If you’re looking to sell your home in a jiffy, FlashHouse co-founders Ryan Young and Stephen London have built a platform that streamlines the process. The Cleveland-based company allows sellers to get an offer on their home within 24 hours, sight-unseen. “Companies like CarMax and Carvana are examples of how many transactions happen online now,” says Young. “Ultimately, I think realtors and consumers would be foolish to think the real estate industry won’t be part of that.” We sat down with Young to learn more about how it all works.
Q. How is FlashHouse different than traditional methods of selling?
A. There’s a pretty big market of people that would rather take a convenience approach to selling their house. Everyone wants everything at the click of a button. That idea has evolved into a platform with algorithms and data that allows us to make an offer without even looking at your home. If you like the offer, you have 72 hours to accept it.
Q.Do you end up getting less for your home with this quick process?
A. You’re probably going to net 2% less, depending on the condition of your home and the market it’s in. There are no fees or commissions. It’s just a straight net dollar amount. Our model is about quantity. We get compensated to take on the risk and stress of selling a home.
Q. Who is most suited for this business model?
A. People who inherit properties, who are getting relocated, who already bought or are building another home seem to be some of the most common. Sometimes people who’ve gotten divorced and want more of a discrete sale find this model attractive.