Knock is a real estate tech company looking to make your home trade-in as easy as trading in a car. Sean Black (CEO) and Jamie Glenn (COO), both founding members of Trulia, started up Knock back in 2015 and now operate out of Atlanta, GA.
Upon entering the industry, Black and Glenn were looking for a way to make moving fast and easy for home-owners that needed to make a quick transaction. In their first year alone, they’ve been able to provide their services to more than 2,000 customers.
If you’re looking to upsize your home or move to a different location, Knock’s services just might be for you.
Now, Knock’s services essentially entail buying your home for a value estimated by their algorithm and using that value to search for homes available on the market that you can choose from. In doing this, you can choose a home bigger, smaller or at a certain location for the same value as your current home, depending on your needs. Not only that, Knock also purchases your home and takes care of its sale, so you don’t have to.
As of now, Knock only provides their services in five cities, namely Atlanta, Charlotte, Dallas-Fort Worth, Phoenix and Raleigh-Durham, but are expected to expand to ten more cities by the end of 2019.
The company charges a 3% commission like most traditional brokers, but their service guarantees to save their clients months of repairs and showings. The all cash offer also makes sure that you get the best price on your new house while eliminating the risk of losing it to another buyer in a bidding war while you’re waiting for your old home to sell.
How Knock works
Get your market price estimate – Like most iBuyers, Knock will give you a quote on your current home, free of charge. Simply type in your property’s address into their engine and you’re on to the next step.
Schedule your phone consult – As part of their services, the company assigns you to a Knock Licensed Local Expert, one of their full-time employees who will be able to answer any questions you might have.
Choosing a new house – Based on your old house’s trade-in value, you get to select a new house, which Knock will then buy on your behalf, acting as a short-term lender. In their website, they state that on average, they’re able to win bidding wars and get discounts for your new home.
Moving in to your new home – Before even listing your current home, you’ll get to move in to your new one, as part of Knock’s program.
Selling your old home – Knock takes care of any repairs or upgrades needed to make your old home market ready and any costs for that get settled in closing. As soon as a sale has been made, the title of your current home gets transferred to you and the deal is done.
The glaring problem with Knock is the limited reach. Sure, they have great guarantees and benefits, but what are the chances that they provide their services in your neighborhood or the neighborhood you want to transfer into? Not only that, but you have to imagine that in order to turn a profit, they’d have to get back the money they’re lending you ASAP, and may sell your home for a much lower price than it’s really valued at.
We can do so much better and so much more for you. At Housing Solutions, LLC, we can get you the best offer on the market for your home. At just one simple request, you can get up to eight different cash offers from reputable buyers.
As an added benefit, we’re local and hands-on. We can meet with you face-to-face and walk with you through the whole process of selling your home, mess-free, stress-free, guaranteed. If you take a minute to fill out our input form on our homepage or contact us now, we can get you those offers in no time.