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A New, Bold Bet in Real Estate – Knock

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Knock was on Product Hunt yesterday. The value proposition to the seller:

Sell your home in 6 weeks or less. Or we’ll buy it from you for full market value

I have to admit, that seems compelling (disclosure I’ve never actually owned a home, nor sold one). Of course, making a bold statement is always easier said than done.

Guaranteeing a sale at “market price” that they set is actually not taking a ton of risk (on their part) because their own algorithm is setting the price — assuming the market is not tanking and they can turn the house around and sell it quickly without taking a big loss. On the sellers part, the risk is that Knock’s market price will be lower than what the right buyer would pay (but may take longer than 6 weeks to find that person). That said, I have long thought there is a segment of sellers willing to sacrifice a bit on price for peace of mind, convenience, and privacy. This product could hit that segment.

Founded by Jamie Glenn and Sean Black, they have experience and credibility in the industry matched by few startups. We’ll see if they can give OpenDoor a run for their money.

More info:

PS: Surprised I heard about this first on Product Hunt, and not via someone in the industry. I still think a Hacker News / Product Hunt for real estate would be interesting.

About Drew Meyers

Founder of Geek Estate Blog / Geek Estate Labs. Zillow Alum. Travel addict & co-founder of Horizon. Social entrepreneurship & microfinance advocate. Fan of Red Hot Chili Peppers and Kiva.

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