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Sundae changing business model

Has anyone noticed Sundae’s new model? They no longer purchase directly, but now function as a marketplace.

Yes, saw that. Seems like they are pitching it as this being their plan all along and they are coming “out of beta”. Given that they just raised $80M the VC community seems to be buying their pitch.

Interesting how they attack wholesalers when essentially they are wholesaling. I’m sure they’d argue greater transparency, but with a claim of ZERO fees to sell, they seem to be taking a hidden fee from buyers - which is exactly what wholesalers do.

In the end, working with distressed buyers is hard. Not clear to me that even with all their money they’ll do it much better than anyone else.

I think the model is convoluted. What are they now but a kind of broker that specializes in cash sales. They talk about getting multiple offers. But isn’t that closer to a listing?

They are getting licensed in each state, so I think they will technically be acting as a broker, double ending each deal, with all fees paid by the buyer, and advertising solely on their own marketplace (think exclusive MLS).

To be successful they will need listings, and it seems they plan to do that themselves, with the pitch to homeowners that their marketplace will help them get a better offer.