7 minute read
November 23, 2020
Facilitating Low-Commission Residential Sales with Nico Jodin of beycome
This article originally appeared on www.buildingproptech.com, a retired blog where I interviewed proptech founders on how they were building and growing their businesses.
beycome is a free service that functions as a digital real estate agent for home buyers, and allows users to buy any home with us and save $12,000 on average towards closing costs.
Hey Nico! How did you end up working in PropTech?
When I was 18 years old, I started my first company back home in France and the second one 10 years after. I find the world of tech to be incredibly fascinating, addictive even, as things change every day.
The new solutions, new projects, new technology– I love it, and I love working in tech even more. To be honest with you, I didn’t know what ProTech was until a couple of months ago... My team and I just built a solution for our users.
What problem are you working to solve with beycome?
These days, 90%+ of potential buyers are looking for their dream home online, on the other side, seller (69%) are eager for something different than the so traditional real estate industry but both scenarios once didn't have an opportunity to deal directly together as they don’t have access to the same tools than the industry.
Thanks to these cool platforms like Zillow, Trulia, even beycome ;) these home listings that were once hidden behind a multiple listing system that only real estate agents have access too, people can take more ownership of buying/selling a home. beycome believes that the best real estate agent of your property is: yourself!
Nobody knows better were there looking to live more than the buyer. So if a buyer or the seller is doing most of the work, shouldn’t they be entitled to the commission on their deal? We already help our smart users saved $52M+ and close 4200+ properties! this is what we believe here and we have created a solution to make it happen.
How is beycome financed?
We have private investors and we are currently raising a small VC round.
👋 Hey reader,
Colin here. If you're building or growing a real estate or hospitality tech company, you should sign up to my newsletter Proptech Growth Strategy Brief. Every week, I write a 3-point growth strategy for a real estate or hospitality startup, just like this one. Join the fun!
What is beycome's growth strategy?
Expected sharing with [Building Proptech's] audience? Joking aside, after a long COVID crisis, we have redefined two main goals that we’re currently focusing on: dominate the markets we currently cover (Florida and Illinois), and placing focus on cross-selling opportunities, like our brand new in-house title company and mortgage services, beycome Title.
Each goal has a different strategy but they both rely on the same principle, which is constantly testing out new acquisition channels. The world must know that beycome exists!
What tactics have you tested for growing your user base and revenue? What has been most effective?
Our number one channel is referrals, mouth to mouth, which is great for us because it allows us to generate new users at a low to no cost and show a real infatuation regarding beycome and the solution we provide them.
We’ve been honing in on our SEO for the last two years which has proven to be a nice complementary part of our overall growth and marketing strategy. What sets beycome apart is our customer service. We pride ourselves in having great sales associates that can create such positive experiences with our customers, that these customers refer us to their friends and families. We’re very thankful to our customers.
What has been the hardest part of building, growing or monetizing beycome?
Definitely, the lack of real estate “education” of the seller and buyer. Till now, one of the top questions we receive at beycome is: “Wait, is it legit to buy or sell a property without a real estate agent?”
Our customers require a lot of education and reassurance. “Yes, you can do it yourself, yes you can save money, and yes this is not rocket science to deal by yourself with beycome. We close between 4 to 9 property per day, 4200 on the last 3 1/2 years with only homeowners like you! you can be the next one!” We’re happy to provide this option to them. We want everyone to be able to save money when buying or selling a home! Our smart users already saved $52M+ in commission! and door after door, we continue to show that another solution exists: beycome.
The process of selling or buying a home shouldn’t be so complicated or stressful but one of the most happiness experiences in your life and we’re determined to continue simplifying it.
What insights about real estate and technology have you came to realize whilst building beycome?
Real estate is a pretty “closed” business", not that easy to improve.
Many agents are firmly opposed to accepting change and improvement in this industry. Just the word “change” looks like an insult to them which is unfortunate but I can understand that: who wants to change the #1 industry of the country generating $80+ Billion per year in commission?
When technology is involved to help customers save money and control the process, it’s a win-win for all the actors of this industry.
Where can we find out more about beycome and connect with you?
By visiting beycome.com or visiting us in our beautiful Wynwood, Florida office. Mask required ;)