Flyhomes Acquires AI Startup, Launches Home Search Portal

Flyhomes is betting that AI is the future of real estate, acquiring startup ZeroDown and launching a new home search portal. “Flyhomes AI” was developed over the last two years and brings “conversational” real estate search and research to the market. Its AI is trained on nearly 1,000 data points from different sources, which Flyhomes says gives it vastly more information than its competitors. Consumers can ask questions they would typically need a local real estate agent to answer and get nuanced responses. Buyers can ask open-ended questions like “Is this home a good deal compared to others in the neighborhood,” or “How is T-Mobile’s coverage in this home?” Flyhomes AI will compete with other real estate portal companies like…

Flyhomes Acquires Home Sale Assured

Cash offer fintech Flyhomes announced it is acquiring “buy before you sell” leader Home Sale Assured. Home Sale Assured, a platform owned by Innovative Holdings, LLC, is known for its Guaranteed Backup Contract, which allows homeowners to confidently purchase their next house before selling their own. Flyhomes will acquire the Home Sale Assured brand, and founder Eric Meadow will join the company as a senior executive. “Eric is a seasoned mortgage professional who has built something really special with the Guaranteed Backup Contract,” Tushar Garg, co-founder and CEO at Flyhomes, said. “Its ability to remove friction from the buying and selling process, while adding assurance, flexibility, and customer-centricity, aligns perfectly with our core tenants here at Flyhomes. This deal strengthens…

Flyhomes Announces Two Exec Hires

Real estate and mortgage brokerage Flyhomes announced two new executive hires. Andrea Collins and Dan Richards joined the company, which offers buying and selling services as well as in-house finances, as Chief Marketing Officer and Executive Vice President of Mortgage. Both will serve on the Flyhomes Executive Committee and report to co-founder and CEO Tushar Garg. “Bringing in the level of experience and expertise Andrea and Dan possess to Marketing and Mortgage, respectively, fills key roles within our executive team and will empower us to drive major facets of the business in 2023,” Garg said in a press release.  Collins will lead the marketing team, working to increase Flyhome’s demand through brand amplification, communications, and market strategy. She joins the…

All-Cash Offers Most Effective Strategy For Winning Bidding Wars

Homebuyers who offered all cash won more bidding wars in 2021, making it the most effective strategy to beat out other buyers, according to a new Redfin report. Waiving the financing contingency and conducting a pre-inspection also increased potential buyers’ chances when facing off with other bidders, making them 31% and 25% more likely to win, respectively. Escalation clauses and waiving inspection contingencies are frequently seen strategies, but because they’re so common they’re also ineffective. They also do not benefit one buyer over their competition. Redfin also suggests offering more than asking price and waiving the appraisal contingency to set buyers apart from the crowd, as many can’t afford to pay all cash. Buyers planning to offer over asking may…