Panache Ventures’ Dan Belostotsky has launched HonestDoor, a new real estate platform looking to give home buyers and sellers more transparency in home prices.
“Technology is changing real estate and HonestDoor is the next stage in the PropTech revolution.”
The Edmonton-based entrepreneur joined Panache in March 2018 as a venture partner to help the VC firm establish a presence in the city. Belostotsky is also the founder of his own boutique investment firm, Otto Capital, that focuses on tech and real estate startups. He launched HonestDoor after buying his own properties for years having access to data that wasn’t widely accessible to the public.
“I always had an edge,” Belostotsky told BetaKit. “Instead of continuing [like that] I decided to do what I could to make it accessible for everyone. Now consumers have their power back so they can do their own research to price a home they want to buy or sell.”
HonesDoor offers home buyers and sellers information about the lastest sold prices of all the residential properties in the city. Along with free data and detailed property information, the platform’s proprietary machine learning valuation model, HonestDoor Price, offers daily updated price estimates for each property. The company worked with a team of data scientists from the University of Alberta, Belostotsky’s alma mater, to create the machine learning model.
HonestDoor, touting itself as the first tech company in Canada to release real estate sold prices with ML, also offers data on neighbourhood growth rates, annual property taxes, permit data, and transaction history.
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Currently only available in Edmonton, HonestDoor plans to expand into Calgary, Winnipeg, Vancouver, Toronto and other cities in Canada. It is also looking to add new tools to its platform in the coming months, though did not disclose what those might be.
To date, HonestDoor has been self-funded by Belostotsky, who is also the former co-founder of Belonett Media, which became the largest independant digital billboard network in Alberta and was acquired by Vancouver-based conglomerate The Jim Pattison Group, in 2012.
“Technology is changing real estate and HonestDoor is the next stage in the PropTech revolution, allowing people to take charge of their own data and make buying and selling decisions based on the best data available,” said Kyle Campbell, an advisor to HonestDoor and co-founder of Retsly a real estate data startup that was acquired by online real estate database Zillow, in 2014.
Image courtesy HonestDoor via Twittervia Twitter.