$100B in fees.
One business model away.
For Sale By Plus is a licensed Florida transactional broker and marketplace built on a software platform, with a multi-state expansion plan. We are rebuilding the listing side around a per-service primitive at the exact moment the industry has been forced — by the 2024 NAR settlement — to unbundle.
The opportunity
The 2024 NAR settlement is the regulatory catalyst. For the first time in 100 years, sellers are legally and culturally free to refuse the bundled commission. Adjacent categories (travel, insurance, brokerage equities) tell us the unbundling endpoint is 70–90% fee compression. We are building the consumer brand and the operating system for the transition.
$100B is the full residential commission pool. The realistic capture is the listing side we unbundle: at our target ARPU of ~$2,200 against the ~$12k median listing-side commission, our SAM lands closer to $10–18B in annual fee revenue as the per-service primitive becomes the default. That's the number diligence will back-calc to, so we'll lead with it ourselves.
The model
Per-service flat fees + bundle SKUs. ~$1,500–$3,500 ARPU per closed listing. ~35% contribution margin.
$0 Starter, $99/mo Pro tier with priority RFP routing, analytics, saved searches. Software margins.
API + white-label fulfillment for iBuyers, institutional owners, relocation programs. Later: permissioned 1P homeowner audience monetized as media.
Shape: services marketplace with a software-and-data layer — not pure SaaS. Margin story is fee take-rate plus subscription, scaling toward media take-rate as the homeowner-lifecycle layer matures.
Unit economics (target steady state)
Pricing is software-like at the margin: incremental listings cost us platform compute, payment processing, and a small ops layer. Fulfillment is performed by 1099 licensed brokers paid per service, not by salaried W-2 agents.
Where we are & where we're going
We are pre-revenue and approaching launch in Florida. This round is a thesis-and-team bet on a regulatory unlock, not a growth-stage bet on a curve. Public traction metrics (closed listings, GMV, broker count) will be reported on this page as they accrue.
- — Seller storefront & checkout
- — Broker RFP marketplace
- — Vendor directory & escrow
- — Admin console & fulfillment
- — FL listing agreement + LBP + SPDR-3 e-sign pipeline
- — Florida public launch
- — First closed listings & GMV
- — Stripe Connect payouts live
- — Network broker coverage across FL metros
- — TX, GA, NC, AZ rollout
- — Title + escrow integration
- — AI pricing & offer review
- — Enterprise / iBuyer API
Founder Wes Benwick serves as broker of record and carries E&O at launch — acting as a non-competing broker who only fills coverage gaps in Florida markets where a network broker isn't yet onboarded. Standard network agreements explicitly remove the platform from the transaction in favor of the awarded broker, except where a seller has a pre-existing personal relationship with the founder.
Why this isn't the discount-brokerage graveyard
The fair diligence question: Purplebricks, REX, Owners.com, Redfin's discount listings — what's different this time?
Platform-funded seller CAC near $15k against ~$3,200 revenue. The unit math never closed.
We don't fund seller CAC. Demand is broker-driven and co-op funded. The founder operates as customer-zero broker so we own the workflow before we scale it.
Tried to route around the MLS and Zillow — and got blocked by both.
We're MLS-first. A layer above the rails, not a war with them. Sellers see the same syndication footprint as a traditional listing.
Out-of-industry leadership; never resolved the supervision/E&O story brokers needed.
Founder is a licensed, practicing Florida broker. Broker-of-record and per-service scope are first-class in the product.
Predated the 2024 NAR settlement. The bundled commission was still the legal default.
We are the first cohort operating after the regulatory catalyst actually fired. Sellers are now free — culturally and legally — to refuse the bundle.
Team & founder-market fit
Licensed Florida real estate broker since 2016 (sales license 2014). Operates as customer-zero broker — running real listings on the platform to validate every workflow before opening it to the network.
Operator / CEO background. Previously built and exited a geo-precision programmatic AdTech platform. That experience is the through-line to where this business ends: a permissioned, intent-rich first-party homeowner audience monetized as media — the retail-media-network model applied to homeownership.
Why now: the 2024 NAR settlement is the unlock; the AdTech background is the endgame; the broker license is the right to operate the workflow honestly while the rails get built.
The endgame: LTV beyond the listing
A sold home isn't an exit — it's the start of a 5-to-10-year homeowner relationship. The roadmap turns a one-and-done seller into a multi-year account via three compounding layers:
- Lifecycle services. Between-sales maintenance, improvement, recurring home services — the vendor network already in place.
- The home dossier. A permissioned, owner-controlled record of the property — improvements, warranties, vendor history — that follows the home and the homeowner.
- 1P intent audience. A clean, consented, intent-rich homeowner audience monetized as media access — not as RESPA-violating referral fees. The no-referral-fee stance is a deliberate, RESPA-clean moat, not a missed revenue line.
The next listing from a returning homeowner is a near-zero-CAC renewal, not a fresh acquisition. That's the venture-scale curve under the marketplace.
The ask
We are raising a priced seed round to fund the Florida launch, multi-state license expansion, the broker acquisition engine, and the next two product surfaces (mobile + enterprise API). Use of funds breaks roughly 50% engineering + product, 30% licensing + compliance + ops, 20% growth.
Deck, data room, and a live walkthrough of the platform are available under NDA.
Talk to the founders.
investors@forsalebypl.us — we reply to every qualified inquiry within 48 hours.