The Tinder for finding the apartment of your DREAMS
Swipe right, swipe left. Most people are familiar with the Tinder model of searching for the guy or girl of their dreams that makes it quick and easy. What if I were to tell you this model has been applied to the process of searching for an apartment! Say Hello to HomeSwipe, the Tinder for apartments! Launched this past February by co-founders Michael Lisovetsky (age 22) and Michael Maron (age 18), it is an app designed to help you find the apartment of your dreams by letting you sift through listing with the touch of a finger. Just like on Tinder, apartment hunters have the ability to swipe left or right on property listings.
Are people into this method of apartment search? Answer: YES!
The numbers speak for themselves. With over 1,700 real estate agent, 18,000 apartments and a cumulative 62,000 downloads to date already in just the Chicago & NYC markets, the app is on a fast track of adoption and success. The momentum in their favor, HomeSwipe is looking to expand into more cities and monetize their platform in an ingenious way!
Swipe down to find out how 😉
“There’s a huge amount of data, so we came up with a Tinder-like interface, which forces the user to make decisions.”
-HomeSwipe Co-Founder Michael Maron
It is about time someone applied the WILDLY successful and familiar Tinder search model to the real estate market. Once a dreaded search process, HomeSwipe has found a way to make it approachable for all with SPEED being a CORE feature of the app.
You can only view one option at a time. “We make the pictures as big as possible, so it helps you make that decision really fast.” -Co CEO Soukeras
The app also enables renters to view apartments/homes they like based on a variety of filtered preferences like location, price, number of rooms, etc etc, swiping right on the ones that “catch their eye” to save, favoriting it to come back to to in order for them to contact the listing agent about the liked properties. Each lead is sent to only one agent, but if that agent doesn’t respond within five minutes, it’s sent to another with the only exception being for rentals listed exclusively by one agent.
HomeSwipe aims to deliver leads to pros as quickly as possible and ensure consumers get a fast response, Soukeras said
HomeSwipe shows listings only from rental brokers and agents who choose to send them to the app. Additionally, it vets all the agents in advance and uses an algorithm to weed out duplicate listings. Currently, the app receives rental listings directly from 30 brokerages in the Big Apple and four in Chicago with Phoenix, Boston, and Southern California expansion approaching quickly on the horizon. This past June, the company officially launched its business model to monetize the platform which centers on a pay-per-lead revenue strategy.
Swipe down to see what it entails!
Pushing real estate into a tech-infused future.
Building a user base before monetizing has been a key component of HomeSwipe’s initial adoption and overall success. Still free for consumers, the company decided to monetize on the business side. Now agents will buy HomeSwipe “tokens” that they’ll trade in every time they’re connected to a renter through the app with each lead costing between $3 and $5, depending on how many tokens an agent bought upfront. This small transaction fee charged to realtors every time a user requests information on a property ensures the app’s liquidity as well as timely responses from the real estate agents on the platform.
Even with this strategy, HomeSwipe is seeking to shorten its agent roster from around 500 to ensure that users searching for apartments/homes on the app are getting matched with only the most responsive, high-quality agents. To complement this, the company plans on implementing a review features like the one utilized on ride-sharing apps like Lyft and Uber which will allow agents and renters to rate each other. They are also working on a chat function to let users chat with realtors about a property right in the app in real time. (When a conversation takes place, the realtor will be charged a fee, and will be happy to pay it.) With the app’s successes and features piling up, HomeSwipe expects to expand to a new city every six weeks while continuing to service the ones they currently operate in.
“There is complete uncertainty in searching for apartments. There is no guarantee that the apartments posted on the other sites are real, and that the agents that respond to you aren’t vetted. You have no idea who you’re working with.”
This Untold story goes to show it doesn’t matter how old you are or how many people you have on your team…success is all about how you execute a great idea with the resources at your disposal. With just a seven-person team running this lean tech start-up, HomeSwipe has been able to raise the capital they needed and come a long way in a short time. With the app continuing to develop its business model and value propositions, they even see the possibility of moving into the “For Sale” home realm.
The young start-up has already made its mark and will continue to as it expands across the country. If you are in the market for a new place to live, download the HomeSwipe app to see if they are in your area and can help you find the home of your dreams!