Data seems to rule our lives these days and British startup GetAgent hopes the newest trend will be in the real-estate sector. While the internet has seemingly made it a lot easier to sell your property, the reality is that agents are still important for helping sellers to receive the best deal and this particular company has gone live (since May) with a platform that uses various metrics to offer a comparison between various companies.
I wanted to get a feel for the service, so I did a test search and found that users start by entering a post code, indicating whether they are buying or selling (or perhaps not sure), list the number of bedrooms, indicate the approximate value of the price (I was only given one option and it appears dependent on the number of bedrooms), and then indicate when or if they need an agent.
From there, the platform looks at historical data for that post code and offers information on the performance of various real-estate agencies, including their average sell time (and how it stacks up with the average), the number of properties that they have listed in the past 6 months, and percentage of the asking price that they have achieved. Clicking on the profile for an agency brings up a pair of recently-sold properties (with information on the sale price vs. the listed price), and nearby properties that they have listed in the past 6 months.
One of the nicer aspects about this service is that users have the option of asking for a free quote from any of the agencies listed, as GetAgent generates revenue by charging agents 0.25% of the sale price after the deal is done (the startup typically brings in 1,250 pounds on a London property).
They are unable to reveal a great deal of information pertaining to their funding situation, but a representative from the startup would tell me that they have raised an undisclosed amount through a pre-seed round that includes participation from angels and institutional investors (who have relevant experience in this area, I’m told), including Seedcamp.
Going forward, the startup is focused on boosting their marketing activities, and subsequently attracting more users, but they also intend to use feedback in order to tweak the service, as necessary. They are also planning to add auxiliary services and expand internationally.