A real estate startup that put the sacrosanct agent commissions on the chopping block is passing the hat to investors to fund a growth spurt.
Denver-based Trelora, which charges a flat fee instead of a commission for buying or selling a home, has raised $435,000 of a $1.2 million target, according to a recent SEC filing.
Trelora did not respond to several requests for comment.
Trelora, which gets its name from an anagram of the word Realtor, is trying to scramble the pricing structure that drives most residential real estate brokerages. Regardless of the final sale price of a home, seller’s agents working with Trelora receive a flat fee of $2,100. Buyer’s agents get $3,000.
Last month, the company announced plans to open a new office in Fort Collins.
Trelora also recently expanded its Denver office, giving it a total of 9,500 square feet at 2401 15th St. near REI.
Trelora has drawn criticism from the local real estate community for letting customers use an online database to view commissions on all properties. They can also see all of Trelora’s communications with third parties regarding their home sale. Multiple-listing firm REcolordo threatened to fine Trelora or cut off access to its services when the database launched in February.
Trelora CEO Joshua Hunt previously told BusinessDen that the company will add new features to the database in the near future.
“Over the next 18 months, consumers will have as much control in their real estate transactions as they do in their banking and travel transactions,” Hunt told BusinessDen in September.