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Meet Our Newest Investment: Properly

A home is arguably the most important asset both financially and emotionally for a family. As a result, the unnecessarily complex and manual process one experiences today with traditional real estate brokers and agents can cause selling that home to be an emotional and stressful experience. Today, it takes an average of 72 days to sell a home and costs the average seller $15,000. Each year over $30 billion is spent on residential listing commissions by U.S. homeowners.

Enter Properly, the better way to sell your home. Properly is building an automated real-estate brokerage platform to make selling a home a much better user experience, faster, and cheaper. Properly provides full-service brokerage service through its data and software platform, just like what you’d get from a traditional agent. The main value propositions are: user experience and value – home sellers can manage the entirety of their selling activities through its app and cloud-based platform, from valuation to showing scheduling to negotiation and closing, while paying a $5,000 flat fee vs. the industry tradition of 3% commission.

Properly’s key insight is that there are only two things that matter when it comes to selling your home – price it right and sell it fast – and it has been able to deliver superior results compared to traditional agents through its data and workflow-focused software stack. Since launching in Atlanta in 2015, it has sold over 100 homes with an average of 18 days on the market (3x faster vs. market average) for more than 98% of the recommended list price.

Looking at the world through the lens of Everyday Economy, we have long been bullish on innovations in and around home. We believe the home transaction market is ripe for next-generation innovations as modern home owners increasingly demand superior user experience and efficiencies, just like in other aspects of their daily lives. One Properly client said it best (and there are many more glowing reviews):

 

“We had a great experience selling our home with Properly. We firmly believe that the Properly process is how the home-selling process should be; fast, hassle-free, and based on real-time market analysis.”

 

When I first met Properly’s co-founder/CEO Ben Kubic, I was immediately drawn to his vision of leveraging technology to completely redesign the home selling process and his execution horsepower. In executing against this vision he has a perfect partner and co-founder, Jude Rasmus, a real estate veteran who has sold over $2 billion of real estate over a 25-year career. I believe that Ben and Jude are the perfect dynamic duo to build an enduring company in this space.

Last week, Ben and Jude announced the rebrand from Virgent Realty to Properly and that Properly has raised $1.5M seed round led by NextView Ventures. I’m excited about what the Properly team has built thus far, what’s ahead for the product, and the plans to expand beyond Atlanta. I could not be happier to be a part of the next chapter of this team’s journey to reinvent residential real estate.

Melody Koh

Melody is a Venture Partner at NextView Ventures based in its New York office. Prior to joining NextView, Melody was Head of Product at Blue Apron (NYSE: APRN). Melody joined Blue Apron as the first product hire when the company was 18 months old with 20 HQ employees. She helped scale the business through hyper-growth (25x in 3.5 years) and to its IPO, building and leading a 35-person team across Product Management, Product Design, and Analytics. Previously, Melody was a Product Manager at Fab.com leading marketing & analytics products. Before joining Fab.com, Melody was the founder/CEO of a seed-funded wine subscription e-commerce service. In addition to her operating and entrepreneurial roles, Melody was also a venture investor at Time Warner’s strategic VC group and was a one of six inaugural members of First Round Capital’s Product Co-op initiative. Melody began her career as an investment banking analyst at Evercore Partners. Melody holds a B.S. in Commerce with Distinction from the McIntire School of Commerce at the University of Virginia and an MBA with Distinction from the Harvard Business School. She lives in Brooklyn, NY with her husband.