Reali, a tech-oriented real estate startup, is expanding into the San Diego market via the acquisition of local brokerage TXR Homes, it was announced Wednesday.
The move into the San Diego market comes about five months after Reali announced it raised $250 million in debt and equity financing. A company statement Wednesday noted that after raising those funds Reali “identified San Diego as a critical market for its Southern California growth strategy.”
Reali CEO Tyler Baldwin added in the statement that his company opted to acquire TXR Homes because the firm has a “deep understanding of local market dynamics and long track record of proven success,” all of which pairs well with Reali’s various products.
The companies did not disclose financial details of the acquisition. Following the deal, TXR Homes will rebrand and operate under the Reali banner.
TXR Homes has 90 agents. The brokerage is headquartered in Carlsbad, which sits on the Pacific coast about a half hour north of downtown San Diego. Burke Smith, the founder of TXR Homes, said in the statement that by joining forces with Reali “we can serve our customers better and offer a complete solution.”
“With 65 percent of homeowners buying and selling simultaneously, our agents have an exciting opportunity to offer Reali Buy Before You Sell to their clients,” Burke added. “And given that 97 percent of home sellers are more inclined to accept an all-cash offer, Reali Cash Offer will enhance our agents’ ability to get their buyers the homes they want, when they want, and close faster.”
Reali offers a variety of products. For sellers, it provides agents and a trade-in type product it calls “Reali Buy Before You Sell.”
For buyers, Reali has a cash offer program that allows would-be homeowners to remove contingencies and be more competitive. As with other cash offer programs in the industry, Reali’s offering involves the company buying the house, and then turning around and selling it to the consumer.
The company currently operates in a variety of California markets including Los Angeles, San Francisco, Sacramento and others. Baldwin was also upbeat about the prospect of expanding via the TXR Homes deal.
“Both companies share a customer-centric approach to real estate,” he concluded in the statement. “By harnessing our unique capabilities, we are excited to see how our partnership will boost our clients’ success in buying and selling their homes.”
Correction: This post was updated after publication with information about Reali’s offerings, and about TXR’s size and reach.
