Johnson City-based online platform connects homeowners and contractors in Tennessee, helping the best contractors find the best jobs.
Perserbid Inc, based in Johnson City, Tennessee, is an online platform that connects homeowners with local contractors. The company helps service providers connect to customers in Northeast Tennessee more effectively by allowing homeowners to find, select, and hire local contractors.
Perserbid was started to provide a better way to connect homeowners and contractors. Currently, the platform is in “beta” testing phase and the company only operates in Tennessee’s Tri-cities: Kingsport, Bristol, and Johnson City.
But once the beta testing phase is over, Perserbid intends to expand to other cities in Tennessee and eventually across the U.S.
The company was founded by current President, CEO and Director Edwin Williams in 2014 after a thorough market research validating the need to better connect homeowners and contractors in the Northeast Tennessee.
Edwin later recruited Robert Pryately (CFO/Director) and Matt Mayfield (COO/Director) to complement his skills.
How Perserbid Works
On the website, homeowners can create projects for contractors to bid on. To help them in the process, the homeowner can post photos of the current space and describe what they want.
Registered local contractors can browse posted jobs, communicate with homeowners about the jobs through the platform, and provide an estimate.
The homeowner can then compare and award the bid to their chosen contractor.
Projects accepted on the platform include concrete and asphalt, restoration, insulation, porch/deck, pest control, pool/spa maintenance, home inspection, kitchen remodel, bath remodel, cabinetry, security systems and security cameras, home theater/audiovisual, pressure washing, window installation, siding, plumbing, electrical, remodeling, interior design, painting, handyman, garage door installation/repair, cleaning services, water filtration and purification, solar/geothermal, flooring and carpet, roofing, and drywall.
The communication system built into the platform helps eliminate uncertainty and misunderstandings, and all communications are logged to act as evidence in the unlikely event of a dispute.
Additionally, the platform’s ratings and reviews system puts both homeowners and contractors in check.
Perserbid also offers an escrow system (provided by Braintree, a division of PayPal Inc) that offers that both parties security by holding payments until pre-negotiated milestones are met.
Perserbid’s Fees and Charges
For these services, the company charges homeowners a fee of 6% of the contracted project price. This fee is collected as part of the first payment the homeowner makes to the contractor for the project, and is non-refundable even if either party cancels the transaction.
This is in addition to a 3% fee that Perserbid charges to contractors.
Perserbid is committed to providing good service to both contractors and homeowners, and as such, is constantly developing and testing features to better improve the service that is provided.
Perserbid’s Equity Crowdfunding
In October 2017, Perserbid turned to crowdfunding platform StartEngine to raise up to $1.07m (1,070,000 of common stock at $1 per share) from everyday investors to help the company more quickly expand it’s services to other cities.
Unlike the more commonly known crowdfunding platforms like Kickstarter and Indiegogo where one invests in hopes for an early look at a new product, StartEngine allows investors to share in the financial success of the venture by investing funds to actually own a piece of the company.
Even then, as is the norm with traditional crowdfunding campaigns, Perserbid’s equity crowdfunding campaign comes with special “perks” to sweeten the transaction. All investment levels come with 50% off homeowner platform usage fee for life, transferable to anyone within the first year after the close of the equity crowdfunding. This perk remains with the original owner or whomever the owner transfers to, subject to the one year transferability period, for life, even if shares are sold and/or repurchased by the company.
Additional perks, including branded company items, special event invitations, and “No Homeowner Usage Fee for Life”, are offered depending on investment level.
This investment opportunity is open to anyone throughout the US. So if your investment philosophy aligns with startups in the construction and technology spaces, by all means, give Perserbid’s equity crowdfunding a good look. And if you’re a homeowner or contractor in the Tri-cities and the greater Northeast Tennessee area, give Perserbid a try.