{"id":1897,"date":"2007-09-06T15:00:10","date_gmt":"2007-09-06T22:00:10","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=1897"},"modified":"2007-09-06T15:01:25","modified_gmt":"2007-09-06T22:01:25","slug":"unlike-venture-capital-vampire-redfincom-iggys-house-seeks-suckers-on-wall-street","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1897\/unlike-venture-capital-vampire-redfincom-iggys-house-seeks-suckers-on-wall-street\/","title":{"rendered":"Unlike venture-capital vampire Redfin.com, Iggy’s House seeks suckers on Wall Street"},"content":{"rendered":"

John Cook’s Venture Blog:<\/a><\/p>\n

Despite challenges in the national real estate market, Chicago discount real estate service Iggy’s House plans to try its luck with an initial public offering that could raise up to $15 million, according to a filing with the Securities and Exchange Commission.<\/p>\n

If successful, that would be just $3 million more than what Seattle-based Redfin, one of Iggy’s primary competitors, raised in its venture round in July.<\/p>\n

In addition to traditional real estate firms such as Prudential Financial, RE\/MAX and Realogy, Iggy’s House also faces direct competition from upstarts such as Redfin, ZipRealty and iNest. It also may face competition in the future from Zillow.com, HouseValues and others, according to the filing.<\/p><\/blockquote>\n

Iggy’s House<\/a>, you’ll recall<\/a>, is the ultimate discount lister.<\/p>\n

How ultimate? All the way. Allowing for the buyer’s agent’s commission, Iggy will give you a limited service MLS listing for free. A sister company, BuySideRealty.com<\/a>, will rebate 75% of the buyer’s agent’s commission when they (don’t actually) represent you as the buyer.<\/p>\n

How can they do it? They’re lenders. Both real estate businesses exist to drive loss-leader business to their loan brokerage business. Pondering the spreads on the loans they underwrite will probably repay your effort.<\/p>\n

And: Even though the company is appealing directly to share-holding suckers, rather than the venture capital suckers favored by parasite sites like Redfin.com<\/a>, Iggy is so far living up to what you might anticipate for its financial performance: “Iggy’s House posted revenue of $425,000 and a net loss of $5.1 million last year.”
\n<\/p>\n

Technorati Tags: disintermediation<\/a>, real estate<\/a>, real estate marketing<\/a>, Redfin.com<\/a><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

John Cook’s Venture Blog: Despite challenges in the national real estate market, Chicago discount real estate service Iggy’s House plans to try its luck with an initial public offering that could raise up to $15 million, according to a filing with the Securities and Exchange Commission. If successful, that would be just $3 million more […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,6,5,27],"tags":[],"class_list":{"0":"post-1897","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-disintermediation","7":"category-marketing","8":"category-real-estate","9":"category-redfincom","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":1195,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1195\/how-are-you-gonna-bind-em-down-to-a-listing-contract-when-iggys-doing-your-deal-for-free\/","url_meta":{"origin":1897,"position":0},"title":"How are you gonna bind ’em down to a listing contract when Iggy’s doing your deal for free?","author":"Greg Swann","date":"March 22, 2007","format":false,"excerpt":"Should we say goodbye to the half-assed listing? Mike Price:Today Buyside has announced an ABA, (affiliated business arrangement) whereby any homeowner can list a home in the MLS free of charge. It's called IggysHouse.Com. Interesting branding, I couldn't find anything on their site that explained the moniker. Could be they\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2307,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2307\/the-odysseus-medal-competition-voting-for-the-peoples-choice-award-is-open-9\/","url_meta":{"origin":1897,"position":1},"title":"The Odysseus Medal competition — Voting for the People’s Choice Award is open","author":"Greg Swann","date":"December 2, 2007","format":false,"excerpt":"A baker's dozen this week. Vote for the People's Choice Award here. You can use the voting interface to see each nominated post, so comparison is easy. Voting runs through to 12 Noon MST Monday. I'll announce the winners of this week's awards soon thereafter. Here is this week's short-list\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1438,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1438\/not-to-be-missed-marlow-the-hammer-harris-on-the-redfin-hustle\/","url_meta":{"origin":1897,"position":2},"title":"Not to be missed: Marlow (The Hammer) Harris on the Redfin hustle","author":"Greg Swann","date":"May 16, 2007","format":false,"excerpt":"Eminently worth waiting for:I\u2019d love to be a fly on the wall at those meetings with the investors and venture capitalists. Pie charts, graphs, facts, figures. Lots of talk about disintermediation and volume of scale and that sort of thing. When Redfin fails, they won\u2019t blame themselves, the business model,\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1671,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1671\/redfin-cops-another-12-million-raising-investors-stake-in-the-discount-realtybot-to-40000-per-closed-transaction\/","url_meta":{"origin":1897,"position":3},"title":"Redfin cops another $12 million, raising investors’ stake in the discount realty.bot to $40,000 per closed transaction","author":"Greg Swann","date":"July 17, 2007","format":false,"excerpt":"The indefatigable John Cook:Redfin has raised an additional $12 million in venture funding, money that the Seattle discount real estate broker will use to enhance its Web site and expand into new markets. First up for Redfin are the Washington D.C and Baltimore areas, which are being unveiled today. Next\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1527,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1527\/redfins-sweet-digs-weblogs-resurrected-as-neighborhood-sites\/","url_meta":{"origin":1897,"position":4},"title":"Redfin’s Sweet Digs weblogs resurrected as neighborhood sites","author":"Greg Swann","date":"June 12, 2007","format":false,"excerpt":"From John Cook's Venture Blog:\"Sweet Digs\" is back -- kind of. The Redfin real estate blog, which was shut down last month after agents complained to the Northwest Multiple Listing Service that the home reviews were hurting sales, is making its return today in a modified state. No longer will\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2701,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2701\/redfincom-builds-new-listing-oversight-tools-for-sellers\/","url_meta":{"origin":1897,"position":5},"title":"Redfin.com builds new listing oversight tools for sellers","author":"Greg Swann","date":"March 4, 2008","format":false,"excerpt":"Here's the news, snipped to the quick:Online real estate broker Redfin Corporation today released Redfin Listing Metrics, a dashboard for Redfin's listing customers to analyze neighborhood inventory trends and recent sales, and to compare their listing's online traffic to that of other listings in the neighborhood.That sounds slick, doesn't it?\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1897"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1897\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}