It should've been a banner year for FlyHomes.
As 2019 drew to a close, the real estate startup had $141 million in fresh funding to fuel the expansion of its novel home-buying service beyond Seattle to Portland, Boston, and Los Angeles. Then, three weeks after announcing the expansion, the first-known U.S. coronavirus case was discovered in Flyhomes' backyard.
The U.S. real estate market froze as the full scope of the coronavirus crisis came into focus, a nerve-wracking jolt for Flyhomes, which was sitting on several homes the startup purchased on behalf of clients.
Flyhomes buys houses directly with cash and then holds onto them until its buyer clients secure financing. The goal is to present its customers as the equivalent of cash buyers, helping them gain an edge in competitive markets.
Despite the uncertainty that marred the initial weeks of the pandemic, FlyHomes managed to close deals on all of the homes it purchased. Since then, the Seattle real estate market has stabilized for the most part, according to Flyhomes CEO Tushar Garg.
"What we're seeing right now is a high demand in the buying market, less inventory, and we're not anticipating that to change anytime soon," Garg said.
We caught up with Garg to hear his perspective on leadership, the real estate market, and more as part of a special GeekWire Podcast series highlighting finalists for the upcoming GeekWire Awards, a live virtual event at 4 p.m. on Thursday, July 23. Garg is one of five finalists for Startup CEO of the Year.
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