About six years ago, Steven Van Praagh received a call from a friend who owned a couple of rental properties in the Harlem area of Manhattan. Praagh, who was a commercial website developer, listened to his friend’s rant about being sick and tired of dealing with paper checks for rent payment. What his friend really wanted to know: Was there a way create a payment service online?

Praagh listened, and then asked, "Would this be like PayPal for real estate?" And his friend’s response was, "Yeah, exactly."

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