Galleon Closes Pre-seed Round Led by Third
Prime
NEW
YORK, April 17, 2024 /PRNewswire/ -- Galleon, an
off-market real estate marketplace and AI-enabled transaction
platform, today announced it has raised $1.5
million in a pre-seed funding round led by Third Prime, and
the subsequent beta launch of its independent search and
transaction platform. Galleon empowers buyers and sellers in real
estate transactions to transact independently from agents through
digital solutions including its Marketplace and Navigator
tools.
Galleon empowers buyers and sellers in real
estate transactions to transact independently from agents
Of the more than 145 million homes in the US, only approximately
700,000 are for sale at any given moment on the MLS, or 1%. Those
listings could be classified as "extremely motivated" sellers,
leaving out a large number of others who would be willing to sell
their homes if the price were right. Galleon's market research
indicates that almost 1 in 10 homeowners would be willing to sell
if the right offer came along, leaving an unrepresented inventory
of 10 million+ homes. Galleon's off-market real estate listing tool
addresses this by allowing homeowners to advertise their home to
potential buyers for a price they are willing to sell it for,
without the need for agents or contracts, or price compressive
marks such as Days on Market. Users can simply upload pictures of
their home, write a brief description with AI-inspired prompts, set
the price they would be willing to sell for with Name Your Numberâ„¢,
and list their home for sale in under two minutes.
Furthermore, with recent lawsuits and settlements with the
National Association of Realtors (NAR), the real estate transaction
model is set to drastically change beginning July 2024. One of the most notable changes is the
departure of standardized buyers' agent commissions requirements
set by the NAR, where buyers will now likely be on the hook for
thousands of dollars in fees previously paid for by sellers. While
many buyers will still rely on agents to assist in their
transactions, a new era of self-represented buyers is
imminent. Currently in development, Galleon's AI-powered
navigator transaction tool seeks to assist buyers through a real
estate transaction without the need for human intervention. Gone
are the days of endless paperwork and bureaucracy in dealing with
conglomerate aggregators and agents in transacting real estate.
"The real estate industry is undergoing the biggest change in
its history following recent settlements with NAR and Galleon's
model is designed to bridge the gap to a new era of real estate
transactions," said Amanda Orson,
co-founder and CEO. "As these new regulations begin to take effect,
we will see a dramatic decrease in the number of buyer's agents, a
consolidation of brokerages, and a pivot in the current models of
the more than 600 multiple listing services. While these changes
will take months if not years to realize, Galleon is
well-positioned to capitalize on the changes as a national leader
in digital, unrepresented real estate transactions shifting the
power back to the buyers and sellers for the first time in
generations."
Galleon's model brings together two seemingly simple, yet
foreign concepts in real estate transactions; self-representation
and for sale by owner listings. In 2023, around 4.5 million people
purchased a home in the United
States, despite volatile market conditions, high mortgage
rates, and the traditional NAR dictated transaction model. These
buyers faced historically low inventories and were extremely
limited in their options for conducting these transactions, until
now.
More information is available at www.galleon.io.
About Galleon
Galleon is on the forefront of the new era of real estate
transactions. Currently in its Beta, Galleon's open marketplace and
digital transaction tools give buyers and sellers in real estate
transactions the ability to transact without the need for agents,
ad-supported aggregators, or MLSs. Galleon's no barriers-to-entry
home listing platform ("Marketplace") enables homeowners to list
their home "off-market" and name the price they would be willing to
sell for, without a contractual commitments or agent relationships.
Conversely, the company's AI-powered transaction tool ("Navigator")
is designed to guide buyers and sellers, either one-sided or
mutually, through the complex steps of home conveyance without the
need for costly agents or brokers.
Media
Kyle Porter
EVP, Virgo PR
galleon@virgo-pr.com
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SOURCE Galleon