Italy-based Casavo has sold more than 650 homes in its first two years of operations in Spain, website Brainsre News reports. 

According to the IBuying company, the sale price was 2.8% less than the market value on average, saving sellers 44% in comparison with a traditional realtor. 

Casavo added that it had made offers on more than 31,000 properties in Madrid and Barcelona during the year. It also operates in Seville and Malaga in the south of the country. 

After receiving a valuation request, Casavo makes an offer within 48 hours. If the offer is accepted, the deal is completed within seven days (a process that typically takes months in Spain), it asserts. 

In an interview with Brainsre News, Francisco Sierra, general manager of Casavo in Spain and Portugal, said: “The success of the Casavo model lies in breaking with the inertia of the sector, offering the seller personalized sales options and an extremely simple process.”

He went on to provide some details of the company’s approach to data analysis, saying: “… Technology is … one of the differentiating factors for companies in the real estate sector when facing uncertainty. Our technology, developed in-house by Casavo … [uses] the EVA [empathic visualisation algorithm a technique for holistically visualizing multidimensional data sets]. This allows us to make realistic home valuations thanks to Big Data and the constant and real-time analysis of the market prices of homes in cities where we operate.”

Earlier this year, Casavo raised €400 million ($425 million U.S.) in debt and equity in a Series D funding round. Earlier this week, the company announced that Italy-based bank UniCredit had invested €10 million in it as part of a long-term strategic partnership agreement.

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