Flat Fee Realtors, Homeseller And Patrick Chee
In a city known for its sky-high housing costs, real estate agency Homeseller is disrupting the market with its flat agent fee.
Personally I am surprised it took so long for a realtor to come up with flat fees. He doesn't just charge flat fees, he also has some process and service innovation in the sense he does not go for viewings (which allows him to charge lower fees), etc.
I ppoke to Patrick once and even told him he could raise his fees slightly if net profit is too low, people should be willing to pay a bit more for a big ticket transaction to a brand they recognise and trust.
He strikes me as an ethical, intelligent and competent realtor though he couldn't afford much formal education when he was young. Homeseller is a great example of authenticity in organic marketing via Tiktok.
Surely other realtors will try to compete with flat fees now. It is a very low barriers to entry sector that is very competitive and hence, branding is key.
Homeseller occupies the space between DIY buyers/sellers and 2% commission agents. It is a very attractive proposition and I believe they are expanding into other countries and real estate services now.
