Home listings startup Richr launches title and insurance services
It plans to expand to Georgia, other states
Richr, a Miami-based home listings startup, is adding title and insurance services to the company’s offerings, with plans to also expand into home lending.
The website launched in early 2019, offering to list homes in South Florida for free, and giving the 3 percent commission back to the buyer. A home seller could save the full 6 percent commission.
Now, with Richr One, it also offers title and insurance services in Florida, with plans to expand to Georgia, New York and other states, said founder and CEO Glenn Orgin.
“Whether it’s residential or commercial, the market is going to a one-stop model,” Orgin said. “Essentially, you want to own as much of the distribution channel in any business you’re in.”
Last month, Compass said it entered into an agreement to buy Modus, a title and escrow startup that has raised $12.5 million.
Traditional brokerage firms typically offer title, mortgage and insurance, such as the Keyes Companies and Berkshire Hathaway HomeServices EWM Realty. Keller Williams has Keller Mortgage.
With Richr One, Orgin said the company will “take care of the whole transaction and give [the client] 3 percent back for closing costs.”
Richr plans to raise an undisclosed amount of money next year, Orgin said. The Wynwood-based Faith Group previously provided $500,000 in capital to the company.