New Customer-Oriented Real Estate Firm Aims to Charge Less, Promise More
Quill Realty to assist, protect clients by providing attorneys, charging 2% commission
SEATTLE, Dec. 17, 2013 /PRNewswire/ -- Quill Realty, owned by three local real estate attorneys, announced plans today to formally launch in January of 2014. Quill will be a new and unique model in the real estate industry that is devoted to consumers' best interests. Quill will focus initially on serving home buyers, with plans to formally add seller services by July of 2014.
Quill is founded on two consumer-driven core principles. First, the internet has created efficiencies that are not captured by the traditional real estate model. And second, a home buyer (or seller) is best served when legal services are provided by an attorney, not just an agent acting alone.
Quill will capture these internet-related efficiencies that will allow it to charge less for its services. Historically, buyers had to hire a real estate broker in order to find out what was for sale. With listings now abundantly available on the internet, buyers can search for homes themselves. Furthermore, each traditional agent spends a lot of time finding the next client. Using the internet and other mass marketing, Quill will more efficiently acquire clients for the whole firm. Quill agents will be able to focus solely on assisting clients.
By working with local law firms, Quill will provide every client with a lawyer as well as an agent. The attorney will educate the client about the legal aspects of the transaction and provide legal services that are not provided through the traditional agent-only model. Together, the agent and the lawyer will work as a team in assisting Quill clients through closing, ensuring that the clients' legal interests are fully protected throughout.
By capturing the efficiencies created by the internet, Quill is able to offer these expanded services for less than the typical real estate agent commission of 3%. All of these services – brokerage services from an agent, and legal services from a lawyer – are included in Quill's fee of 2%, with the balance of the commission returned to the client at closing as a commission rebate.
"Real estate agents do a good job of providing some legal services, like drafting an offer," said Craig Blackmon, Quill's founder and managing broker. "Quill improves on that traditional model by also including an attorney's in-depth legal counsel, which any prudent buyer will appreciate."
Blackmon noted that the vast majority of buyers close with little understanding of the preliminary title report or even the specific terms of the purchase and sale agreement. Quill clients will have no such problem. "And by incorporating existing efficiencies, Quill can fully meet its clients' needs for much less than the typical fee," said Blackmon. "We're very excited about the future."
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