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UpNest

From EverybodyWiki Bios & Wiki

UpNest
ISIN🆔
IndustryReal Estate
Founded 📆2013
Founder 👔Simon Ru, CEO
Headquarters 🏙️Burlingame
Area served 🗺️
Members
Number of employees
🌐 Websitewww.upnest.com
📇 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[edit]

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[edit]

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 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[edit]

  1. Teke Wiggins. “UpNest lets real estate agents offer rebates to compete for homebuyers” inman (May 28 2014)
  2. Julie Watts and Whitney Gould. “Real Estate Startups Streamline Sales, Cut Closing Costs”, CBS SF Bay Area (May 6 2018)
  3. Doug Whiteman. “These Disruptors Are Showing Us the Future of Homebuying”, MoneyWise (July 24 2018)
  4. Crunchbase, Retrieved March 1 2019
  5. 5.0 5.1 Crunchbase, Retrieved March 1 2019
  6. Upnest Home Page Retrieved March 1 2018
  7. Simon Ru ’03, MBA ’11, Berkeley Innovators, Retrieved March 1 2019
  8. “UpNest Ranked #85 on Deloitte’s 2018 Technology Fast 500™ List of Fastest Growing Companies” PRWeb (November 19 2018)
  9. “Deloitte 2018 Technology Fast 500 Winners” Deloitte, Retrieved December 25 2018
  10. “Meet the Most Inspiring Companies of 2018”, Inc 500, Retrieved March 1 2019
  11. Nydia Han. “Real estate upstart UpNest lets realtors compete for buyers, sellers” ABC 6 (October 26 2017)
  12. Joe Nickelson “Stand Out on Real Estate Ranking Sites” Smart Agents, Retrieved March 1 2019
  13. Upnest How it Works, Retrieved March 1 2019
  14. Nydia Han “What's the Deal: Upnest for homeowners” ABC 6 (October 26 2017)
  15. Paul Hagey, “AgentPair, LessThan6Percent and UpNest look to bring auction-style lead generation into the mainstream”, inman (July 2, 2014)

External links[edit]


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