Why Initialized Capital Invested in Open Listings
Buying a home has gotten easier, faster & more attainable with software
In 2015, I needed help buying a home in San Francisco and turned to the founders of Open Listings. It was quick and painless. I knew what I wanted, and they were able to get me that home on my terms.
A few months ago, we caught up with them again in LA to talk about their business, and it became quickly obvious that they had made a lot of progress. What these founders have done since graduating Y Combinator in the Winter of 2015 is remarkable. They’ve built a product that delights customers — they closed over 64 homes last month alone — and saved buyers millions. (Open Listings splits 50% of the commission with homebuyer, which is $8,000 on average).
It’s a win-win situation for their buying agents as well. The key? Efficiency.
Traditional agents normally spend 80% of their time looking for new clients or driving potential buyers around. Since buyers come to Open Listings directly and browse homes on their own time, agents only have to focus on getting offers accepted. This allows them to pass the savings along.
With housing prices steadily increasing, this commission refund is real money for the young families, first-time homeowners & immigrants that turn to Open Listings. As house hunting becomes more digital, software efficiency should save buyers time and help make home buying more affordable. We continue to be excited by founders who show relentless discipline and commitment to making something people love. They’ve done the hardest part, and now it’s time to focus on growth. The Initialized team is thrilled to roll up our sleeves and dive in.
It certainly doesn’t hurt when one of us is already a very happy customer.