☀️ Climbing Climate Sectors

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🌟 Top News in Startupland 🌟 

Plaintiff in Landmark Real Estate Class Action Lawsuit Founds Startup to Change the Industry

Justin Sitzer founded Landian, a New York-based real estate startup, after being a plaintiff in the landmark class action lawsuit Moehrl et al. v. National Association of Realtors, et al. Sitzer joined fellow homeowners to challenge the practice of paying 3% of a home’s selling price to the buyer’s agent to achieve a better selling price overall, a standard practice within the real estate industry referred to as the “Participation Rule”.

“While hiring agents is a choice for many, I don’t believe anyone should be bullied into paying for undesired services due to unfair industry practices,” he told Techcrunch. The verdict, determined earlier this year, resulted in the National Association of Realtors (NAR) paying a settlement of $418 million and an agreement to discontinue the rule. It also led Sitzer, Bryce Galen and Neal Batra, to found Landian, which emerged from stealth last Thursday, August 28.

Landian takes advantage of the new real estate environment achieved by the lawsuit by connecting sellers with flat-fee agents. Now in beta, it provides users with an interface on which to import listings and schedule home tours or prepare an offer with an agent on demand. Landian charges users $49 per home tour and $199 for each offer prep session. $1,799 gives users five home tours and two offer prep sessions, but they only have to pay that upon closing.

Landian anticipates this flat-free pricing model will become the new norm in the real estate tech industry, where incumbents like Redfin and Zillow still practice the 3% commission pricing model. They are currently raising a seed round.

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📚 Dive A Bit Deeper 📚

Is Stealth the Way to Go?

Building a startup is exciting, but most founders understand there is a long road ahead with great uncertainty. Before launching their product, early-stage founders should consider going stealth.

What is stealth?

Stealth or being in stealth mode is when a startup is in the process of developing its product before launching to the public. Only the founder and any employees of the company know what the product is and its intricacies.

What are the pros of being in stealth?

Inc. lists several upsides for startups that begin in stealth:

• Founders have the chance to gain long-term clients and establish a space for their startup in the market, readying them to become public

• There is more time to perfect a product with data collected during beta testing

• Consulting with a small number of users prepares startups for publicly launching and pivoting with a large number of users

• Building an organic presence while in stealth boosts a startup’s chance of successfully launching to the public 

• There is less added outside pressure and scrutiny that can detract from the development process if a product were launched publicly

• Conducting market research against competitors during stealth makes for a better product long-term

OK, but what are the cons?

Stealth mode allows founders and small startup teams to hone in a product and make it the best it can be for public launch. However, like everything, there are some downsides to it. While startups are in stealth mode, they miss opportunities, risk being overshadowed by a competitor, and limit the amount of feedback they receive. Furthermore, being in stealth mode is not conducive to generating revenue.

Should you go stealth?

It’s up to the founder whether their startup should go stealth or not. Founders should consider their product, customers, market factors and available capital when deciding whether stealth is a good option for them.

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Deep Dives Galore

☀️ CLIMBING CLIMATE SECTORS — VCs have been funding climate startups more and more, with deals on track to meet or exceed 2023. Specific climate sectors have caught VCs’ eyes and attracted their wallets. Read what they are.

💰 YOUNG NYC VC TRENDS — Climate is not the only market trending among VCs. Women’s health and the care economy, “grounded” AI and apps with paywalls are some trends Gen Z VCs are bullish on, among others.