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.
Buying or selling a home is a big deal and can be expensive, so learning how to keep costs low is important for both sellers and buyers. The process of purchasing a house can be time consuming and somewhat confusing, and people aiming to purchase or sell a house are looking for the best way to conduct the transaction.
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.
If you're researching Faira, you may have seen an article online or heard from an agent that Faira was charged by the Washington State Department of Licensing for operating as an unlicensed brokerage. The truth is, Faira was sent only a warning letter based on complaints from our competitors mostly. Faira had a real estate license since the first consumer home was listed on our website. We had even mentioned the brokerage license number on our website before the charges were served, stating that all activities requiring a real estate license are done under the privilege of that license number. In the end, that’s all the department of licensing cared about. They asked Faira so provide exactly the same in writing to them, not a word more.
Four 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.
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!
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.