The Story of Final Offer: Building the Future of Real Estate Transactions

The Story of Final Offer: Building the Future of Real Estate Transactions

Most startups begin with a solution looking for a problem. Final Offer began with a question: what part of everyday life still hasn’t been touched by technology? In a recent episode of Category Visionaries, co-founder Tim Quirk shared the journey of how his team is reshaping real estate transactions through radical transparency.

From Enterprise Software to Real Estate Innovation

The seeds of Final Offer were planted during the founders’ previous venture in enterprise staffing software. As Tim explains: “Three of us had worked together at our previous company, Erecruit, where Judd and Donko had been the ones to actually build the foundation of that technology, which was an enterprise software platform for the staffing and recruiting industry.”

After successfully exiting that business, the team started looking for their next challenge. “As we’re starting to exit that company, we started to look at, wow, what are the parts of your life still haven’t been touched by technology that touches everyone?” Tim recalls. The answer was sitting right in front of them: real estate transactions.

Finding the Right Problem to Solve

The potential market size was compelling. Tim shares: “Judd, who was one of my founders, we’d be on flights and he’s like, hey, the tam of real estate is gigantic. The tam in our last there in our previous industry was half a billion. We see it for us, the final offer at 50 billion.”

But the team knew nothing about real estate beyond being consumers. Their breakthrough came from partnering with industry veteran Kevin Caulfield, who helped them understand how top agents actually operate. This led to a crucial insight about transparency in the industry.

Building Trust Through Transparency

The team discovered a startling statistic: “We’ve actually polled almost 1000 real estate agents and we’ve asked them the question, do you trust other real estate agents? What do you think the percentage is of folks that don’t? That is 91% don’t trust their peers.”

This lack of trust wasn’t just affecting agents – it was impacting the entire transaction process. Tim explains: “If you could help the real estate industry provide transparency to the consumer base, could everyone win? Could real estate agents and the brokerages grow their businesses by being more transparent and providing more trust in the space, which is one of the least trusted industries in the country?”

From Test Market to Rapid Scale

After testing their platform in Boston and making crucial pivots based on industry feedback, Final Offer launched officially in Washington DC in October 2022 with nine strong teams. By September 2023, they had 93 subscriber agents. Then came the breakthrough: opening their platform to brokerages.

“Between the end of September and now, which is March 13, we’ve signed 50 enterprise brokerage accounts that comprise over 10,000 agent users, comprise over 12,000 active listings,” Tim shares.

The Vision Ahead

Looking to the future, Final Offer has global ambitions. As Tim explains: “It’s the same problem everywhere on the face of the earth.” The company is already expanding into Canada and sees potential far beyond North America.

But their ultimate goal isn’t just geographical expansion – it’s fundamentally changing how properties are bought and sold. Tim envisions: “If we continue to do what we do, make good partnerships and prove value, I’m hoping that we can change the experience for everyone that listens to this and everyone in the country to be able to have just a nicer, more pleasurable experience when they’re buying or selling a home.”

For an industry that hasn’t fundamentally changed in over a century, that would be a transformation worth watching.