Real estate agent co Home Hero raises $4m

real estate  photo: Eyal Izhar
real estate photo: Eyal Izhar

The Israeli company's interface, based on artificial intelligence, connects sellers and buyers of an asset and accompanies the transaction until it is effectively closed.

Israeli real estate agent startup Home Hero has raised $4 million from businesswoman Drorit Wertheim, AltaIR VC, Mars Media Group, and other private investors.

Herzliya Pituach-based Home Hero (originally RealX) uses technology to create a safe zone for the sale and purchase of real estate. The Home Hero interface, based on artificial intelligence, connects sellers and buyers of an asset and accompanies the transaction until it is effectively closed, while being cost efficient, informative and safe - for both parties. In the first six months of its operations, the company managed to exceed NIS 1 billion worth of assets in the exclusive marketing of Home Hero.

Founded in 2017, the company has 30 employees.

Home Hero's technology creates a 3D comprehensive virtual tour of the property, while the properties are checked and approved by one of the largest law firms in Israel. The entire process is accompanied by real estate experts who assist the parties in closing the contract. The unique interface artificially connects between buyers and sellers, in a way that significantly improves the chances of closing the deal. The company has developed advanced capabilities of property price-estimation and transaction ranking and uses the technology to make the decision-making process for buyers and sellers significantly more efficient.

Home Hero's business model is simple and includes complimentary property valuation and photography, advanced marketing, targeting potential buyers through Home Hero's advanced algorithm, and personal accompaniment by a real estate expert. The company charges a success fee of only 0.9% (plus VAT) after closing the deal (compared to a 2% commission used in the market). The advanced technology interface simplifies the experience and makes the transaction safe and user-friendly. In addition, it allows for a more efficient process and enables charging a commission that is significantly lower than that of the market price.

Home Hero co-founder Aviv Garten said, "The real estate industry has suffered from a lack of technological progress for decades, and it is not surprising, that here in Israel, the real-tech field is developing and thriving. The technological news for real estate is coming out of Israel and companies such as Compass and Home Hero are making a real revolution in the industry. The market in Israel is very interesting in terms of size and the inefficient consumer experience, so we chose it as the first market for us to operate, and by 2019 we will expand to European markets".

Home Hero co-founder and CEO Shai Spiegelblat said, "It is surprising that in a market of more than NIS 100 billion in sales per year, there was no technological platform that would meet the need to sell homes efficiently, transparently and professionally. We raised the gauntlet and in a few months from the moment began operations; we had hundreds of homes in exclusive marketing, with the recruitment of dozens of homes a month, while controlling cities in the center of the country. This rapid growth proves the thirst of customers for the service of Home Hero. Within two months we have doubled the sales and many realtors understand that a new era has come in which technology can certainly accelerate the ability to sell homes. Our technology allows for an efficient sales process, and saves valuable time -to both to buyers and sellers, as well as reduces risks and significantly shortens the time to close transactions. This is why our success fee is so low and stands at less than half of the fee used in this field. There is no reason why in this technological day and age, people will not get full information and check the property they are about to go look at before they leave their house, and the seller will not have to spend his/her time showing the home to irrelevant seekers."

Published by Globes, Israel business news - en.globes.co.il - on December 2, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

real estate  photo: Eyal Izhar
real estate photo: Eyal Izhar
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