Homie also will need a bit more capital with all of those expansion plans. So far, the startup has raised about $9 million in seed funding and is currently seeking another $10 to $15 million in Series A financing to help it scale in the next year.
It also faces competition from the likes of Opendoor and Faira, which also aim to streamline the process and cut out the real estate agent. Opendoor is the bigger contender — out-raising both startups with its $320 million in VC cash being first to market, starting in 2014. Homie will need to figure out how to take on this juggernaut as it spreads out across the country if it wants to succeed.
But one thing is certain. Younger buyers and sellers aren’t keen on the middleman taking their money, and real estate agents will likely all be replaced by automation one day. Hanna, a realtor himself, is okay with that bit. “Change is inevitable,” he says. Even if that means one more human job will be taken over by a bot.
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