Linkhome Holdings aims to push the residential real estate business into the digital age, and itโs seeking to raise up to $12.1 million in a public listing as part of the efforts.
The startup filed its registration with the Securities and Exchange Commission (SEC) on June 21, while acknowledging it faces โincreasing competition from a growing number of internet-based brokerages and companies operating with new business models.โ
The Irvine-based company says it expects to grow from $2 million in revenue in 2023 to between $8 million and $10 million this year.
โWe focus on developing forward-looking AI home search technology combined with financial innovation to create a better real estate platform,โ founder and Chief Executive Zhen โBillโ Qin told the Business Journal last week. โThis sets us apart from other platforms by offering a more advanced and intuitive home-searching experience.โ
Regulatory filings indicate that the company plans to raise upwards of $12.1 million in the IPO, which is being underwritten by EF Hutton.
An expected price for the companyโs stock, and total shares being offered, hasnโt been disclosed yet.
โResidential real estate is a massive offline market characterized by low efficiency, high labor consumption and time intensive processes,โ Linkhome told the SEC in the companyโs filing.
AI to Find Homes
Qin told the Business Journal the platformโs three main functions include:
- AI-Powered Platform: The platform uses AI to provide highly accurate real estate models for finding homes.
- Cash Offer: It assists users in bidding for their desired properties with all-cash offers.
- Flash Sale: Homeowners can directly sell their properties to Linkhome for a quick and efficient sale.
Linkhome is an artificial intelligence real estate technology enterprise, the filing said.
โWe are committed to integrating AI, 3D modeling, video technology and other pioneering technological forces,โ Qin said on LinkedIn. โWe are redefining the way people buy, sell, and manage properties. We provide a one-stop solution for home purchasing, mortgage, rental management and resale listing.โ
That includes real estate brokerage, cash offer, property rental management and home renovation.
Since inception in 2021, its platform has facilitated an aggregate gross total value of more than $150 million of agent brokerage transactions as of March 31.
SoCal Focus to Start
Qin, 36, holds a masterโs degree from the University of California, Irvine, according to the filing. Qinโs wife, Na Li, is chief financial officer of Linkhome. Together, the couple own 60% of the voting power.
Before starting Linkhome, the couple both worked as independent realtors for Harvest Realty Development Inc. from 2020 to 2021 and at USA Bestway Group Inc., a provider of inflatable recreational products, from 2016 to 2020.
Linkhome has 10 employees in Irvine, along with 12 agent contractors. It plans to list on the Nasdaq under the ticker symbol โLHAI.โ
The IPO is expected to start โas soon as practicable after the effective date of this registration statement.โ
Linkhome told the SEC it โis presently focused on serving the Southern California market, and, over time, intends to establish a nationwide marketing network covering multiple states.โ
The platform โis presently only active in California,โ according to the company.
โWe believe the real estate sector is set to transition online and begin leveraging artificial intelligence. Consumers are shifting their spending online and demanding experiences powered by AI to enhance efficiency, certainty and speed. We believe consumers are increasingly becoming accustomed to the high efficiency of AI-generated services and now expect to receive similar experiences in the realm of real estate,โ according to the registration statement.
