Unlike Knock and Ribbon, Flyhomes is a real estate brokerage with salaried agents. “They are salaried but also make money per-deal based on performance, so it’s a base pay but it’s variable,” he notes. Its cornerstone program, Flyhomes Cash Offer, fronts the funds to a homebuyer so they can become a cash buyer. “They can use this bridge loan and then refinance it out into their long-term loan. For a seller, it’s even better than a cash offer, because with a cash offer, there’s no guarantee that it will close,” says Garg.
They also offer Buy Before You Sell, which allows buyers to buy and move into a new home before selling their old one. Flyhomes offers a short-term loan to the buyers, and the company get the old home ready to sell and, shortly after, list it.
Flyhomes has already received three rounds of funding (in addition to seed funding in 2017). The latest, Series C funding for $150 million was in June 2021 and was co-led by Norwest Venture Partners and Battery Ventures. The company is part of a wave of venture-backed real estate brokerages with alternative financing models. The Flyhomes family of companies includes Flyhomes Brokerage, Flyhomes Mortgage, and Flyhomes Closing.
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