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.

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 Number, 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.

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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
[email protected]

SOURCE Galleon