Sawbuck Closes $2 Million in Financing Led by A. H. Belo |
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By: Sawbuck Realty Posted: 2009-07-01 06:23:40 |
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Online real estate broker Sawbuck Realty today announced $2 million in Series A financing led by media company A. H. Belo Corporation. Sawbuck will invest the new funds in national expansion, and to further the company's investment in its website and unique business model. In conjunction with the funding, Sawbuck today launched a new version of its site and grew beyond the Washington, D.C. area to add Southern California, with plans for San Francisco and Dallas this summer.
"As more people use the Internet to get information and make important decisions -- from reading the news to finding a restaurant to shopping for a home -- we are committed to offering the most comprehensive local news and information sources," said Robert Decherd, chairman, president and CEO of A. H. Belo. "Sawbuck shares our goal of giving consumers great tools and resources to find vital information about their communities." Sawbuck helps consumers start their home search online, where they can search by property type, neighborhood or address to find homes for sale, local market stats and recently sold properties. Sawbuck then connects buyers and sellers with experienced, vetted, local real estate agents, and streamlines their transactions. Buyers working with Sawbuck can take advantage of additional savings and coordinated service on mortgage and settlement from industry leaders such as Bank of America and First American. Sellers pay reduced commissions while a top listing agent markets their property locally and Sawbuck guarantees best practices in vital online marketing. "We're excited about the support from Belo because of their long history with real estate, their substantial reach with consumers and their interest in new business models like Sawbuck," said Sawbuck CEO Guy Wolcott. "This investment gives us the resources we need for further website development and to continue national expansion." Since launching in January 2008, Sawbuck has completed more than $30 million in real estate transactions and gone from zero to more than 600,000 monthly page views in the Washington, D.C. area. Consumers have viewed more than four million listings, received more than one million email alerts and rated more than 500,000 homes. In July 2008, Sawbuck was named "Most Innovative Brokerage" by Inman News for its compelling technology and unique business model. Sawbuck co-founders Guy Wolcott and Steve Barnes also participated in the financing. About Sawbuck Sawbuck Realty is an online real estate broker that combines an industry-leading website with an award-winning, consumer-friendly business model. The company connects buyers and sellers with top local real estate agents, streamlines their transactions and saves them money at every turn. Buyers who work with Sawbuck's agent partners get a below-market mortgage with the lowest closing costs and settlement fees, saving thousands up front and hundreds every month. Sellers receive a 20 percent refund of the listing commission at closing; saving $3,000 on a $500,000 sale, with a typical seller's agent commission of three percent. Sawbuck's site, service and model provide radical transparency and consumer value that is unique in the world of real estate. Headquartered in Washington, D.C., Sawbuck's network of real estate agent partners currently serve the Maryland, Virginia, Washington, D.C. and Greater Los Angeles area markets. The company will expand into Texas and further into California this summer. |
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