A new real estate startup is looking to ‘flip that house’ and it plans to do that with help from Uber drivers.
Based in Atlanta, Georgia, the real estate firm is seeking to recruit Uber drivers to help it find derelict properties on their routes that Cori can buy and then sell for a profit. The company launched its Deal Finders program with roughly 100 drivers in January.
“What happened was, as we started to build the program, we started to attract a certain type of deal finders that was a ride-share driver,” Cori International Investment Chief Technology Officer and co-founder Eric Richner told Yahoo Finance On the Move.
“This is an opportunity for [drivers] to pick up a passenger, drop them off and then in the location that they’re at if there is a rundown property, they can take 30 seconds to a minute, snap a photo, and within 30, 60 or 90 days, depending on the length or type of deal that may come from that lead, that individual will be compensated,” said Richner.
According to Richer, there are far more rundown homes than the average person would know of or expect. He explains that there are communities devastated with widespread job losses or certain areas that haven’t been paid attention to. These homes may no longer be maintained because owners are elderly or out of work. Some of these properties may also be inherited or probate cases and “the siblings and the heirs live on the other side of the U.S. and they don’t even know about the property,” he said. “They just don’t care because it’s too much trouble or too expensive.”
The idea is to “come in and fix” the property and hopefully increase that neighborhood’s value in a respected way, he added.
How much can Uber drivers make
Cori is moving to a pay-per-lead model.
“Once 50 houses are introduced into our system that are eligible for us to go after, that individual will be eligible to make a $1 per house compensation,” said Richner.
With this model, Richner explained that Cori also offers performance bonuses when a property is actually sold. The driver gets the following bonuses based on the sale:
$500 for net profits $5000 or under
$1000 for net profits between $5001-14,999
$1500 for net profits $15000 and over
So far, Cori has attracted over 100-plus Uber drivers into its Deal Program.
Ralston Ramsay is a producer for Yahoo Finance’s On the Move.