Knock IPO

Knock operates a home trade-in program that allows homeowners to buy a new home before selling their current one, essentially providing bridge financing and home buying services to eliminate the traditional timing challenges of real estate transactions. The company's 'Home Swap' program enables customers to make non-contingent offers on new homes while Knock handles the sale of their existing property.

Unlike pure iBuying companies that focus on buying and flipping homes for profit, Knock's business model is more service-oriented, charging fees for facilitating the transaction rather than relying primarily on home price appreciation. The company provides financing, coordinates the sale of the old home, and manages the entire process to make moving less stressful. Knock has had to navigate the challenging real estate market conditions and rising interest rates that have impacted many real estate technology companies, leading to strategic pivots and market focus adjustments.