Former eBay employee, Kamal Jain, was frustrated with the home buying process that he decided to change the industry. Three years ago, Kamal made an offer on a home in Bellevue. It had a small creek in the backyard and he imagined himself spending countless hours enjoying it while pondering economic theory and inventing new business models. The creek was important to him and he was willing to pay for it. He made an offer above asking and hoped for good news.
We set out with the goal to reduce complexity and increase transparency for home buyers and sellers. With over 80 successful sales in one of the hottest real estate markets, Seattle, we have saved home sellers over two million dollars since we started just over a year ago!
You work hard to find the right house for your clients. And we know how much effort it takes to make an offer. That’s why all homes listed on Faira.com offer buyer’s agents the standard 3% commission. In a typical month, Faira brings over $100,000+ in commission to buyer’s agents.
While it’s true that buyers can make an offer on Faira directly, most use an agent. It only takes 60 seconds to submit an offer on Faira.
Our technology helps you save time. How much time have you wasted writing offers for houses that already have 10 other offers? How many days have been spent fighting bidding wars on houses you didn’t win? All that effort, with zero return.
On Faira, only a price is needed to place an initial offer. You submit your offer to the seller online, and only if it’s accepted do you write up a full contract. This streamlined process has proven to be a huge time saver, especially when there are multiple offers.
Three years ago, Kamal Jain made an offer on a home in Bellevue. It had a small creek in the backyard and he imagined himself spending countless hours enjoying it while pondering economic theory and inventing new business models. The creek was important to him and he was willing to pay for it. He made an offer above asking and hoped for good news.
Seattle is a hotbed for real estate tech. We are home to popular real estate sites like Zillow and Redfin which have changed how people shop for homes. Many people ask us, "How is Faira different than Redfin and Zillow?" There's a big difference and I'll explain.
If you've ever participated in a real estate transaction, you've no doubt heard its all-powerful acronym - The MLS. Though real estate is full of many players - buyers, sellers, agents, investors - everything starts and stops with the Multiple Listing Service.
When you list your home with Faira, your home is accessible to more buyers. Really? How?
To explain, let's take a look at the stages a typical homebuyer goes through. It's not like a person wakes up one day and decides to buy a home. For many people, the decision to buy a home is a big one and takes a long time to evolve. Often, before a person is actually in the market to buy, they casually visit open houses. At this stage, they do not yet have a buyer’s agent. They are just looking around and testing the market.
Real estate in America is one of the few remaining industries stuck in an old era. There’s been some progress to modernize it, but change is not happening fast enough. Why?
The internet generation demands modernization, and in most industries, businesses must comply or be defeated in the market. Not so in real estate.
One reason is because on average, home sellers tend to be older than home buyers. Most people own their home for many years and when it’s time to sell, they return to the traditional home selling process they used when they purchased. Not because it’s the best way, because it’s familiar.
The negotiation is perhaps the hardest part of the entire purchase/sale process. There are no ground rules in the negotiation process, which doesn’t help anybody. A buyer is left guessing how the seller will respond to their offer. Either side can bluff or tell the truth, and the other side can’t distinguish between a bluff and the truth. A buyer doesn’t know whether they are competing against a fictitious other buyer or if there actually is another buyer as the listing agent claimed. A listing agent may bluff to a selling agent, who now shares the bluff with their buyer.
At Faira, we believe in improving the process by which homes are bought and sold. To do this, we offer a great value to selle
rs. The following services are FREE for sellers who list their homes with Faira:
- MLS Listing + syndication
- Independent inspection
- Professional photography
- Title report
Faira empowers sellers to treat their prospective buyers as partners in the home-transaction process rather than opponents. Home transaction is not a zero-sum game, as many folks tend to believe. The Faira process is designed to provide the maximum value possible to both buyers and sellers. The Faira process makes home facts transparent and the bargaining process trustworthy. Faira’s transparency report, offer platform, and Appraisal Guarantee reduce most of the transaction failure risks, and since there is no earnest money, the purchase-sale contract is simplified.
The simplification enables buyers and sellers to take charge of this transaction and enables Faira to offer its platform for a mere 0.5% and offer more services than in a conventional process.
Why the Faira process works better:
- The inspection report upfront removes the risk of renegotiation.
- The offer platform removes the possibility of a bluff.
- No earnest money deposit and no contingencies simplify the contract.