Josh Sitzer, who successfully sued the National Association of Realtors (NAR) over real estate commission practices, has co-founded a startup named Landian. This venture aims to capitalize on the changes brought about by the lawsuit, which led to a $418 million settlement and the abolition of the NAR's "Participation Rule" that mandated seller-side agents to offer compensation to buyer brokers. The lawsuit, initiated in 2019, challenged the anti-competitive nature of the real estate industry, where sellers often felt coerced into paying a 3% commission to buyer's agents.
Landian offers a flat-fee service model for real estate transactions, allowing homebuyers to pay for services à la carte. For instance, users can pay $49 for a home tour and $199 for offer preparation. Alternatively, they can opt for a comprehensive package costing $1,799, which includes multiple tours and preparation sessions, payable only upon closing a deal. This model aims to reduce the high commission costs traditionally associated with real estate transactions.
The startup, which is currently in beta and emerging from stealth mode, allows users to import listings from any real estate site and engage with local agents without incurring commission fees. Sitzer's co-founders, Bryce Galen and Neal Batra, believe that this new model will lead the change in the real estate industry, contrasting with established companies like Redfin and Zillow that have thrived under the traditional commission-based system. Landian is currently funded by friends and family and is seeking to raise a pre-seed investment round
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28 сен 2024