St. Louis, Missouri-based proptech Transactly, Inc. announced the close of a $3 million Series A funding round. The company has accumulated $4.7 million in funding since launching in 2018. Its products are targeted at agents, brokerages and real estate investors.

According to the press release, the round was led by Hermann Companies, a family company also of St. Louis.

The company offers a nationwide remote, tech-enabled team of transaction coordinators that manage all aspects of getting a deal to the finish line. It can work with individual agents, teams or entire brokerages.

The press release states that rapid growth in 2019 led to the need for more funding and additional scaling.

It can also be assumed that more agents and brokerages will look to outsource transaction coordination work as a way to recover from the national impact of the coronavirus.

Transactly CEO Bryan Bowles

“While we’re concerned about the effects COVID-19 will have on our industry, we’re not seeing a slowdown in the number of brokers signing up,” said Transactly’s founder and CEO Bryan Bowles in the release. “In fact, as many brokerages are already opting to outsource transaction support to us rather than commit to dedicated salaries as the crisis unfolds.”

The company said it has at least 2,000 users across the country.

Brokerages can opt to use Transactly’s software at no charge or leverage its network of “TCs” (transaction coordinators), who are fluent in the software’s capabilities. Costs range from $125-$350 per completed transaction.

“We drive the most value by having the best-trained, agent-friendly, efficient coordinators available to brokerages who do not want to manage extra staff,” Bowles said.

The real estate industry is undergoing rapid change in response to the global threat of COVID-19, a sickness caused by the fast-moving coronavirus. National brokerages are adjusting business models, video tours are growing, outsourced professional services are increasing, and agents are relying on discounts for purchased leads and technology services, according to multiple Inman reports.

View all of Inman’s coronavirus coverage here.

Have a technology product you would like to discuss? Email Craig Rowe

Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman. He lives near Lake Tahoe in the northern Sierra Nevada of California.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription