Bynsy is the new company marrying the latest in technology and real estate. It is Bynsy’s mission to provide people with modern convenience when selling their house without their proceeds being bogged down by hefty real estate commissions. Bynsy is also changing the way a home buyer approaches his/her home search by providing a unique and convenient purchase platform, one that even includes unlisted homes. The purpose and drive behind this blog is to explain, in detail, the power behind Bynsy and how we are opening the door to a new way of conveying real estate between buyer and seller.
When buying and selling real estate, there are no questions that should remain unanswered. It’s an important decision that warrants all parties involved to have the answers they need to feel confident and secure about the process and procedures. The Bynsy team feels that the professionals overseeing a transaction should be more helpful and attentive than just offering a standard list of “Frequently Asked Questions” (FAQ) for you to sift through for answers. At Bynsy, we are committed to each and every consumer and recognize the importance of providing exceptional, personal responses to the questions you may have along the way. It’s our hope that this blog and the resources found on our website provide you with a precise understanding of the Bynsy model and assurance that when buying or selling with Bynsy, you have a team of industry professionals looking to save you money, protect your interests and help you buy or sell a home with confidence and convenience!
Let me start with sellers. One might say that there are already multiple platforms where sellers do not pay any brokerage commissions, just flat fees instead. Even though there is some (notice I said some) truth to that, caveat emptor. According to statistics, about 80% of all “For sale by Owner” (FSBO) houses still end up relying on real estate brokerages after trying to personally sell their own home. This raises a question as to how effective are these flat fee style services? Why don’t they work?? It’s simple; those platforms force people to do more work versus just listing it from the start with an agency. I’m not only talking about physical work and time spent throughout the process; there are also countless hours of “emotional work” that one is taxed with when selling their own home.
Think about it. You are selling your home; the place where your kids played; you had countless family dinners and holiday gatherings! There are memories upon memories between those four walls. You, as a seller, do not look at the selling process as some pragmatic thing, but rather, the value of the life and memories under that roof and the emotional ties that bind you to that home. Sellers do not want to get in direct contact with buyers because of the personal character of the subject.
And let’s not forget about the buyers! They are a part of this transaction…a most essential key factor don’t you think? Don’t fear, there are no supply and demand curves to go over within this blog; what fun would that be, right? Bottom line is that flat fee services do not do anything to lure the buyers in; make them feel confident in the listing or purchase process, or put them at ease that every step of the transaction is being professionally orchestrated. So how would you, as a seller, attract a buyer without an agent? There are no incentives for buyers to visit and tour your home let alone purchase it. Keeping all of these factors in mind, home sellers do not have much choice except to seek and secure the services of real estate professionals.
We have been learning a lot about what sellers experience and barriers they encounter when trying to successfully complete their FSBO transaction. In another blog, “How Bynsy was Born”, we provided the details behind the creation of Bynsy, but we did not say exactly what we do. So right now you, our reader, can learn the ins and outs of what makes our platform so exciting and effective. There are no secrets so keep reading…and by all means, share with those you know!
It’s common sense, right? The more buyers who know about your house, the higher probability of a quicker home sale. So, keep it simple and put all homes on the local multi-list service for greater results, right? Sorta J. We are not big fans of a home selling platform that provides bundles upon bundles of service levels and offerings. Remember the KISS saying, “Keep it simple stupid.” In essence, Bynsy not only wants to keep it simple for buyers and sellers, we want that simplicity to result in faster sales for fatter profits! Above all, sellers want to know how much it will cost and how much work it will require selling their house. Other platforms tout, “If you pay X, we will market your home on our platform, but if you pay X+Y, then we can place your home on our platform AND on several other outlets to expand your listing audience. Confused by what level of commitment to pay into, most sellers start with base package X. Several months later, and after low buyer interest or none at all, sellers now decide to try X+Y. And again, several months later, buyer interest still trickling and even more money spent, sellers begin to feel like there’s no hope and frustration creeps in! So, they waive the white flag, pick up the phone, and call a real estate agent to take over. The agent gets the sale and the “For sale by Owner” platform they started out with only gets their negative feedback and zero recommendations because of its lackluster service and offerings to the seller.
Bynsy exists to sell your house for the highest possible price while requiring the least cost to both buyer and seller. That cost is $350 for the seller and serves as a registration and equipment rental fee. If your home doesn’t sell within 6 months, Bynsy fully refunds the $350 to you. I know, I know…super inexpensive and pretty amazing, right? So what happens when your home does sell? In that case, Bynsy retains the $350 fee that you already paid and an additional $300 fee is charged for Bynsy transactional services. This additional fee is attributed to components like multi-list marketing; professional photography of your home listing; electronic processing and services; etc. In essence, for $650, you can professionally market, list, photograph and convey your home without ever having to involve a real estate agency or their thousands and thousands of broker commissions!
I know what you’re next question is; “What do you mean by rental equipment fee and how is that going to help sell my home?” Excellent question and one I’d love to talk more about! As we described earlier, sellers do not need to meet with every buyer for a home tour; buyers are more than capable of looking at kitchens and bathrooms on their own, right? But security is the key to any home showing and our equipment provides full security as interested buyers tour and admire your wonderful home. Here’s how: We give each seller a Smart Lock, which easily installs in less than 5 minutes! Yes, it’s really that easy! A seller can install it him/herself or we can send one of our technicians to the home for installation. In addition to the Smart Lock, we provide wireless cameras. No, not like the cheap wireless cameras you find on eBay. These state of the art wireless security cameras only turn on when activated by you while a buyer tours your home. Only a seller can specify times for home tours and activate the cameras. A seller can view who opened their door and can watch their house on a smartphone in real time through those cameras. As I described earlier, any direct contact between a seller and a buyer is harmful to a successful deal. It is very personal for sellers and buyers do not want to fill any pressure. Every time we viewed a house with a seller, I tried to run through the house as quickly as possible, because it was an uncomfortable situation. It does not help! Please, let me go back and talk about professional photos. Most of the regular people suck at taking beautiful photos of their house. I have seen a lot of bad ones. Even a lot of real estate agents do not know what they are doing. Shame! Buyers decide to see your house if they see attracting pictures. They want to see the reality. And this is the first important milestone of a successful sale. As soon as a seller gets an offer and accepts it, we provide all necessary tools to close the sale. Our system guides both parties through the whole process and provides all state-issued forms. We can recommend verified settlement company, but a seller can choose any company they want. All agreements between parties will be transferred automatically. In the traditional way, a realtor transfers all paperwork to a settlement company, who handles the whole closing process after that. A real estate agent does not do anything after that except sometimes asking settlement company on progress and maybe contact a seller if this company has any questions or request. My opinion, agent is not needed at this point. I think it is even better if a seller communicates directly with a settlement company.
So, let’s recap all of these details and descriptions into something a little more simple so sellers know the true benefit of Bynsy:
– The same level of public exposure, or sometimes even better, as with a realtor
– Seller does not waste time on showings and arrangements
– Full security of seller’s house and his belongings
– Thorough and professional guidance through the closing process
– Finally, the most important, sellers save a lot of money!