Residential Real Estate Commission-free Marketplace Interests
Are you a potential home buyer or seller? We're a group of MBAs working on a commission-free home buying/selling marketplace start-up that saves both buyers and sellers 3% on the transaction. We are currently in the pretotype phase and would love those interested in the concept to check out the website and fill out the survey (link below). Also, would love any general discussion of the topic.
Thank you.
https://empowertexas.wixsite.com/website
How do you guys make money?
we don't know yet. This is the problem space we are studying for our New Enterprise class. Tough problem to solve.
Maybe you charge fees to lenders, title company’s, attorneys, surveyors, etc to work with your buyers/sellers. You’re basically a one stop shop for the home buying and selling process.
Yawn. Every 10 years or so, there will be always be someone who wants to offer "commissions free" marketplace. News flash, you will have commissions. You are going to have another spin on it. It will just be discounted/flat fee etc. This model has been around just as long as the traditional commission model has been around. You can put the home on the MLS for a few hundred bucks, list it FSBO for free and do not pay any buyers agent commissions. History is full of firms like Purple Bricks (who were not even one of the first ones to come up with the idea) thinking they can reinvent the wheel and then fail badly and then leave the US market. Redfin, probably the most successful "discount brokerage" in the US still charges 1 or 1.5% to the seller and pays normal buyer agent fees of 2 or 2.5%. They are successful because they are straddling the line between the services offered by a traditional agent (staging, photography, marketing etc) with an amazing website and tech that traditional brokerages cannot match plus offering a slightly lower fees. They tried the "zero commissions" approach a decade ago and pivoted to their current model which has helped them be the success they are today. The world is changing and that change is the reduced commissions. They have gone from an average of 6% to 5% ish. But all the way down to 0%? Good luck. Please speak to more people in the real world and not just in the classroom. Odds are after a couple of failures you will find yourself pivoting and not being in the real estate business but in the software business selling leads to agents or some stupid shit to consumers
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