What made Reali different from other iBuyer platforms?

Reali's differentiation was the combination of transaction services under one roof: it provided cash-offer capability to help buyers compete, handled the subsequent mortgage origination for the purchase, and managed title and escrow in-house. Each component was designed to reduce friction and increase speed. The problem was that owning each component also multiplied the compliance overhead and capital requirements.

How did rising interest rates specifically hurt Reali?

Reali's cash-offer programme required funding the purchase price upfront while the buyer arranged their mortgage. As interest rates rose from near zero to 7%+ in 2022, the cost of funding these bridge positions increased substantially. Simultaneously, buyer demand dropped as affordability fell, meaning fewer customers needed or could use Reali's services. Both sides of the economics deteriorated simultaneously.

Could an all-in-one real estate platform succeed under different conditions?

The concept is appealing and the NAR commission structure changes of 2024 create new opportunities for integrated models. The challenge is interest rate sensitivity — any cash-offer or bridge loan component carries significant rate risk that the business must hedge or hold capital against. Companies that survived the 2022 rate shock had either lower fixed costs or more robust hedging mechanisms.

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// HALL OF FLAME · STARTUP AUTOPSY

Founded	2016
Closed	2022
Country	USA
Sector	Proptech
Total raised	100
Collapse type	Silent Shutdown
Founder	Amit Haller

Reali

"The all-in-one real estate platform that combined buying, selling, mortgage, and closing — and burned through $100M trying to own every part of the transaction"

$100M

RAISED

—

EMPLOYEES

MONTHS

unit economicsSilent Shutdown

Quiet closure with no public announcement

// Fatal mistake: Multiple regulated verticals (real estate, mortgage, title, escrow) created a cost floor that could not be reduced at the speed transaction volumes fell when interest rates rose in 2022.

Key Events Timeline

2016-01

FOUNDING

Reali founded

2019-06

DOWN ROUND

Down round or bridge financing

2022-06

SHUTDOWN

Silent Shutdown: Reali ceases operations

🔥 Hall of Flame 35%🏆 Hall of Fame 30%

Reali launched in 2016 with an ambitious thesis: owning the entire real estate transaction stack — from listing to mortgage origination to title and escrow — would create a seamless experience for buyers and sellers and capture the economics of multiple service verticals simultaneously.

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More Proptech →More from USA →More unit economics failures →Raised: 100

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// THE PROPTECH GRAVEYARD DOESN'T END HERE

Reali followed a documented pattern. Identify the same signals in any company before they reach the point of no return.

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