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Knock Knock? Startup lands $32m series A funding to reshape residential home sales

By Mike Wheatley | February 23, 2017

Online real estate service Knock is finishing up a $32 million Series A round led by RRE Ventures. The new company, founded by former Trulia executives, promises to handle the details of home sales in exchange for the traditional six percent commissions. Unlike legacy sellers, though, Knock promises you market-rate returns on your house in advance. And if, for whatever reason, your home doesn’t sell, Knock will buy it.

“From our experience working in online real estate at Trulia and Yahoo, we recognized the need to utilize technology to streamline the home selling process. We sought funding and advisors from business leaders who successfully transformed industries at iconic, multi-billion dollar companies like Netflix, TiVo, Trulia and Houzz,” said Sean Black, co-founder and CEO of Knock. “Together, we’re fundamentally changing the face of home selling by utilizing data science to price homes accurately, technology to sell them quickly and a dedicated team of professionals to guide homeowners through the selling process.”

Despite the proliferation of new marketplace businesses, one space has been left behind,” said Raju Rishi, General Partner at RRE Ventures. “Until now, there has been no true tech-enabled marketplace for residential real estate. We believe that this market is finally ripe for disruption, and there exists no better team to execute against Knock’s vision than founding team members of Trulia.”

Rolling out across Metro Atlanta as its launch market with plans to expand nationally in the coming months, Knock is fundamentally changing the real estate industry by leveraging technology to sell homes in six weeks or less, guaranteed. This is made possible through the company’s use of data, including a home pricing algorithm, neighborhood analysis and its proprietary 200-point on-site inspection to ensure homes are priced right the first time. In addition, it offers a Knock Home Certification and an extended warranty, to further increase the home’s value while delivering a painless home selling experience to homeowners.

Unlike old school and new online home flippers that take 15 to 35 percent of the sale price, Knock is the only online home selling platform that provides homeowners a guaranteed way to sell their home at market price in six weeks for the same six percent as a traditional listing. Knock provides homeowners additional pricing assurance via a rebate offer. If the company purchases a home and sells it at a higher price within 45 days, it will rebate 90 percent of the difference back to the homeowner. Finally, by bringing the process entirely online, from paperwork to scheduling repairs and showings, Knock empowers sellers to manage it from any device, anywhere.

“We strongly believe that homeowners should not have to give up a significant percent of their home’s equity and their personal time to ensure a quick and painless move. Our platform is available for the same fee as one would pay a traditional real estate agent, with the added benefit of total transparency and a sales guarantee,” shares Jamie Glenn, co-founder and COO of Knock.

With solid startup experience and industry insights, Knock’s founders bring proven success to the company’s foundation. Leveraging proficiency in technology, data science, and real estate, Black, Glenn and Karan Sakhuja have married these three elements to modernize the home selling industry and offer homeowners the first online platform that is backed by a six-week sales guarantee. “The leadership team behind the companies we back is a major consideration factor when making a deal. Having three founders who have accomplished as much as Knock’s, including building a brand and successfully exiting, held significant weight during our decision process,” shares Rishi.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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