SparkOffer
Online real estate platform for transparent, competitive offers.
| Date | Investors | Amount | Round |
|---|---|---|---|
$1.4m | Seed | ||
| Total Funding | 000k | ||
SparkOffer is an online platform designed to streamline the real estate offer process, connecting sellers and buyers. The company provides tools for sellers and their agents to manage property sales in an environment that aims to generate competitive, real-time offers. It is not a real estate broker or auctioneer but provides the software platform for these transactions to occur. The platform is designed to digitize the traditional paper offer process, making it faster and easier for prospective buyers to submit offers, which can lead to more offers and potentially higher selling prices.
The company was founded by Mike Russo, a real estate industry veteran with extensive experience in luxury home auctions. His journey includes co-founding a tech startup called Rora, becoming a partner at Concierge Auctions where he auctioned over $1 billion in homes, and experiencing a personal financial setback during the 2008 recession, which gave him firsthand insight into the challenges of selling a home under pressure. SparkOffer was developed from this background with the idea of making the offer process as straightforward as an auction. The company debuted in 2019 and is now a part of Auction.com, where Russo serves as the Head of Product Innovation.
SparkOffer's business model centers on creating a transparent, open-bid marketplace. Listing agents can create dedicated pages for properties, and buyers can submit and see offers in a timeline, fostering competition. While similar to an auction in its competitive nature, SparkOffer allows for offers to be accepted over longer periods (days or weeks) and lets sellers consider offers based on various conditions, not just the highest price. The service is free for sellers and their agents to set up. Revenue is generated through a technology fee, typically a percentage of the gross sale price, paid by the seller or their agent if a sale is completed through the platform. The platform is particularly noted as being beneficial for unique luxury listings and investment properties.
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