New home flipping platform sells to the first bidder, not the highest
Bungalo is the latest startup hoping to upend the real estate transaction Amherst Residential, the founder of the single-family rental company Main Street Renewal, is getting into the home flipping business this week with the launch of a new company called Bungalo.
Using much of the same technology infrastructure that Amherst uses to find single-family rental properties, Bungalo will buy, renovate, and sell single-family homes to owner occupants on its online platform. But instead of selling to the highest bidder, Bungalo will sell to the first bidder who is pre-qualified for the list price of the home.
The company hopes that removing a key pain point in the real estate transaction? negotiation and bidding strategy?can attract buyers who don?t want to deal with the hassle and uncertainty of bidding wars, which are increasingly common. ?We?re prioritizing the consumer experience over trying to squeeze out every last dollar out of the transaction,? said Bungalo chief operating officer Greg Stewart.
Does that mean every house they sell will be a deal for the buyer" Not necessarily. The company uses proprietary technology and data to set a list price for each home, which includes the cost of remodeling and agent commissions. If the methodology is accurate, the list price will come close to what the house would sell for on the open market anyway.
Bungalo launched on Tuesday in Dallas and Tampa, with plans to enter more markets down the road. It currently has 150 home...
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