Iggys House, the company that owns BuySide Realty, just launched a site that allows sellers to list their property free on the MLS (Multiple Listing Service), which sells over 70 percent of U.S. properties. Currently, an MLS listing costs c. $500 and can only be executed by a Realtor.
Seller ads, which can contain multiple photos and even video, will appear on Realtor.com, the largest database of homes for sale, as well as on services such as AOL, the WSJ, and MSN. A toll-free number and voice mail are provided with each listing for inquiries.
Iggys House CEO Joseph J. Fox has big expectations. “There is a lot of money at stake – about $65 billion annually in real estate commissions. This new model will have an immediate impact on the status quo. By breaking open the MLS we are providing over $500 million worth of services for free to millions of home buyers each year. For the 1.1 million people who try to ‘sell by owner’, we provide incredible exposure…For the over 400,000 sellers who pay a fee to be MLS-listed, we now offer it for free.”
So where’s the money? The reasoning is that home sellers are on the verge of becoming home buyers. The service hopes to direct sellers to buy their next property on BuySide Realty, which launched in April of last year. That service shares 75 percent of its commission with the buyer, and helps guide purchasers through the process andn the closing.
The service is initially launching in 20 states, and plans a rollout to an additional 17 states in coming months, which Iggys House claims represents 84 percent of available homes. By year’s end, the service will be national.
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