Iggy Gets Jiggy With The MLS
Buyside Realty announces a new business model today that is sure to have the RE.Net buzzing for some time to come. It will be interesting to hear what everyone has to say about it. Buyside's business model is based upon a buyer rebate that gives 75% of the commission they receive from the seller.
Today Buyside has announced an ABA, (affliated business arrangement) whereby any homeowner can list a home in the MLS free of charge. It's called IggysHouse.Com. Interesting branding, I couldn't find anything on their site that explained the moniker. Could be they just got tired of searching for decent real estate domains, there aren't too many left out there.
After visiting their site, I decided to jump over to BuySide Realty and was presented with an exit screen that presented me with an ABA disclosure statement. A quick visit to the "Learn" tab on Iggy's House explains, in part, what their business model is.
How do you offer this service for free when others charge hundreds or thousands of dollars?Iggyshouse is tagged as a beta site. It could be they just wanted it to join the ranks of every other web 2.0 start up. Maybe it gives them just enough wiggle room to toy with the business model. It should be interesting to see how the whole thing shakes out. Just about every start-up there is in this space had to gut their original concept. Many haven't survived. Those that have look nothing like the executive summaries that graced those energetic business plans in the early days. In any case, it should prove interesting.
In April 2006, our sister company, BuySide Realty, was launched. BuySide shares 75% of the commission it receives from the seller, and keeps 25% for the expert assistance it provides buyers from offer to close. On average, BuySide clients have received over $11,000 each. We realize that most sellers are in the market to buy a home as well. By giving people free tools to sell their home, we believe many will turn to BuySide Realty when they are ready to buy.
Other Stories On This Topic
ClickZ
Denver Post
Yahoo Finance (Buyside's Press Release)
Labels: buyside realty, iggys house, mls, new real estate business models
posted by Mike Price at 9:31 PM
2 Comments:
Hey Mike. I have had the unfortunate opportunity to deal with buyside realty. They never leave their office. They don't show property to the buyers. They call up the listing agent and say they have a buyer for the house and the listing agent needs to let them in.
I'm not sure how they can represent a client properly during negotiations if they have never seen the subject property and have no idea how it stacks up against the available inventory. They might "save" their clients $11,000 in commission but it doesn't make sense if they give it all back by overpaying for the house.
Has anyone actually gotten Iggy's to put there house in the MLS?
I put a listing for my house on Iggy's, but had errors when I did followed the request MLS link. It seems that it might have worked today, but I have not gotten any email stating they are putting it in the MLS.
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