Homeowners use Redy’s interface to publish information about their home with the hope real estate agents will pay them in exchange for the listing business.
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Redy is a web-based consumer solution for homeowners to find listing agents, and it’s now being rolled out in Atlanta, Dallas, Orlando, Phoenix and San Diego, according to a June 18 press release shared with Inman.
The company initially launched in June 2022 as BidMyListing, with Josh and Matt Altman as initial investors and advocates. It raised $20 million in its first few months. Redy is a refreshed, more market-ready model.
Homeowners use Redy’s interface to publish information about their home with the hope real estate agents will pay them in exchange for the listing business. An automated listing system helps homeowners quickly get their property in front of potential bidders. They need merely to enter an address, confirm its details, provide a description and set a target sale price. The agent-matching algorithm does the rest.
The intent of the product is to ensure each party is aligned on goals for the sale, the idea being an already invested agent will be more motivated to recoup upfront costs. Agents submit proposals for the homes in which they’re interested in representing.
The company co-founder Josh Altman said in a statement about the model, “When you own local seller listings, you own your local market.”
“For the first time, sellers get paid cash to pick an agent. As a result, agents are directly invested in the sale,” Altman said. “All agents have the opportunity to own local seller listings, which will in return help them own the local market they operate in and level the playing field for listings.”
The website describes an agent’s proposal as “a plan you submit to a prospective home seller outlining commission, contract duration and cash incentive to the home seller.” They can include written and rich media content, payment suggestions and generally, everything that may be part of an in-person listing presentation, including listing terms and proposed commission.
At its heart, Redy is a lead-generation system. Instead of paying for an ad campaign, or a fee to a broker, an agent is merely paying the lead directly for their business. This means that the agent needs to be prepared to compete for the best listings on a direct cash basis. Expertise may often come second, but savvy agents could offer less up-front for the promise of a smooth, fast sale.
The press release states that more than 5,000 homes have been listed on Redy’s platform, with the seller receiving an average upfront cash bonus of $2,357. There are 15,000 agents registered with the company, according to its website.
“The home seller selects the agent they want to interact with and fully controls when this interaction happens. Home sellers can escape endless unsolicited offers and receive personalized agent proposals with a cash reward just for listing their home,” the release said.
Redy states that it also has in place a “robust partner network,” should a homeowner not like any of the proposals submitted. This includes cash-offer opportunities and traditional referrals. Those presumably “ready-to-sell” leads become another asset for the company.
The NAR settlement factored into Redy’s roll-out, said Shelly Cofini, the company’s chief strategy officer.
“At the core of the NAR settlement is a significant revelation, that the real estate industry has systematically disempowered consumers,” she said. “We empower home sellers with unprecedented control, fair competition and total transparency. According to NAR’s own data, agents convert only about one out of every 100 leads obtained from major advertising companies.”
Redy soft-launched in 2022 and is now widely available with more markets soon to follow.
Email Craig C. Rowe