‘CarMax for houses’ opens lucrative door for Cleveland startup FlashHouse

Digital transactions for big-ticket items are not unusual, as companies like CarMax and Carvana have become tremendously lucrative in navigating consumers searching for new and used cars online. A Cleveland-based company has applied that concept to the housing market, simplifying a lengthy selling process via an easy-to-use electronic platform.

FlashHouse, unveiled in 2018 by Ryan Young and Stephen London, allows sellers to get a quote on their home within 24 hours. This process is not magic, but instead is based on the iBuyer model that generates an automated valuation by drawing on property data and mathematical algorithms.

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Story excerpt provided by Crain’s Cleveland Business.

Written by Douglas J. Guth.

Originally published March 5, 2022.