Kicking commissions to the curb
Want to sell your home without paying that 6 percent commission? One real estate agency is looking to turn the old model of selling a home on its head – and saving sellers cash in the process.Verify your new rate (Sep 24th, 2020)
No commissions, no compromises
Houwzer is kicking the traditional real estate agent model to the curb. Rather than asking its sellers to foot the bill for hefty commissions, Houwzer pays its agents a salary. This keeps the pressure off seller pocketbooks while ensuring agents don’t steer clients toward higher-priced homes in hopes of bigger commissions.
Instead of paying a commission, Houwzer sellers pay a $995 flat rate for listing their home. They also pay the 3 percent commission to the buyer’s agent. Agents get an annual salary, plus bonuses for good customer service.
“Technology has saved consumers billions of dollars in other brokerage/agent industries as seen in the major decline of stockbrokers and travel agents,” said Kevin Gillen, Houwzer’s senior economic adviser. “Meanwhile, the housing industry is stuck in a cycle of 6 percent commissions. Houwzer is using technology to modernize the industry, the first model to cut commissions in half while still providing full-service representation.”
Where you can sell
The company launched in Philadelphia in 2015 but just expanded to Washington, D.C. this quarter.
Houwzer currently has eight no commission realtors in D.C. who are licensed to sell throughout Washington, Maryland and Virginia. The company already has 38 agents in Philadelphia.
According to Houwzer CEO Mike Maher, Houwzer will launch in other cities in the near future, including Denver; Nashville, Tennessee; Austin, Texas; and Orlando, Florida.Verify your new rate (Sep 24th, 2020)
Get today’s mortgage rates
Are you considering selling your home with Houwzer’s no commission realtors and buying a new house? Shop around and see what mortgage rates you qualify for today.Verify your new rate (Sep 24th, 2020)