Keller Williams has inked a strategic partnership with Arizona-based homeselling program 72SOLD, according to an announcement on Monday. The partnership will enable KW and KW Worldwide agents to use the 72SOLD program to sell listings.
“We’re excited to partner with Greg [Hague] and the 72SOLD team, which has systematized a home sale model that delivers, driving a powerful experience and strong results for home sellers,” KWx executive chairman Gary Keller said in a written statement. “With this partnership, our agents have the opportunity to further scale and fuel their success.”
Founded by luxury real estate broker and attorney Greg Hague in 2018, 72SOLD streamlines the on-market listing experience for sellers through an auction-like experience that condenses the home tour, bidding and offer-acceptance process down to three days.
The process kicks off with an online home valuation and a 15-minute walkthrough, with a 72SOLD real estate agent to generate a starting price for the home. From there, 72SOLD spends one week creating a listing strategy that includes photos, videos and other marketing collateral.
72SOLD always begins marketing listings on Friday, so agents have a whole weekend to market the home as a ‘Coming Soon’ listing before officially placing it on the MLS. Next, agents will market homes for another week before scheduling a one-day tour event on Saturday, which officially kicks off the 72-hour selling window.
All interested buyers are invited to tour a seller’s home at 15-minute intervals, where they and their agents will receive a seller preferred term sheet that includes the starting price, preferred closing date and any other needs, such as the ability to rent the home after closing, if needed.
“We make sure that buyers each have enough time, but not too much time so that there are other buyers coming and going and they see that this home is really popular,” Hague told Inman. “We call that social proof. Creating social proof that a home is popular, desirable, and a competitive environment, which we believe has been missing in traditional real estate where homes are shown one at a time.”
On Sunday, homebuyers and their agents are able to ask the listing agent any lingering questions regarding the home, financing and other details on the seller’s preferred term sheet.
Finally, on Monday, buyers must submit their final offers on the home. Hague said there’s still some wiggle room on Monday for homebuyers to revise their offers, whether it’s offering an extra $2,000 or being more flexible on the closing date.
“We ask [buyers] to be available by phone so that we can call them if their offer is attractive to the seller, and maybe just a few tweaks in the offer would help their buyer win the home,” he explained. “From a buyer’s perspective, it keeps a buyer from being disappointed without having an opportunity to adjust their offer and buy the home, and gives us one more opportunity to get the seller a little bit higher price or adjust the closing date in terms to better fit them.”
Lastly, homesellers will choose the best offer, continue with the needed paperwork to seal the deal, and pay a fee, which 72SOLD said is a market-based commission rate.
If a homeseller doesn’t receive an offer they like, they can terminate their relationship with 72SOLD at no cost, or take advantage of 72SOLD’s 120-day guarantee that says the platform will sell the home for the starting price. If they’re not able to sell the home for the starting price, 72SOLD will discount the fee or allow the seller to walk away at no cost.
“What we say to sellers is our job is not to sell your home. That’s your decision,” Hague said. “Our job on that Monday is to make you confident that you are seeing the best offers from the best buyers in the market so that you can make the best decision. If you sell, you pay a commission, if you don’t [sell], you don’t [pay].”
“We’ve almost never had to [do our 120-day discount] because our agents are so good and this process is so good,” he added. “Obviously, we’re very careful with pricing. I don’t think that even happens one out of 200 times. Almost every seller wants to go ahead and sell right away.”
Hague said he’s excited to bring his program to nearly 180,000 Keller Williams agents across the globe, which will include an intensive training program to help them best leverage the 72SOLD system. KW agents won’t be beholden to the 120-day guarantee, as that’s an exclusive feature from Hague Partners brokerage affiliates.
Agents who decide to use the platform will pay a referral fee, which varies based on market.
“Eighty percent of the money they pay us in a referral fee is recycled back into marketing, and that’s the magic of what we’re doing,” he said. “We currently dominate the Phoenix, Arizona market and the demand for 72SOLD services has expanded rapidly across Arizona and a multitude of U.S. states, and we have grown stratospherically from a firm with under 10 agents to now 426 agents.”
“We have a firm that was doing 10 or 12 sales a month in 2018 to doing 700 to 800 sales a month now, and that’s because of how we invest in our marketing,” he added. “Partnering with Gary and Keller Williams is the opportunity you dream for.”