Norwell, MA (PressExposure) January 14, 2009 -- Veteran real estate businessman Walter Hall, Chairman of HouseSavvy (www.housesavvy.com), today announced a first-of-its-kind initiative in the real estate industry: free listings on MLS for home sellers.
Free Multiple Listing Service Online; agency shifts to online focus The free, no-strings-attached listing, acknowledges a fundamental shift in HouseSavvy's business model. "This puts the control squarely in the hands of the seller," said Hall, who added, "Our goal is to change the way people sell their homes, and empower them to get more involved and keep more of their money." There is no charge or obligation to HouseSavvy, other than to register online to take advantage of all of HouseSavvy's free services. Home sellers list their homes on MLS by going to HouseSavvy.com. As part of this free service, HouseSavvy provides information and advice on how to price a home realistically and makes available a Help Desk manned by licensed professionals to address home sellers questions and concerns.
Free MLS listing also includes free listing on Realtor.com, Zillow and othersThe free MLS listing, available online at the HouseSavvy website, housesavvy.com, allows sellers to list their homes for sale with the largest Multiple Listing Service in New England (MLSPIN), also one of the top ten MLS listing services nationwide. MLSPIN reaches more than 30,000 real estate professionals and their buyers. In addition, the homes will be listed on Realtor.com, Zillow, Google, Trulia.com, Homes.com and hundreds of other sites. This is vital to HouseSavvy's home sellers, because 80% of buyers start their home search looking at listings on the Internet.
Hall's initiative - allowing sellers to list their own properties on MLS for free, is believed to be the first of its kind nationally. Hall's fundamental shakeup now allows home sellers free access to what is arguably the most powerful marketing tool in the industry, paving the way for individuals who want to be involved in the sale of their homes without having to pay a hefty real estate commission.
When asked why HouseSavvy developed this revolutionary approach to selling homes, Hall said, "Today's home sellers and buyers are far different then they were in the past. We believe that the long-established 'one-size-fits-all' real estate business model has failed to respond to the needs of these real estate consumers who basically want a fair and reasonably priced service that gives them flexibility - plus involvement and control over the process on their terms.
The first reaction of many home sellers, Hall said, has been: "all this for free - what's the catch?" In answer to that question, Hall said "there really is no catch. Full service real estate firms enjoy three revenue streams: listing commissions (for representing the seller), selling commissions (for producing the buyer), and mortgage fees. Both the listing and selling commission (typically 2.5% each) are normally paid by sellers. We think it's time to give sellers the break they deserve, because there's no real estate market without them. With our online service and low overhead, we can do very nicely with revenue generated just from buyers - that is, helping them find homes and deriving revenue from mortgage fees."
There is another innovative feature of the new HouseSavvy program that provides its home sellers significant additional cost savings. Hall put it this way: "Traditional real estate firms charge a selling commission for producing the buyer (on average 2.5% of the sale price) no matter who sells the home, including the homeowner! We feel this is really unfair, and therefore we waive this commission if our homeowner sells directly to a buyer not working with a real estate firm or agent."
Hall's innovative thinking comes from extensive industry experience. He founded Walter Hall Realtors in 1960, and grew it into one of the region's largest real estate firms. From that, he founded The Hall Institute of Real Estate which trained Realtors nationally. Many in the industry dubbed his Institute as "The Harvard Business School of Real Estate." He also built one of the largest and most successful global corporate relocation companies and has authored four books - all before founding HouseSavvy nearly five years ago.
This is a program that Hall plans to expand nationally. Additional innovations under the new program, which will be unveiled this fall, include an Online Learning Center (valuable information on "all things real estate"), and an Online Help Desk. Additionally, HouseSavvy will introduce a "Rewards Partners Program" which offers discounted services on a variety of real estate-related goods and services.