How consumers buy a home in 2024 has changed dramatically in the past twenty years. Because many homeowners own their homes for years and sell or buy infrequently, they are unaware of the changes.
The internet today is ubiquitous. Most consumers have a smartphone. Many applications are available to help sellers sell and buyers buy homes or find comparable sales. Most real estate companies today have websites that feature internal company listings. Home sellers and buyers have three alternate choices:
1. Portals like Zillow advertise homes for free; agents post their listings for free and pay to promote themselves. Home sellers without an agent can publish on Zillow for free. Home buyers can search for free with or without an agent.
2. FSBO websites charge home sellers a fee to advertise and connect the sellers with an agent. These websites offer advantages many sellers and buyers choose over working with an agent. Some, like Fsbo.com or Houzeo.com, charge home sellers an extra fee to advertise on a multiple listing service (MLS) because home sellers and buyers have no direct access to an MLS. These two types of websites and platforms have made buying or selling a home easy for consumers. Buyers or their agents can search these sites for free. Many agents working with buyers do not utilize FSBO sites.
3. PropBox.co is a new peer-to-peer option that connects home sellers and buyers to view, negotiate, and close the entire home transaction online. It is transparent, fast, safe, accurate, and easy to use, and it features a small, flat success-only advertising fee for a six-month interactive ad paid from seller proceeds, regardless of the home’s value. The buyer can negotiate on three homes for free, after which they pay $100 per home negotiation.
PropBox is the first product to complete the entire transaction online. The company’s web address is PropBox.co. PropBox is not a real estate company but a media advertising company specializing in advertising single-family homes using technology like search engine optimization (SEO) and QR codes to find the best fit for sellers and buyers. PropBox is agent-free, which means it does not advertise homes on multiple listing services. PropBox is a genuine alternative to an agent or for-sale-by-owner for the first time in real estate history.
Let’s look at some specific questions sent in by DearMonty readers from across the country. Read more Q&A articles about the “Finding an agent” stage of the Home Selling process.
-
Can a For-Sale-By-Owner pay a commission to an agent for finding the buyer?
Our reader today exemplifies the plight of the for-sale-by-owner. While I applaud those who venture out to reduce expenses, rather than earn more, real estate remains a bit like the wild west even today. There are no enforceable standards of practice in an industry where your competitors are also your best customers. Interestingly enough, I…
-
Home seller questions agent motives
Reader Question: We used a buyer agent to find a new home. Now we need to sell our home. We got him to look at our house. The lower commission does not seem to motivate him, and he is not interested in us now that we have concluded buying a home. He wants to…
-
Do real estate agents negotiate fees on dual transactions?
Reader Question: Do real estate agents negotiate fees on dual transactions? My wife and I are in the process of downsizing. We have shopped neighborhoods and have chosen where we would like to land. In this process, we have had one particular agent show us 5 or 6 homes. Now it is time to list…
-
Listing agent fumbles – can I cancel the contract?
seller picked a poor agent and is seeking advice on how to cancel the listing agreement.