BuySide Realty Launches First National Online Buyer's Agent; Targeting the Nearly 3 Million Buyers Annually Who Find Their Own Home Then Turn to a Traditional Agent to Complete the Purchase.CHICAGO -- Pays a Guaranteed 75 Percent of Its Commission to Buyers Who Find Their Own Home Online stock brokerage pioneers, brothers Joseph and Avi Fox, today announced the launch of BuySide Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. (www.BuySideRealty.com), the first national Online Buyer's Agent. Self-directed home buyers have access to BuySide's proprietary technology and licensed real estate agents to help them purchase their new home. Within two weeks of closing, BuySide Realty customers will receive a check for 75% of BuySide's commission. "We are actually paying the buyer to use our services", said Joseph J. Fox, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BuySide, Inc. "In the past, it did not cost the buyer to use the services of a traditional agent after finding their own home, because the seller paid the commission. Now, if buyers do not use our services, it will cost them - they will be passing up our rebate rebate, partial refund of the total price paid for goods or services. In the United States, rebates were historically given by railroads to favored shippers as a return on transportation charges. of thousands of dollars on a typical home." The service is immediately available throughout all of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Florida and Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , representing roughly 22% of the total existing home sales Existing Home Sales An economic indicator of both the number and prices of existing single family houses, condos and co-op sales over a one-month period. Released monthly by the U.S. in the U.S. BuySide Realty is starting a rapid national rollout. It is currently licensed in 27 states, with firm plans to go operational in two more states within the next 90 days and 90% of the country by 2008. "Our model, based on Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the efficiencies, is highly scalable," said Mr. Fox Mr. Fox were a band, part of the British "electric folk" or "folk rock" movement, circa 1970. Members:
"We will forever change the local, fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. market for buyer's brokers, who have typically been earning full commissions even when the buyer did the work of finding the home" added Fox. "With our online reach and real estate licenses in many states, BuySide Realty will offer rebates on a national scale. With nearly 3 million home buyers annually already finding their own home yet still turning to a traditional agent, we expect the Online Buyer's Agent market to exceed $1.5 billion by 2010." BuySide is also departing de·part v. de·part·ed, de·part·ing, de·parts v.intr. 1. To go away; leave. 2. To die. 3. from the traditional model by having agents whose financial incentives are based on quality service to the buyer, not on number or size of deals closed.. BuySide's agents are salaried, not commissioned, and a substantial portion of their compensation will be a bonus based on customer satisfaction. "Our agents will not have a financial incentive to pressure clients to buy in order to earn a commission. We think that buyers are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. something better than that", said Fox. Future of Real Estate Transactions is Online According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the 2005 National Association of REALTORs The National Association of Realtors (NAR) is made up of residential and commercial realtors who are brokers, salespeople, property managers, appraisers, and counselors, and others working in the real estate industry. (R) Profile of Home Buyers and Sellers, 64% of home buyers in 2005 found their own home without the assistance of a real estate agent - yet the vast majority of these individuals turned to a buyer's agent to complete the transaction. Also in 2005, 79% of all home buyers used the Internet to search for a home, with 81% of them engaging a real-estate agent Real-Estate Agent A person with a state/provincial license to represent a buyer or a seller in a real-estate transaction in exchange for commission. Most agents work for a real-estate broker or realtor. to help close the transaction. "New real estate websites are popping up every day that provide more and better kinds of information. But information is just the beginning," Fox said. "The most dramatic impact of the Internet is that it enables consumers to achieve major cost savings or, in our case, actually earn them thousands of dollars on a typical home." "Our technology is first-rate," Fox said. "We have spent a year preparing for launch. We have 10 pending patents, and an outstanding technology team headed by Kevin Malover, the former Chief Information Officer of Orbitz." The Fox Brothers: Successful Internet Entrepreneurs An Internet Entrepreneur is a person that engages in business on the internet and helps