DwellOwner is an online full service real estate brokerage allowing homeowners to avoid unnecessary real estate commission expenses. It was launched by Eric Eckhardt a former investment banker and serial entrepreneur.
Today, sellers have the option to list their property with a traditional full-service broker, limited service or manage an independent for sale by owner (FSBO) process. With DwellOwner, sellers will be able to take advantage of its hybrid approach. It is a licensed real estate brokerage firm offering consumers a full service, end-to-end for a flat fee, saving homeowners thousands and commission expenses. Every year, more than $60 billion in real estate commission is paid out in the US, reducing equity as sellers are forced to pay between 5% and 7% commission rates. Traditionally, the seller subtracts a 6% commission from the proceeds of a real estate transaction which is then split between the agents with 3% going to the buyers representative and 3% to the sellers. These days nearly 100% of homebuyers search online to find a property, but in spite of this the fee structure for real estate commissions hasn’t changed in decades.
Now home sellers will be able to use DwellOwner for a flat fee. The company has local real estate agents providing a service from listing to closing, without the need to pay a sell side commission. Homes will still appear in the local MLS and are syndicated to hundreds of real estate marketplaces, providing sellers with maximum visibility. Sellers will still be able to benefit from having a local full-service agent who will be available throughout the process, preparing a home valuation, facilitating contract negotiations and more. Buyers will receive a buyer’s premium, allowing DwellOwner to share in the commission.
DwellOwner founder, Eric Eckardt said “DwellOwner is a progressive online consumer driven real estate platform designed to empower home sellers while saving them thousands in inflated commission fees. We are providing an alternative to traditional real estate offerings that includes unmatched full-service advisory throughout the process.”
The real estate industry is one of the few places where technology hasn’t necessarily led to consumer savings. There are approximately 2 million licensed real estate agents in the US that typically will not compete on price with commission rates exceeding 5%. With DwellOwner, consumers can sell their home for as little as $475.
DwellOwner is a licensed real estate broker in New York and has licences pending in several states including Connecticut, Pennsylvania and Massachusetts. Over the next month the company will target a number of Metra markets across the US.