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Can This Internet Startup Eliminate Need for Realtors?
There’s a new kid on the Internet block that is going to be making all sorts of noise in the real estate space. And I can bet that Realtors and real estate agents are not happy about it. At all. But this site proves that we’re becoming more and more comfortable doing all sorts of transactions online, often saving ourselves lots of money.
That’s the case with Allre.com. Allre is changing the once very traditional real estate transaction space by letting people buy or sell a house over the Internet WITHOUT a realtor. Launching this month in the San Diego market, Allre may just turn out to be a game changer.
Realtors play a big role in the traditional real estate transaction but people are starting to realize that they’re not essential to make a transaction happen. We’re catching on and finding ways to eliminate paying commissions for what sometimes is very little effort (especially now since potential home buyers and sellers are doing a lot of the research and groundwork themselves).
But Realtors control the open houses; Realtors have access to the all-knowing MLS. But even that’s no longer an edge.
We already know that the MLS is slowly being marginalized thanks to sites like Zillow, Trulia, Redfin and others. The MLS no longer holds all the cards for listings, comps, valuations and the like. That information can be found other ways and heck, so many houses are bought and sold already without going on the MLS at all.
Using Allre, sellers can determine the best listing price by examining comps provided by the site – based on home sales over the previous year in the area. Open houses can be scheduled. Buyers have access to that same information, so can be more educated about their decision and have to be verified and have a pre-approval letter from their bank.
Allre allows buyers and sellers to conduct the transaction right over the site, either through a sort of Buy It Now-type option, a traditional negotiation or an instant negotiation. Of course for a home sale, 100% of the transaction cannot yet be done online and that’s addressed, too. Allre will walk a user through each step of the process. They are partnering with a closing service and with Prime Lending to help with financing.
The most attractive part for buyers and sellers? No fees. No Realtor commissions.
That adds up to a significant savings (Allre makes their money from ads and affiliate commissions rather than real estate fees so they are not considered to be a broker). They’re still building their inventory, but that will come over time. They’re making some strategic decisions of that front, too, like partnering with investors for exclusive crack at their inventory.
Allre is very consumer-focused, looking to provide a very valuable service while saving people potentially thousands of dollars on a home purchase or sale. Buying and selling online is now commonplace for most of us, so translating that to a house is…
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