It’s a no-brainer – an overwhelming number of people still prefer the services of real estate agents when buying or selling a home. Homeowners cannot be blamed for following this route, as the marketing, selling and negotiation skills of agents is still the big allure. But it seems like the traditional way of selling a home through an estate agent is in for a shake-up, if 33-year old Crispin Inglis and 23-year old Ashley James had their way. The two young entrepreneurs are challenging the status quo through Property Fox, a start-up technology company that allows people to buy and sell properties online. Just like app-based ride service Uber challenged the cumbersome process of booking a meter cab, Property Fox’s ambition is to provide …show more content…
Most estate agents charge between 5.5% and 7.5% plus VAT. The founders of Property Fox believe sellers can save, in some cases, 80% through their platform, which essentially cuts out the middleman (the estate agent). Although Inglis and James are not realtors, who are armed with years of real estate experience and slick in talking up homes-for-sale, both have in recent years dabbled in the entrepreneurship realm. James, a Capetonian who ran a sushi delivery service while completing his three-year long Bachelor of Commerce Degree in Financial Management at (the institution and year), discussed the Property Fox with one of the business’s shareholder. In (can you fill in the year), the shareholder then connected James to the KwaZulu-Natal-born Inglis, who started a sushi and wine bar in Cape Town and later carved out a career in radio and television broadcasting, which he subsequently ditched to further his studies (can you insert the actual qualification) at Cornel University in New York. Upon Inglis’ return to South Africa in (can you insert the year), the ground work began and Property Fox was launched in …show more content…
In the five months that Property Fox has been running, 234 properties across all nine provinces have been listed on its website, collectively valued at R660 million. So far, 12 properties with property values ranging from R500 000 to R35 million have been sold. “Through our low commission, we have saved South Africans R2.5 million. If we had to sell all the properties on our books, we could save South Africans R36.3 million.” Inglis says the response to Property Fox so far is indicative to the simplicity of the offering. Sellers sign up with Property Fox online, after which 60 professional photographers in its network will visit their homes to take pictures of the interior and exterior. Co-founder James says sellers are introduced to potential buyers in the process of viewing house. “There’s a traditional rule in real estate to not introduce a buyer to the seller, as it can ruin the sale. We thought, no one has tried it, let’s turn that golden rule on its head and introduce the buyers to the sellers,” says
Scott and Mark’s only public asset is their condominium at 250 Bowery which has an estimated market value of
The State of Missouri requires professionals to obtain a license before providing services to the public, in many careers. Misconceptions hold that issuance of licenses is just something that is needed in order to charge money for services. Licenses are issued however, because the public puts their trust in professionals who are more knowledgeable than they are. Many people today want to avoid the hassles and risks associated with the transfer of land, so they put their trust in licensed real estate professionals. The Missouri Broker Disclosure Form (MBDF) is a document used by the Missouri State Real Estate Commission that attempts to provide the public, knowledgeable information, about agency relationships (the fiduciary relationship between buyers/sellers and agents). It also holds real estate agents and brokers somewhat accountable to the public in representing them in their best interest; all real estate agents are required to present and explain this form to buyers and sellers. It seems in today’s society that greed, corruption, and self-interest has spread like an infectious disease and we live in a world where it is risky to put our trust in other people. The government tries to respond to that corruption by putting into place more regulations and laws to keep people honest. In summary, the Missouri Broker Disclosure Form is a document designed to help the public make an informed choice about the agency type, of the people that they are putting trust in, and the fiduciary commitments due to them.
The next portion of the chapter talks about how real-estate agents use information to gain power and wealth. Most real-estate agents have a better sense of knowing the condition that a home or apartment is in, and this gives them an upper-hand against the buyer or seller. Like the Ku Klux Klan, real-estate agents use secret words and information to
After the housing bubble burst, everyone involved in the process was subject to severe criticism. From the realtors to the land title insurance agents to the banks, the housing industry underwent a major overhaul. In order to make sure that what happened less than a decade ago doesn’t happen again with the same veracity, the American Land Title Association (ALTA), which guides the conduct of land title insurance agents, published a “Best Practices” manual. ALTA seeks to guide its membership on best practices to protect consumers and to meet legal and market requirements. This paper will lay out the best practices used by ALTA for title insurance and settlement.
Some of the realtors are pushing the home owners to sell the house; therefore,
There are a lot of options in the San Antonio real estate market at this time, which can prove to be a bit taxing for a prospective home buyer. Those interested in purchasing a home can browse through the Multiple Listing Service (MLS) in order to view all of the listings available. As a whole, the real estate market is thriving, yet the general price of properties in the area are surprisingly affordable.
Fixing and flipping real estate is a great way to approach the real estate market, in spite of its nasty reputation. Approached with care, it is an easy way to make money in the business of real estate.
is like an easy walk in the park, do not be fooled. The keys to becoming a home owner are to be
Everyone will experience buying a house at one point or another. Why not have a real estate agent help you and guide you through the process? I chose this occupation because it interests me for many different reasons. Wouldn’t you like a job where your schedule revolved around your life? Or you could control the growth of your business? Or basically over time, be your own boss? These are a few of the many reasons the real estate industry has caught my eye.
...ncreasing the capital So ( Falsely ) the books looked very good the business is ending up making money and again the trial balance and the account equation are correct
This paper is written to provide a reasonably comprehensive overview of Section 1031 of the IRC as it pertains to real estate transactions, and to offer some thoughts on the wealth-creation advantages that 1031 Exchanges offer.
Sub had valued the property at $2 million on their balance sheet, and Daniel had estimated the
The first step to buying your home is assessing your financial situation. A person must evaluate how much exactly they can afford and borrow. Most people hire a real estate agent to find a home. A real estate agent can help in finding different homes that suit the person’s needs. At the Department of Housing and Urban Development’s website, “You'll want to start searching for a broker as soon as you decide to buy a home. Talk to several and find someone you think you'll be comfortable working closely with”(1) Having a wide range of options is always helpful. An agent can also help in negotiating the price, and showing what the potential buyer needs after finding a home. A buyer might also need the services of a lawyer, a loan officer, insurance agents, and an accountant. In all purchasing your own home is a daunting task if you plan on doing it alone.
Entry into the real estate industry is almost free (Goolsbee, 2005, Online) and there are many agencies that operate within the industry. The products sold by real estate agencies are not homogenous products (Coiacetto, 2006, Online). Each product is as unique as the next, in terms of its location, features, building and financing.
It should be noted that all real estate agents and brokers operate under a strict procedural and ethical code monitored by the real estate commission. many of the rules and regulations come from the U.S. senate, and the state of Idaho, and must be strictly adhered to. Agents who fail to follow these regulations shall be, and frequently are, fined or have their license revoked