Philadelphia-based real estate startup Houwzer is expanding its team in D.C. after raising a $9.5 million Series A funding round.
This comes after the creator of a tech-enabled brokerage service expanded its team in the District in January 2019 following raising $4.5 million in seed funding. This Series A was led by New Jersey-based Edison Partners, and previous investors Admiral Capital Group and real estate investor Ira Lubert also participated.
Houwzer leverages technology and full-service, salaried realtors to save home sellers an average of $15,000 and provide home buyers a pressure-free experience, it reports. Traditionally, agents would receive a 6% fee, but instead, Houwzer charges a flat $5,000 listing fee paid at closing plus 2.5% for the buyer’s broker. The company said this model saves home sellers an average of $15,000 in commissions.
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