SEATTLE, Jan. 18, 2019 /PRNewswire/ -- Despite a housing market slowdown in the second half of the year, Seattle-based startup Flyhomes accelerated its revenue growth, grew headcount, added to markets served, and expanded its scope, transitioning from a real estate brokerage focused on helping homebuyers to an integrated full-service real estate company offering all the services necessary to buy, sell, or own a home.
Led by co-founders CEO Steve Lane and COO Tushar Garg, Flyhomes revenue in 2018 grew by more than 2.5x over 2017. The company's employee base grew from 25 people at the start of the year to more than 100 current full-time teammates, with the expectation to accelerate hiring in the first half of 2019.
In January 2018, Flyhomes made its first 'cash offer' on behalf of a client. The company has since made 230 'cash offers' on behalf of 191 clients since the Cash Offer Program launch. As part of the Cash Offer Program, Flyhomes buys a home on behalf of its pre-qualified client using company cash in as few as 7 days, then sells the property back to the client for the same price about a month later (giving the client time to shop around for and secure the best mortgage).
Cash offers help clients win in competitive situations and save thousands of dollars when there are no other offers while also providing the clients with additional time and flexibility to close on their home without unnecessary time constraints.
"We started on a journey to improve the home buying and selling experience three years ago," Lane says, "And it's clearer now than ever, that we're just getting started. In 2018, we launched our Cash Offers Program, Flyhomes Crew, Flyhomes Mortgage, Flyhomes Closing, and expanded into Portland, OR. As we head into 2019, our clients are starting to see the material benefits of working with a vertically integrated real estate company."
How integrated real estate fixes what's broken
Each new business Flyhomes has entered was launched to solve a pain point that Flyhomes and its clients faced over the past three years.
One example: "We started Flyhomes Crew because clients would come to us every day asking for recommendations of handymen and contractors for renovations," Lane says. "We were already recommending providers for our clients and it felt like we were only halfway in. Today, we're owning it. If something goes wrong or there's a delay, we're there to help. We've built vendor networks and partnerships to ensure that every Flyhomes client, both present and past, can get quotes without the hassle and uncertainty that can often be one of the biggest drawbacks of homeownership."
Flyhomes businesses now include:
- Flyhomes Brokerage: Team-based full-service real estate brokerage that offers a local agent, on-demand tours, cash offers, and specialists throughout the process.
- Flyhomes Mortgage: Five-star rated mortgage lender with market leading rates enabled by non-commissioned agents, tech-enabled processes, speed, and local service.
- Flyhomes Crew: Hassle-free repairs, renovations, and more with certainty and great rates for all Flyhomes owners.
- Flyhomes Closing: Fast, standard, and efficient title and escrow services built from the ground up for Flyhomes Cash Offers Program, to make closing smooth for all clients.
Since expanding into a vertically integrated company in the second half of 2018, more than 50% of Flyhomes clients have leveraged the services of Flyhomes' new business lines.
Flyhomes is the #1 real estate brokerage in Seattle on Yelp with 160+ 5-star reviews (98% of its total reviews) and is funded by $17MM in Series A capital financing raised in May 2018 from Andreessen Horowitz and multiple credit facilities by top global financial institutions.
Flyhomes anticipates another year of growth and surprises in 2019. "Our team is relentlessly focused on executing on ideas that can help transform this industry for the benefit of home buyers and sellers," Lane says. "When looking forward, what I'm most excited about is what we haven't even thought of yet as we head into 2019."
Founded in 2015 by Steve Lane and Tushar Garg, Flyhomes is an integrated real estate company headquartered in Seattle, and with operations in Seattle; the Bay Area; Portland, OR; Boston; and Chicago. Flyhomes is working hard to fix what's broken in the real estate industry through innovative programs such as making cash offers on behalf of its homebuying clients.
The Flyhomes family of companies includes FlyHomes, Inc., and its wholly-owned subsidiaries: FlyHomes Brokerage, LLC, FlyHomes Mortgage, LLC, FlyHomes Closing, LLC, and Madre Homes, LLC (d/b/a FlyHomes Crew). For more information, please visit www.flyhomes.com.
Please note that FlyHomes, Inc ("FlyHomes"), has a business relationship with FlyHomes Mortgage, LLC ("FHM"), which provides mortgage brokerage services in the state of Washington, and FlyHomes Closing, LLC ("FHC"), which provides title and escrow services in the state of Washington. FHM and FHC are wholly-owned subsidiaries of FlyHomes. Due to these relationships, a referral may provide FlyHomes with a financial or other benefit. Neither FHM nor FHC are compensated for borrower referrals. FlyHomes encourages clients to review all options for real estate and settlement services; there are frequently other settlement service providers available with similar services. Clients are encouraged to shop around to determine whether they are receiving the best services and rates. Clients doing business with one FlyHomes-affiliated entity does not obligate or require them to use services from any other FlyHomes-affiliated entity.
For more information, contact:
1201 Western Ave, Ste 100
Seattle, WA 98121
Tel: (855) 935 - 9466
FlyHomes Mortgage, LLC NMLS#: 1733272
FlyHomes, Inc. California BRE #02012110