Digital transactions for big-ticket items are not unusual, as companies like CarMax and Carvana have become tremendously lucrative in navigating consumers searching for new and used cars online. A Cleveland-based company has applied that concept to the housing market, simplifying a lengthy selling process via an easy-to-use electronic platform.
FlashHouse, unveiled in 2018 by Ryan Young and Stephen London, allows sellers to get a quote on their home within 24 hours. This process is not magic, but instead is based on the iBuyer model that generates an automated valuation by drawing on property data and mathematical algorithms.
Speed is ideal for FlashHouse customers, often convenience-seekers who already bought or are currently building another home. Folks inheriting properties comprise a portion of Young’s portfolio, as do individuals undergoing divorce or other life events requiring discretion.
“It’s been a surprise, because going in we thought there would be a lot more distressed sellers coming to us,” said Young. “People just really like the convenience. When you’re thinking about selling a house, you’ve got to get it market-ready, plus there’s showings and open houses. People value not having to go through that process. It’s amazing how that consumer experience opens up your eyes to something completely different.”
Young sees younger sellers as well as individuals eager to move after decades in the same home. All told, a diverse client base that has helped grow FlashHouse by 250% year-over-year. Since launch, the startup has acquired 200 homes in Cleveland, Akron and Canton. Headquartered at 29225 Chagrin Blvd. in Pepper Pike, FlashHouse has 35 employees in its busiest operational areas as well as its new Columbus office.
To utilize the FlashHouse platform, customers must first fill out a short online form covering their home’s location, age, size and condition, alongside details like any recent kitchen remodel. Competitive cash offers on qualifying properties are made within 24 hours, followed by a virtual home assessment to verify seller details. Ultimately, homeowners sell and move on their own timeline without needing to list on the market or show the property.
Taylor Shamis sold his three-bedroom Tremont house in January via the FlashHouse platform, needing a speedy transaction to acquire his current Ohio City digs. After receiving a “phenomenal” cash offer — albeit a bit below what he would have gotten on the market — Shamis decided to make the move.
“I asked how fast we could get this done so I could secure that new house,” Shamis said. “I knew the price would be below market, but it wasn’t a crazy amount below. At the end of the day, I never would have secured my new home without FlashHouse. It would have taken months to sell our home and get through everything.”
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