to shape the future of business on the internet by being an innovator. One who is able to recognize opportunity and administer resources to take advantage of the opportunities. BuySide Realty founders Joseph and Avi Fox are no strangers to successful Internet ventures. In 1996, the brothers co-founded online brokerage firm Web Street Securities, one of the first online investing sites. By giving consumers the efficiencies of an Internet platform and information formerly available only to investing professionals, Web Street Securities empowered customers to make their own investing decisions at a much lower cost. Before Web Street was sold to E*Trade Group in 2001, it processed more than $20 billion in securities transactions, successfully completed an initial public offering, earned a four-star rating from Barron's, was named a top three online broker multiple times, and was recognized by SmartMoney magazine as having the highest regulatory compliance performance of all on-line brokerage firms. Web Street's success came from combining value for the consumer, with leading edge technology and exceptional customer service. Shift Towards Buyer's Market Benefits BuySide "Overall, the real estate industry is experiencing reduced demand, and buyers are taking control. We believe that this only helps our buyer-centric model. Buyers will come to us for the 75% rebate, and we will bring them to sellers in a seamless transaction. As interest rates rise, buyers are becoming more cost-sensitive and will place a higher value on our ability to return 75 percent of the commission to them," concluded Fox. BuySide Realty's Unique Value Proposition BuySide Realty promises self-directed home buyers the following unique value proposition. BuySide Realty will: --Represent home buyers with Internet-based real estate brokerage services and technology. --Pay to the buyer 75% of the commission BuySide Realty receives from the seller. For example, when the seller pays a commission of 6% on a $500,000 home, the $30,000 commission would be typically split evenly between the seller's (listing) agent and the buyer's agent, generating $15,000 commissions for each. BuySide would then pay the buyer 75% of that commission, or $11,250. (The rebate offer does not apply in the few hold-out jurisdictions where it is prohibited pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. by law. Not surprisingly, the trend is for states to remove barriers that prevent paying rebates to home buyers.) --Take advantage of the efficiency and scalability of the Internet, with its proprietary Offer Management Technology and advanced MLS See multilevel security. search capabilities. BuySide's Offer Management Technology allows customers to make offers, review and make counteroffers, and prepare for closing. BuySide's advanced MLS search product gives home buyers the ability to search one of the largest databases of MLS listings in the country. --Back up the web-based technology with outstanding service from employees who are licensed real estate professionals. BuySide will provide unlimited access to licensed real-estate agents from 8am until 11pm every day, with customer service available 24/7. --Eliminate conflicts of interest by radically changing the individual agent's incentive structure. A typical buyer's agent is commissioned, which creates an inherent financial incentive to complete the transaction at the highest possible price. BuySide's agents are paid a salary, with bonuses based entirely on the quality of the customer service they provide as measured by customer surveys and their supervisors, and not based on purchase price or transaction volume. About BuySide Realty BuySide Realty is the country's leading Online Buyer's Agent: a licensed real estate brokerage service that exclusively represents home buyers. Customers who purchase a home through BuySide Realty receive 75 percent of BuySide Realty's commission (typically 3 percent of the purchase price), as well as access to outstanding technology and customer service from salaried, licensed REALTORS(R). BuySide Realty was founded in 2005 by brothers Joseph and Avi Fox, who previously founded successful online stock brokerage firm Web Street Securities in 1996. The Fox brothers successfully took Web Street public in 1999 and later sold the company to E*Trade in 2001. Like BuySide Realty, Web Street was designed to empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems self-directed consumers by providing the online tools and real-time information to make investing decisions at a reduced cost. Licensed in 27 states, with plans to be in 90 percent of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. by 2008, BuySide Realty is currently available to home buyers throughout all of California, Florida and Illinois. BuySide Realty is a subsidiary of BuySide, Inc. For more information, please visit www.BuySideRealty.com or call 1-877-4-BUYSIDE. REALTORS is a trademark of the National Association of Realtors |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion