UpNest
| ISIN | 🆔 |
|---|---|
| Industry | Real Estate |
| Founded 📆 | 2013 |
| Founder 👔 | Simon Ru, CEO |
| Headquarters 🏙️ | Burlingame |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
UpNest is a real estate referral company based in Burlingame, CA. Unlike many other real estate brokers, UpNest matches a network of participating agents to potential customers looking to buy or sell a home.[1] The real estate agents then compete to offer the client the best proposal, and the client picks their favorite agent.[2][3] According to Crunchbase, “UpNest has facilitated billions of dollars in home sales, and saved consumers millions of dollars in commissions.”[4] In its initial seed funding round in November 2014, UpNest raised $2,800,000.[5] UpNest’s slogan is “Agents Compete, You Win.”[6]
History
UpNest was founded in 2013 by Simon Ru, after his work on real estate company Less Than 6 Percent.[7] UpNest had one seed round on November 1st, 2014. It raised $2.8 million.[5] The company grew 1,533 percent in revenue in 2018 and facilitated over $2 billion dollars in home transactions.[8]
UpNest ranked #85 on Deloitte’s 2018 Technology Fast 500™ List of Fastest Growing Companies, and #322 on the 2018 Inc 500 Fastest Growing Companies.[9] [10]
Overview
UpNest matches each client against their database of thousands of real estate agents, ranking agents by success rating, client preferences, location, and other factors.[11] The algorithm then selects three to five of the best agents to submit commission quotes.[12] The client interviews his or her favorite agents and decides whether or not to work with one.[13] There is no commitment to work with any agent during the proposal and interview process.
UpNest is free for home buyers and sellers.[14] Instead, UpNest charges agents a referral fee upon closing. This fee is equal to 15 percent for buyer’s agents and 30 percent for sellers agents.[15] Agents must sign up for the UpNest platform in order to receive leads.
References
- ↑ Teke Wiggins. “UpNest lets real estate agents offer rebates to compete for homebuyers” inman (May 28 2014)
- ↑ Julie Watts and Whitney Gould. “Real Estate Startups Streamline Sales, Cut Closing Costs”, CBS SF Bay Area (May 6 2018)
- ↑ Doug Whiteman. “These Disruptors Are Showing Us the Future of Homebuying”, MoneyWise (July 24 2018)
- ↑ Crunchbase, Retrieved March 1 2019
- ↑ 5.0 5.1 Crunchbase, Retrieved March 1 2019
- ↑ Upnest Home Page Retrieved March 1 2018
- ↑ Simon Ru ’03, MBA ’11, Berkeley Innovators, Retrieved March 1 2019
- ↑ “UpNest Ranked #85 on Deloitte’s 2018 Technology Fast 500™ List of Fastest Growing Companies” PRWeb (November 19 2018)
- ↑ “Deloitte 2018 Technology Fast 500 Winners” Deloitte, Retrieved December 25 2018
- ↑ “Meet the Most Inspiring Companies of 2018”, Inc 500, Retrieved March 1 2019
- ↑ Nydia Han. “Real estate upstart UpNest lets realtors compete for buyers, sellers” ABC 6 (October 26 2017)
- ↑ Joe Nickelson “Stand Out on Real Estate Ranking Sites” Smart Agents, Retrieved March 1 2019
- ↑ Upnest How it Works, Retrieved March 1 2019
- ↑ Nydia Han “What's the Deal: Upnest for homeowners” ABC 6 (October 26 2017)
- ↑ Paul Hagey, “AgentPair, LessThan6Percent and UpNest look to bring auction-style lead generation into the mainstream”, inman (July 2, 2014)
External links
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