NEW YORK–A fintech has launched with a goal of upending a market currently controlled by Realtors.
The object is to make paying a real estate agent a commission a thing of the past and to instead offer sellers a service based on a fixed fee. Called “REALICITY,” is is first being offered in New York City.
In a statement, Philip Askerorth, a former real estate broker who co-founded the company, said, “In much the same way that Etsy lets makers connect with customers and Airbnb lets travelers find places to stay, REALICITY liberates the home-selling process, and lets sellers keep a lot more from the sale of their own home. To us, it just makes sense."
According to the company, home sellers can opt to use the services of an agent or not, including showing the home, pricing, negotiating and closing. REALICITY said the process of buyers making offers through to the final closing can all be done electronically via its platform.