Today we’d like to introduce you to Eric Chebil.
As an immigrant from Canada and first-generation American along with citizenship to Lithuania/EU, Eric graduated University of Washington with a BS in Construction Engineering, double minoring in Architecture and Finance. Prior he was on the U.S. national rowing team and understands firsthand what it takes to overcome challenges and teamwork. Eric has over ten years of experience in real estate including managing teams and projects while working for top global general contractors including Kiewit and Swinerton Builders, and brokering real estate homes at Christie’s International and mortgage loan originations at Chebil Realty. Background in the fields of engineering, general contracting, construction management, and green building consulting. Credentials include a California Bureau of Real Estate Broker’s license, mortgage loan originator’s license and certification of LEED AP BD+C status. Previously has founded Chebil Realty managing several Realtors, Eric understands and lives in the housing crisis firsthand in LA.
Cher was founded to bridge the gap between renting and owning your dream home.
Has it been a smooth road?
By no means has it been smooth. The company was founded December 2018. I must have spoken with over 500 investors and have finally found investors and a team that believes in a world where everyone can have the opportunity to own a home. Fundraising as a sole founder and bringing together now a 12 person team has been challenging. I’ve traveled across the country to pitch at large events to bring together the right group and product. In terms of licensing, running a real estate brokerage, mortgage brokerage, and all in app platform has many red tapes which we’ve overcome.
So, as you know, we’re impressed with Cher® – tell our readers more, for example what you’re most proud of as a company and what sets you apart from others.
Free financial and property technology for co-owning one to four-unit residential real estate. All-in-one software platform providing users and customers a network of qualified co-borrowers to co-own homes with while hosting all essential resources to purchase property. Homebuyers utilize Cher to multiply their buying power. Free services include free credit report, competitive lender rates, zero closing costs, access to millions of exclusive fractional properties via MLS and Cher, flexible exits for more liquidity, verified real estate professionals, custom tenant in common contracts. Utilizes Experian and Equifax in performing soft credit checks to pre-qualify users. Web application now available, iOS and Android apps by Q2 of 2020. Tech stack built from open source including from Facebook, LinkedIn, NodeJS, Apple, Google, Amazon. Primary users co-owning homes through Cher have existing relationships and look to streamline the purchase process. Secondary users join to meet compatible individuals in Cher’s network to co-own with.
Users are matched with advanced tools including a personality test (free), identity check performed and stored by third-party AI API (free), background check ensuring user is cleared the sex offender registry ($4.99). Users purchase their primary residence or an investment property. All real estate professionals are required to have their credentials checked by Cher’s third party to mitigate risk of professionals soliciting Cher homebuyers outside of platform and going against terms of service. After account registration, user becomes pre-qualified. They select the number of co-borrowers they’re interested in living / investing with. By providing a free soft credit check provided by our partners at Equifax and Experian, Cher pre-qualifies a homebuyer without ever obtaining their social security or damaging their credit. Software integrates homebuyers’ social media accounts including Facebook, LinkedIn, and Google to import previous connections made outside of Cher easier to connect organically. Because many users have an idea about who they want to co-own homes with, we provide a quick tool to add friends to our network section.
A user’s newsfeed, their user and customer network tab, funding amount, and integrated map are the focal points for users and customers highlight specific properties in a homebuyer’s news feed that are within this user’s price range based on our multiplier, number of bedrooms, and areas of interest. In the interim, we provide real estate professionals registered with our monthly service of Cher’s Clique the ability to message these homebuyers for a limited amount of time up to a maximum message count per month. This service also positions enrolled professionals at the center of homebuyers’ attention on their integrated patented map and within their news feed. Because Cher’s Clique encompasses several different variations of industry professionals, our software has the ability to segregate professionals marketing to each other in Cher’s Clique. Our standardized contracts provide to our co-owners for free allows co-owners to bring up any questions or concerns prior to entering into co-ownership without the need to seek outside legal counsel to form these contracts. If contract modifications are requested with legal help, Cher’s legal partners provide homebuyers discounted rates for any services. We provide opt-out solutions for our co-owners to allow them to unilaterally take their equity from their co-owned home and switch with a different interested co-owner without paying the heavy added closing costs which can range in the amount of 3% of the principal value of the home. By providing our strategic partners in the escrow and wholesale lending business, they in turn wave added fees to provide rate and term loans or any other modifications to the note. Cher is the originator of the loan to reduce any fees incurred by co-owners to provide zero closing costs.
When a co-owner wishes to sell their fractional co-ownership, we provide them with the following solutions: buy out existing co-owner, rent out space, sell fractional ownership on Cher’s exclusive marketplace, modify the note, or add an additional co-owner with reduced fees. The number of buyers looking to co-own any property is limited to 5 at this time due to banking restrictions however, we expect to grow this number as our company continues to develop. With Cher, we save our users around $22,000 USD. For co-owners of investment properties, Cher provides a vetted network of renters that can provide a supply to these investments without seeking real estate assistance. If management assistant is required, Cher markets general advertisement, affiliate programs, and Cher’s Clique on a homebuyer’s news feed. Depending on which opt-out is selected will determine whether every homebuyer on Cher is notified or if Cher’s real estate professionals are notified. This information is sent directly to our independent mortgage brokers and financial institutions which step in and assist in facilitating this through Cher’s platform. If a co-owner wants to sell and can’t find a replacement, Cher does have the right of first refusal to be able to buy their portion of homeownership from them at a substantial discount through our iBuyer program to resell at market price. Cher is GDPR, COPA PCI and CCPA compliant and abides by all regulatory agencies.
REAL ESTATE PROFESSIONALS | CUSTOMER
Professionals have the ability to target pre-qualified homebuyers like never before. With a fractionalized marketplace continuing to transact, professionals can message many homebuyers that are either unfamiliar or familiar with the co-buying process by adjusting their setting preferences. Cher’s software allows any real estate professional to connect with each other in “My network” tab and the ability to be requested by a co-borrower to join their exclusive network either during or before the escrow process. By hosting a collaborative communication platform, homebuyers can reduce escrow times and be delivered clear timelines on one open channel specific to a properties channel on Cher and build their professional network.
Let’s touch on your thoughts about our city – what do you like the most and least?
I like how our city is becoming more investor-friendly and is catching up to Palo Alto and San Francisco. We’ve had huge tech startups come from LA and we are a city that is open-minded. I wish there were more opportunities to help renters.
Pricing:
- For homebuyers looking to share homeownership, it is totally free
- For Realtors, if you are a quality agent looking to represent buyers in Cher, we charge $99 per month.
- If Realtors want their clients to use Cher for our patented process to share homeownership and easily sell ,we charge 25% fee on the Buyer’s agent side.
Contact Info:
- Address: 730 Arizona Avenue, Santa Monica, CA 90401
- Website: https://cher.app/
- Phone: 9496837472
- Email: [email protected]
- Instagram: https://www.instagram.com/cher.app/
- Facebook: https://www.facebook.com/cherapp
- Twitter: https://twitter.com/Cher_App
Image Credit:
CBS for the photo with me and the girl shaking hands.
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