Real Estate Marketing & Beyond
Online real estate transaction service SoloPro has just clinched a strategic investment from the venture capital divion of Lowe, the home improvement company. Lowe’s Companies Venture Capital didn't disclose how much the value of that investment was, but TechCrunch says it's likely to be less than the $1.1 million SoloPro secured in a funding round last June.
SoloPro's service is currently being tested in several markets, and works by “unbundling” real estate services. For example, if you've already found a home you like and you only need contact an agent to view it, SoloPro lets you do so for a fixed price of between $0 and $30. It offers other services too, like pricing homes, organizing walk-throughs, inspections and phone consultations. The service also allows buyers to find an agent to handle the closing of any deal.
Users can also submit offers for homes using SoloPro too. This is done by working with SoloPro's agents, who refund users the 3 percent commission traditional agents take. Readers might notice it's quite similar to Redfin.
SoloPro's previous $1.1 million investment round was led by Oxpoint Investments and Buchanan Ventures, but the Lowe investment is perhaps an even bigger score for the startup.
“This investment by Lowe’s is a huge win for SoloPro and for our homebuyers,” Tommy Sowers, CEO and founder of SoloPro, said in a statement. “This strategic investment by Lowe’s gives us a longer runway. Lowe’s investment also signals strong interest from the leader of DIY home improvement with connecting with DIY home buyers.”
