J
osh Sitzer, one of the plaintiffs in a successful class-action lawsuit against the National Association of Realtors (NAR), has co-founded a new startup called Landian. The startup aims to revolutionize the real estate industry by offering flat-fee agents on demand.
Sitzer's frustration with the traditional real estate commission model led him to team up with Bryce Galen and Neal Batra to create Landian. The name is a blend of "Land" and "Guardian." The startup is launching in beta today, offering users the ability to import listings from any real estate site and book a home tour or prepare an offer with a licensed local agent without owing a commission.
Advances in technology have made it easier for homebuyers to find properties they're interested in, making the traditional model of buyers' agents getting a 3% commission seem outdated to many. Landian offers buyers the option to pay à la carte for their services: $49 for each home tour and $199 for an offer prep session. For a more comprehensive service, buyers can pay a flat fee of $1,799, which includes up to five home tours and two offer prep sessions, with additional services available on an à la carte basis. This fee is only payable upon closing, so if a buyer doesn't end up purchasing a house through Landian, they don't owe anything.
Bryce Galen, one of Landian's co-founders, believes that traditional industry incumbents like Redfin and Zillow are not incentivized to change their pricing model. He expects startups like Landian to lead the way in transforming the industry.
Neal Batra agrees, predicting that most agents will switch from relying solely on the traditional model to incorporating Landian's flat-fee model.
The New York-based startup has not yet raised external capital and is currently in the process of raising a seed round. Landian has been operating so far with friends and family money.
For more fintech news, sign up for TechCrunch Fintech here. To reach out with a tip, email Maryann at [email protected] or send a message on Signal at 408.204.3036. You can also send a note to the whole TechCrunch crew at [email protected] for more secure communications.
realestate
Real Estate Disruptor: Co-Founder of Startup Sues NAR
A Revolution in Real Estate: How One Successful Lawsuit Against NAR Sparked a New Era of Disruption
Read More - realestate
realestate
Buyer found for Robin Williams' previous Seacliff residence
Seacliff home of Robin Williams sells after a year on the market
Read More - realestate
realestate
Potential for Development in Far North Side with Broadway Upzoning
Zoning proposal aims to transform Broadway on Chicago's Far North Side
Read More
realestate
Booming real estate market in Alabama defies economic changes
Alabama real estate market sees growth in home sales and prices, providing more choices for buyers.