative to Zillow and Trulia, but Homesnap claims to have more reliable data because it is partnering with MLS services around the country.
For agents and MLS services, Homesnap offers marketing opportunities. Agents can create listings, ads, and lead pages that are custom-branded. Brokerages can track leads and sales on an analytics dashboard, and they can view data for each agent within the company. Agents can use the app to find out how long a property has been on the market and which agents are associated with the sales process.
The startup recently partnered with Waze to provide opportunities to provide uniquely targeted advertising opportunities for brokers. The partnership allows agents to place listing ads via map pins or purchase "digital billboards" through the community-based navigation app that claims over 80 million active users. Agents who use the service will be able to target potential customers based on their location after they search for their destination or as they drive past a listing through geofencing.
If an agent is advertising on Facebook or Google, all data can be imported from Homesnap, and ads can be created in minutes.
Currently, Homesnap works with about 400k real estate agents and aggregates MLS data in about 125 metropolitan areas. MLS groups pay per agent on a per month basis for the product, and agents are then able to use Homesnap Pro for free.