Santa Barbara Homeowner Saves Over $645,000 in Commission Fees Selling $21M Home Using Home Bay's Disruptive Real Estate Model
SAN DIEGO, Dec. 28, 2017 /PRNewswire/ -- After attempting to sell his $20M+ home in Santa Barbara, CA using a traditional agent for nine months, Carl Westcott, switched to Home Bay Technologies Inc., where he sold his home in 45 days and ultimately saved $649,000 in fees. To date, Home Bay has transacted $380M in home sales saving customers over $8M in real estate commissions.
Home Bay's disruptive business model combines the power of technology and top real estate agents to help homeowners transact more effectively and at a fraction of the cost of a traditional agent model where one pays 6% in commission fees. "Home Bay's model is a no brainer," said Carl Westcott, Entrepreneur and Founder of 1-800-Flowers. "The fact that they can sell a luxury home over $20M validates their model. In fact, I was so impressed I am now an investor in Home Bay."
Home Bay's proprietary technology streamlines the real estate transaction process. Work that typically consumes 60 hours among a traditional agent has been reduced to just 2 hours through a smart platform that moves most of the process online.
What's more is Home Bay employs a centralized team of licensed real estate agents to advise consumers throughout the transaction. Given these large efficiencies, Home Bay passes savings directly to consumers by charging a low flat rate of $2,000 to $3,500 per home sale. Buyers who use Home Bay receive 50% of the buyer agent commission upon purchasing a home.
"Today's real estate transaction process isn't aligned with consumers interests," said Ken Potashner, Chairman and CEO of Home Bay. "We have built a model that not only puts consumers in complete control but also provides on-demand support from top real estate agents who aren't paid on commission and only have our clients' best interests in mind. Our model puts the consumer first, which we believe is long overdue."
The company is delivering better results than traditional real estate agents. This season, homes listed with Home Bay sold 23 days faster and for $13,771 more than the industry average while still providing traditional services such as pricing guidance, professional photography, an installed yard sign, exposure across the MLS and thousands of real estate sites as well as negotiation and closing management. The only thing customers do is handle home showings in exchange for significant savings and with less risk. Ninety-four percent of homes sold through Home Bay sold in less than 90 days.
About Home Bay Technologies Inc.
Home Bay Technologies Inc., a San Diego based company, provides consumers a smarter way to buy and sell homes with data-driven intelligence, complete transparency and an on-demand customer experience. services Home Bay's sophisticated platform expedites the transaction with efficient, seamless systems that save consumers and real estate agents time and money.
For more information, visit HomeBay.com.
SOURCE Home Bay Technologies Inc.
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