A Seattle-based startup aims to simplify buying and selling real estate internationally, with an initial focus on Mexico.
FarHomes organizes online listings by destination with current offerings priced from $100,000 to more than $3 million. The options on the portal range from small condos to beachfront mansions.
Interested buyers are connected with a Far Homes local partner agent who can provide guidance for out-of-country transactions. The firm also offers property management services for properties that are used as rentals.
Far Homes has assembled more than two dozen English-speaking agents in Mexico. These partner-agents pay a fee to Far Homes when a transaction is closed through the platform.
Among prospective home buyers the startup is targeting are remote workers interested in living in tropical locations and investors who are interested in Mexico’s cheaper real estate.
“While many now have the flexibility to work from anywhere, most Americans are still priced out of buying a vacation home in the U.S.,” said Ben Gilbert, co-founder and managing director of PSL Ventures, which led the initial funding round. “It’s a no-brainer for many of these folks to buy internationally instead, but it is too complex today,” he added.
According to a report in GeekWire, Far Homes was launched by three alumni of Redfin. They raised $2.25 million from PSL Ventures and angels and plan to use some of those funds to add employees and for marketing.
Far Homes also offers an Affiliate Agent Program, where real estate agents in the United States or Canada can refer clients and receive a referral bonus.