The Benefits of Selling Your Home Alone

ESTATENVY spoke with Nico Jodin, the Founder and COO behind beycome, to learn more about the advantages that come when putting your home on the market without the help of an agent.

When homeowners decide to put their home on the market, they often enlist the help of a real estate agent. For those who are unfamiliar with the real estate industry, it’s often helpful to call in an expert. However, realtors come at a cost. That’s why some people decide to take on the selling process themselves.

If you’re selling your home alone, it’s best to go in with strong background information and support. One resource that’s available to sellers who are going it alone is beycome, a real estate company and listing platform that helps people sell or rent their homes without taking a commission. ESTATENVY spoke with beycome’s founder and COO, Nico Jodin, to learn more about the service and to better understand the advantages that come with selling without an agent.

Please explain a bit about beycome and where it fits into the home buying and selling process.

Jodin: We’ll get right to it: beycome is the first and only real estate company and listing platform that realizes 100% of home transactions online; helping homeowners, buyers, and renters close a deal on their home, without the assistance of a real estate agent or broker.

In turn, by cutting out agents, this saves homeowners from paying the 6% commission fee involved in a home sale (or 10% commission fee due in a rental transaction). And when the owner saves, buyers and renters get more negotiation power for a better deal. Everyone wins!

By listing on beycome.com, homeowners receive all the resources (and then some) used by the real estate industry needed for a successful close. From the marketing tools of yard signs, flyers, business card, property photos, videos, and lockboxes, to the more pragmatic tools like executive legal contracts, home offer generation tool, applicant screening reports, MLS listing with syndication to Zillow, Trulia, Realtor.com etc (FL market only), and comparative marketing analysis tools.

For buyers and renters, beycome’s technology makes it easy to search detailed property listings, schedule viewings, and make an offer to buy. Our experienced advisors guide you every step of the way. Upon closing, we collect the typical 3% agent commission and return it back where it belongs, in your pocket.

Because there’s no rocket science behind real estate, we created a simple - yet effective - technology (combined with our own team of real estate experts) to cut homeowners costs, and improve their closing experience.

What advantages do sellers receive when selling their home without an agent?

Jodin: A ton. The most important is the commission and time they can save. Based on the national average, a homeowner is going to pay a 6% total commission at closing. When you eliminate the middleman, this money stays in your pocket or gives the liberty to deal with potential buyers. Let me give you an example: homeowners expect to sell your property for $100,000 (this is the estimation of your property based on the market.) Let's say the homeowner sells their property at this price (because they're really good). In the end, only $94,000 will stay in their pocket. Now, they can deal on their own. If the homeowner sells this same property at $98,000 ( 2% lower than the market), they will generate more leads on your property than the concurrent property. That means, you’re going to close faster and for a better price because at the end, the $98,000 stays in your pocket. If the homeowner saves, the buyer saves too — it's a win-win. We all save.

What might home sellers be missing without the help of an agent?

Jodin: Headaches.

Why is a tool like beycome valuable when selling your home on your own?

Jodin: There’s so much value! beycome provides all the tools for a successful closing. From property estimation to scheduling visits, contracts and marketing support (flyers, yard signage) to syndicating on all real estate websites, we provide all the best tools for a successful closing. And keep in mind, since we don't make any money on the closing commission, we don't have any financial interest. Our only goal is to close the property in the best interest of the homeowner. To verify our solution, nothing is better than numbers: since September 2016, we have helped homeowners, buyers, and renters save more than $14 million in commission, closed more than 1,200 properties and closed (on average) 7 days faster than the national real estate agent's average.

What should homeowners keep in mind when listing their home on their own?

Jodin: We have 4 rules:

  1. Don't dream. Your property has a market value. It's not only because you give a lot of love in your house that makes your property cost more than the market. A smart pricing is 50% of the transaction.
  2. Be accessible. A real estate transaction requires some time and availability. Be present to organize the visit, open houses, reply back to emails and phone calls. That's the key!
  3. Be strong. They will receive a ton of calls, emails and text messages from real estate agents trying to convince them how bad it is to sell by owner.
  4. Be smart. Don't do something if you don’t know! We always suggest homeowners (and buyers) check all the legal process/contract with a licensed real estate attorney. That costs a few pennies of the property price and secures homeowners a trouble-free closing.

Finally, there is no better real estate agent than the owner.