The real estate industry is changing fast.
Nari Thiara is responding to this change by providing her clients with the opportunity to save thousands on the sale of their home.
The Richmond area real estate agent works with One Percent Realty to offer homeowners an alternative way to sell their homes — one that doesn’t include high commissions going directly to their agents.
“We’re what Netflix was to Blockbuster,” says Nari, who has been in the industry for 12 years. “It’s a game-changing approach to selling homes. 10 years from now, everyone’s going to be doing what we’re doing.”
With the advent of the Internet and public access to the MLS®database, the role of the real estate agent has evolved, says Nari. Rather than have agents provide them with information on listings, the public can find out about listings on their own.
As One Percent Realty sees it, the real estate agent’s primary role now amounts to showing listings to potential buyers and negotiating on the buyer or seller’s behalf.
When it comes to commission on selling homes, the general rule of thumb is for the agent to charge 7% on the first $100,000 and 2.5% on the balance.
A decade ago, One Percent Realty researched the market and found that the public recognized the need to pay for a real estate agent. However, home sellers resented paying high commissions. The company quickly identified an opportunity in the market to offer services at a reduced cost.
“We’re providing exactly the same services as a traditional real estate agent at a fraction of the cost,” says Nari, who primarily serves Richmond neighbourhoods, but also works in the surrounding area. “It’s the way of the future.”