Knock, another Opendoor competitor, raises $32.5M

Knock promises to sell a home at market value within six weeks or buy it at market value

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Knock -- a tech startup that promises to sell a home within six weeks or buy the property for market value -- has raised $32.5 million in a Series A funding round. The round provides the latest indication that property-exchange platforms are gaining traction, coming on the heels of massive funding rounds for competitors OfferPad and Opendoor. Knock currently only operates in Atlanta, but it plans to expand to other markets later this year. The startup is on pace to close 350 transactions in 2017, according to Knock CEO Sean Black. What's new about Knock Knock puts its own spin on the property-exchange model by first trying to sell a property on behalf of a seller. It lists the property as a brokerage, charging a 6 percent commission if the property sells. But if the startup can't find a buyer within six weeks, Knock purchases the property itself at a guaranteed price, which is typically the same as the home's list price, Black said. "The value prop is basical...