Instashowing, a real estate showing management app founded by William Schoeffler while enrolled at the Lundquist College of Business, raised $1.5 million in its first round of investment and is currently seeking an additional $3 million on a $30-million valuation in its second round of funding.
Interest in the app soared after real estate industry giant Zillow recently bought out a competitor in the showing management space called ShowingTime.
Agents and brokerages looked to switch from ShowingTime because of an inconvenient and outdated user interface. They were also uncomfortable with data security concerns using an app owned by a competitor, according to Schoeffler, who graduated with a degree in business and marketing from the Lundquist College in December 2020 and is now splitting his time between Bend and Seattle.
“We had this influx of demand from agents who didn’t want to use Zillow’s,” Schoeffler said.
Using Instashowing, agents are able to manage their calendar, block out time for a showing, and effectively keep everyone in the loop, including sellers, buyers, and real estate agents. Agents are able to use the app on their own, although brokerages will also be able to buy the app for their agents through a bulk licensing fee.
Agents from high-profile brokerages already using Instashowing include Keller Williams, Berkshire Hathaway, and Coldwell Banker, among many others.
Among the many opportunities provided by the Lundquist College and the Lundquist Center for Entrepreneurship, Schoeffler said the “tremendous” networking opportunities afforded by his time as a student were especially important to his company’s early funding success.
Through the alumni network, Schoeffler’s was able to place his startup in front of several major players in the online real estate market, including former executives from Zillow as well as Pete Flint, cofounder of Trulia.
“He really believed in what we were doing and bought in,” Schoeffler said.
He also credited the professors and mentors at Lundquist College and the Lundquist Center for Entrepreneurship for helping guide him and giving input on the product.
Schoeffler participated in several entrepreneurial events while in enrolled at the college, which he said helped him hone his vision and messaging.
With the first round of funding Schoeffler was able to expand Instashowing’s workforce form just himself to a team of 12 people working remotely.
“It’s a steep learning curve,” Schoeffler said of this quick turnaround from recently college graduate to the CEO of his own successful company. “I think we formed a really great team.”
He’s also bullish about the post-COVID real estate market.
Shoeffler said, “We think the next six to twelve months is going to be the tipping point that will allow us to continue to grow and scale with an agent, broker, and MLS-centric solution that works for everyone and improves the transaction process for consumers as well.”
“We have a really exciting long-term product roadmap,” he continued.
—William Kennedy, Lundquist College Communications
This Article was orignal published at uoregon