72Sold is an Arizona-based real estate company. It promises to sell homes within 8 days without compromising on the selling price.. It is an attractive alternative for homeowners who want to quicken the home-selling process. The quick selling process of 72Sold justifies its growing popularity. But it is important to analyze their offerings before diving in. You should know how they work and to what extent their offerings are legit. Does it truly perform as it guarantees? This article will guide you through every essential aspect of 72Sold to help you in the home selling process.
What is 72Sold?
72Sold was founded by Greg Houge in Scottsdale, Arizona in 2018. Its distinctive marketing plan is to sell the house in 8 days or less without compromising the selling price.
Initially, in 2018 the company marketed they would sell the house within 72 hours. That time the market demand was high so they could capture the opportunity. Later they changed this marketing strategy and promised to sell the house within 8 days. In 2022, it partnered with Keller Williams to spread their program all over the country.
How Does 72Sold Work?
The process of 72Sold is similar to traditional real estate agent companies. The main difference is the timeline of selling a house. This faster selling process is much more appropriate for well-maintained houses in lucrative locations. Let’s look into the selling process of 72Sold in detail.
Enter Details on Websites
First, you need to visit 72Sold’s website and enter the house address, the house’s estimated worth, property details, and contact information. The company may call you for further information. After filling out the “Price your home” form, you will be asked to wait for a quote.
Initial Walkthrough by Agent
72Sold then forwards your details to its local agent. The process is similar to selling with the traditional real estate agent. In this step, a local real estate agent of 72Sold will contact you to schedule a visit. The agent will evaluate if the house condition matches the price mentioned in the form. The agent will also respond to your queries regarding 72Sold’s home-selling procedure.
Pre-listing Prep and Market Analysis
After you decide to proceed with the deal, the agent will guide you to prepare the house for listing. You may need to repair the house and stage it. Then the agent will then list your house on the local MLS. The agent may set up a pre-listing buzz to market your house. The main goal of the agent is to create hype before showing the house on the weekend.
Intensive Marketing Blitz During 72-hour Window
Here comes the strategy that differentiates 72Sold from others. 72Sold follows an intensive marketing blitz during the 72-hour window. It holds an open house on one weekend and creates a deadline for offers. The agents give a strict 72-hour deadline to make offers. The deadline creates competition and hype among the buyers. For example: The agent will arrange an open house on Sunday and then set a deadline to make an offer on Tuesday at 6 PM.
Negotiation and Closing
In this step, the seller and agent review the offers. The agent helps to select the best offer and negotiate. Agent’s competitive market analysis helps to choose a beneficial deal. The deal proceeds to close once you accept an offer. The agent will guide you through the closing procedure. Here, you must remember the closing procedure typically takes at least 30 days.
The Commission Structure of 72Sold
The commission charged by 72Sold is comparable to what the traditional agents charge. The commission range is between 5% to 6% of the home’s final price. This rate covers both the listing agent’s fees and the buyer’s agent’s fee. This commission is split between these two parties. They get around 2.5% to 3% each. You must also pay additional costs such as repair and maintenance costs.
The Network of Affiliated Real Estate Agents
Another strategy of 72Sold is it operates a network of affiliated local real estate agents. These local agents assist in conducting the overall selling process. This strategy makes it easier to capture the local market and conduct an accurate market analysis.
A Deep Dive into 72Sold Customer Reviews: Fact or Fiction?
72Sold is not fiction, it is reality. 72Sold holds 4.9 ratings on Google with 2,184 reviews. There is a hidden truth behind all these positive reviews. The majority of these reviews are given by company employees and affiliated real estate agents.
Some real customers rated them positively for their faster service. Their client Lynette Botha in google review said, “I was very impressed with 72SOLD and especially Adam, my agent. I needed to sell my Mom’s house quickly and with his knowledge of the market and the area he was able do just that. Also, I really appreciated the professionalism and prompt communication I received. I highly recommend 72SOLD and will use them again in the future.”
