St. Louis, Missouri-based proptech Transactly, Inc. announced the close of a $3 million Series A funding round. The company has accumulated $4.7 million in funding since launching in 2018. Its products are targeted at agents, brokerages and real estate investors.
According to the press release, the round was led by Hermann Companies, a family company also of St. Louis.
The company offers a nationwide remote, tech-enabled team of transaction coordinators that manage all aspects of getting a deal to the finish line. It can work with individual agents, teams or entire brokerages.
The press release states that rapid growth in 2019 led to the need for more funding and additional scaling.
It can also be assumed that more agents and brokerages will look to outsource transaction coordination work as a way to recover from the national impact of the coronavirus.
Transactly CEO Bryan Bowles
“While we’re concerned about the effects COVID-19 will have on our industry, we’re not seeing a slowdown in the number of brokers signing up,” said Transactly’s founder and CEO Bryan Bowles in the release. “In fact, as many brokerages are already opting to outsource transaction support to us rather than commit to dedicated salaries as the crisis unfolds.”
The company said it has at least 2,000 users across the country.
Brokerages can opt to use Transactly’s software at no charge or leverage its network of “TCs” (transaction coordinators), who are fluent in the software’s capabilities. Costs range from $125-$350 per completed transaction.
“We drive the most value by having the best-trained, agent-friendly, efficient coordinators available to brokerages who do not want to manage extra staff,” Bowles said.
The real estate industry is undergoing rapid change in response to the global threat of COVID-19, a sickness caused by the fast-moving coronavirus. National brokerages are adjusting business models, video tours are growing, outsourced professional services are increasing, and agents are relying on discounts for purchased leads and technology services, according to multiple Inman reports.
View all of Inman’s coronavirus coverage here.
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Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman. He lives near Lake Tahoe in the northern Sierra Nevada of California.