Recently launched US-based real estate search platform OpenHouse.com aggregates public geotagged postings on Twitter, Instagram and other social media sites along with other data to find homes for users.
The company also uses historic home sales data to match potential home buyers and sellers with the most experienced real-estate agents for the specific home and area.
OpenHouse was formed in November 2015 with the merger of two services: Santa Monica’s Agent Ace, a data-driven real estate recommendation service and Toronto’s fypio, a lifestyle-driven home search engine.
Before the merger, Agent Ace and fypio raised $6 million and $2.5 million respectively, then in November OpenHouse closed a $13.5 million Series A round of funding led by Triangle Peak Partners and March Capital Partners.
Now available on iOS, desktop and the mobile web, OpenHouse features listings in 14 metro areas, including San Francisco, San Jose, Greater Los Angeles, San Diego, Phoenix, Denver, Dallas, Houston, San Antonio, Chicago, Detroit, Washington D.C./Bethesda, Miami and Boston.
Chief Product Officer John Kvasnic told Tech Crunch the team already has relationships with over 200 multiple listing services (which essentially have the monopoly on local real estate listing data in a given market) and plans to expand to new regions at a rapid clip.
Tech Crunch says to monetize the service, OpenHouse still uses Agent Ace’s technology to analyze all of the agents who are active in a given area and then helps its users to connect them to the best agent for their needs.
The company then gets a cut when it connects a buy and agent and a sale is completed. If there is no sale, the company makes nothing, so it definitely has an incentive to connect you to the best agent.