On the other hand, the reviews contain user complaints. The users complain about the limited showings, missed higher offers, and agent quality inconsistency. Few users accused 72Solds’ marketing strategy of being false. A Client named Bryan G said on Yelp , “I can unequivocally say I would not recommend 72 Sold to anyone. Most of the reviews here are from their realtors, not actual customers. Their “program” is just a bunch of empty promises. You are better off with a realtor in your area that does not make promises they cannot deliver on. Their commission was definitely not earned and their “program” is a joke. Our deal is done but I would never use them again and cannot recommend them. We signed up with 72 Sold based on a lot of promises that were never kept.” Another client of 72Sold said on Yelp, “The absolute worst real estate company I’ve ever worked with. First off, very poor communication. I would text at 6pm and wouldn’t get a response till the next day. was very argumentative with me about how I wanted things put in my listing. He did what he felt like without asking me first. Blocked out all showing times for my home so that it couldn’t be seen by other realtors. Whenever I called he was busy with other things in his personal life. This is not a realtor I need representing me!”
You can see most of the reviews are from their partner Kellen Williams real estate agents. Lian Sergeant Kellen Willam agent in google review said, “As a Keller Williams Riverside agent, I am delighted to partner with 72SOLD as Program Director for the Inland Empire area, in California. 72SOLD is an exciting program nationally recognized for being a leading Home Selling Program. It is truly a game changer in the industry! 72SOLD is exactly what our sellers need and I am thrilled to bring this service to our area. I have been working with the 72SOLD system for the past several months and I can see the incredible results it has given for my clients and myself.” You can find many flattering and large reviews on google by the partner companies’ agents. As a seller, you should analyze various review platforms. You should consider the average rating with a critical eye to avoid the risk of biased reviews.
The Pros and Cons of Selling with 72Sold
The seller must evaluate the pros and cons before deciding to sell with 72Sold. The cons may offset attractive offerings advertised by the company.
Pros of 72Sold
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- Fast sale: 72 sold is a feasible option for homeowners wanting to sell the house faster. The company guarantees to sell the house within 8 days.
- Competitive offers: 72Sold generates competitive offers with its aggressive marketing push.
- Hassle-free process: 72Sold makes the selling process hassle free than other options. Because the house needs to be available for only one weekend. The agent shows the house to the potential buyers in one day.
Cons of 72Sold
- Limited control: 72Sold gives sellers limited control over pricing and showings. It leads to losing profitable offers.
- Missing out on opportunity: There is a potential risk of missing out on higher bids. Here the agent only focuses on faster sales.
- Higher commission: 72Sold sometimes requires a higher agent commission compared to traditional methods.
- Inconsistent agent quality: There is a risk of the affiliated agents’ quality. It also has the potential for impersonal service by the agents.
Is There a Better Way to Sell Your Home Quickly?
A homeowner must consider various available options to sell a home quickly. It will help them avoid the drawbacks of 72Sold and gain maximum profit.
Flat Fee Agents
Flat fee MLS listing is a viable option to sell homes quickly. They charge a fixed rate, not a percentage of the selling price. But the overall cost of flat fee agents is similar to the commission structure of 72Sold. You should evaluate if it is rational to trade off the fixed rate of flat fee agents.
You can opt for us, caflatfee.com which is a real estate company that provides flat fee services. It will give you control over pricing and the overall selling process. You can arrange the open house showing according to your convenience. There is also potential for significant cost savings on agent commission. Last but not least, MLS provides a wider exposure for a longer period. Therefore, it attracts a wider pool of potential buyers who offer maximum prices.
Selling Your Home on Your Terms: Alternatives to 72Sold
You can choose other selling options like FSBO(For Sale by Owner). This will give you the entire control of selling your house on your terms. However, you must consider the hassle that comes with choosing FSBO. It can be time-consuming and you may lack competitive market knowledge. You can appoint traditional real estate agents to minimize these risks and earn maximum profit.
Conclusion
72Sold can be a good option for you if you want to sell your house quickly. However, the company cannot always fulfill its promise due to market fluctuation. So, you should measure the pros and cons of selling with 72Sold. It is important to conduct proper research by analyzing the reviews. CA Flat fee offers you a free consultation regarding your concerns. You can discuss your specific needs and find the best-selling strategy for you.
