Please welcome Properly, the first cloud-based real estate agency

Meet Properly, the latest addition to Lerer Hippeau’s portfolio.

HQ: Atlanta, Georgia

Founder: Ben Kubic

The problem: Selling a home is an opaque and manual process that takes an average of 72 days and costs the average seller $15,000.

Properly’s solution: Properly is a full service, digital brokerage for home sellers. The cloud-based, online real estate agency sells homes three times faster than the market average for more than 97% its recommended list price, while providing the seller greater transparency into the transaction.

Origin story: While studying at Harvard Business School, Ben frequently heard his classmates talk about how hard and expensive the home selling process had been before moving to Boston. After interviewing hundreds of home sellers to understand the challenges they faced, Ben teamed up with Jude Rasmus, a high-volume broker, to develop the concept. Properly was launched in Atlanta in July 2015.

Why we’re betting on it: We love big, technology-resistant markets in which the customer experience is unnecessarily complex, so Properly was immediately intriguing. Ben is obsessed with customer experience, and took the time to understand the problem’s many nuances before building the tech. The result is a better performing product that both provides an amazing customer experience, and offers a more cost effective solution than its competition. Couple this with the market opportunity and strength of the entire Properly team, and it was an easy one for us to get excited about.

Our take: More than $30 billion is spent each year on residential listing commissions. While very little of the market is actually online, we’ve seen technology adoption in residential real estate dramatically accelerate over the the past few years with a huge amount of this driven by shifting consumer behavior and expectations. We’re comfortable renting our homes to strangers and making major purchase decisions online, but the modern home seller is actively looking for a better way to sell her or his home. The early results are incredibly promising and we think there’s an opportunity to build a modern brand and experience here that customers are excited to tell their friends about.

Lerer Hippeau is the most active early-stage venture capital fund in New York.

Lerer Hippeau is the most active early-stage venture capital fund in New York.