This month’s “Simplex Ventures Founders Series” article features Prevu, a real estate technology company on a mission to empower homebuyers.
A Q&A with Prevu’s Co-Founder, Chase Marsh
Welcome, Chase! Can you kick us off by giving a quick introduction of Prevu?
Prevu is on a mission to empower homebuyers. Our Smart Buyer platform offers a homebuying experience with unparalleled control, transparency and financial savings when purchasing a home. Our zero-pressure online experience delivers a smarter, more efficient way for homebuyers to transact.
As an online real estate brokerage, what problem is Prevu built to solve?
Consumers are accustomed to online platforms in every part of their life – including e-commerce, hospitality, travel, and more. We believe if you can purchase groceries or a car online, why not also home!
Just as Expedia streamlined the high fees and fragmented travel sector, Carvana removed the pain points of car buying, and Robinhood democratized stock trading, Prevu plans to deliver the one-stop shop for the next generation of homebuyers.
Take us back to 2017. What inspired you to start Prevu?
The mission for Prevu was formed out of our own frustrations with the high fees and antiquated process of buying or selling a home. My co-founder and I believed there had to be a more seamless way to transact and save during a home purchase, thanks to technology.
Prevu is a win-win for both buyers and sellers. Can you explain the value-add for both sides of the real estate equation?
Prevu unlocks significant savings for both buyers and sellers. Homebuyers can receive a commission rebate – a portion of the buyer’s agent commission that Prevu receives for representing the buyer. Additionally, Prevu offers sellers services for a fair commission that is lower than that of traditional brokerages – allowing homeowners to keep more of their equity when they sell.
With Prevu’s Smart Buyer™ Rebate, buyers receive back a portion of the agent’s commission. Can you walk us through how the Prevu commission rebate works?
During a typical home sale, the owner pays a real estate commission of 6% of the purchase price. That commission is then split, with 3% given to the listing agent and 3% given to the buyer’s agent.
Prevu is unique as it offers a financial benefit by giving a portion of the buyer’s agent commission directly back to homebuyers in the form of a buyer commission rebate. Commissions offered by owners vary from property to property; however, since inception, homebuyers have received an average of $23,000 per transaction with Prevu’s Smart Buyer Rebate.
What are some other key features Prevu offers homebuyers?
Getting a rebate when you get the keys to your new home feels great, but that is only part of the benefit if you purchase a home through Prevu.
By utilizing Prevu’s digital home buying platform, buyers can easily search home listings. Once you input your ideal housing style and preferred neighborhoods, Prevu does all the heavy lifting for you, immediately alerting you when that perfect home hits the market.
The Prevu platform allows you to book property tours with the click of a button, and provides a portal to connect with a dedicated local buyer’s agent. Speed is of the essence when you are buying a home, and having digital tools helps you organize your search, communicate with an agent, and collaborate on necessary offer documents securely.
We’d love to hear a Prevu success story that you’re currently really excited about.
Customer feedback speaks volumes in how our mission and services are resonating with folks, and our team always enjoys reading the 500+ five-star reviews we’ve received on Google to date. For example, a recent Google review from a Prevu buyer in California:
“We were new to the San Diego area and found Justin of Prevu through Google. Justin was awesome and he guided us through the entire process without being pushy. We found what we always wanted and at the right price. The rebate check was the icing on the cake. I would definitely recommend Prevu for all your real estate needs.”
– Girish B., San Diego, California
As Prevu’s success continues, what are some areas where you see the company growing?
Over the next year, Prevu will advance beyond real estate brokerage with our entrance into mortgage and other ancillary services. For this next wave of our growth, we’d have built a vertically-integrated home buying platform.
In the longer term, Prevu will create the best in-class homeownership and financial services platform that makes it better, faster and cheaper to handle every aspect of the important life events that surround a home purchase.
By vertically integrating services in a digital platform, Prevu is able to leverage our brand savings and value proposition to consumers across every step of the homebuying journey. In addition, we can expand our offerings to financial and insurance products to grow customer relationships beyond the initial home transaction.
Where can people find Prevu to learn more? Homebuyers and sellers can discover more about Prevu at our website: https://www.prevu.com/. You can also find us on major social media sites: @prevurealestate.