When it comes to buying or selling a home, consumers are more knowledgeable than ever — with endless information a click away.
Peter Lane, broker and founder of Fairfield County-based Preoh, believes the traditional real estate model isn’t keeping up with a more empowered consumer and it’s costing buyers and sellers thousands of dollars.
“I’ve worked in real estate for 25 years,” Lane said. “I know agent fees are way too high for the services provided. It’s a broken and terribly inefficient model.”
That “broken” model is what inspired Lane and his team to build the Preoh Advantage, a system that uses technology to minimize overhead and save the consumer money, while still giving expert services to those in the market to buy or sell.
“Since we got started, we have done over $7 million in home sales and saved our clients over $200,000.” Lane said
The model is taking off in Fairfield County and growing.
Peter Lane and his team, including technology partner Information Networks, and Beth Williams, who manages operations and consumer interface see the way that Preoh’s innovative model is helping Fairfield County residents save money and have more control of the process.
So, how does it work?
Preoh doesn’t take the standard 5% commission when representing home sellers. Preoh offers 1% to 3% commission models, based on different marketing options the client can choose from.
Preoh agents offer traditional help and support with pricing and home preparation advice, and list the home on all Real Estate sites, including Multiple Listing Service (MLS), Realtor.com, Zillow.com, etc.
“We are full service and provide our clients with better tools, and the resources they need” Lane said. “We create a technology piece that they are in control of but we are behind it giving that old-fashioned guidance.”
A recent seller came to Preoh, wanting help listing her Rowayton home for $1.6 million..
“This seller knew the market, she knew what her house was worth and what she wanted,” Lane said. “She did her own open houses and loved the process.”
Preoh agents negotiated on the seller’s behalf when an interested buyer came through. In the end, the seller saved $40,000.
For another client on the verge or foreclosure on her home, the difference in Preoh’s fees meant breaking even, rather than finding herself underwater.
When it comes to home buyers, Preoh splits commission with the client, giving half of what Preoh receives.
It starts when buyers are given access to Preoh’s technology — a personalized dashboard — to conduct the home search through a powerful buyer’s app that isn’t available anywhere else. When a buyer wants guidance and needs help with negotiations, an experienced Preoh agent is there.
“We had a buyer this past summer that was going to open houses, he knew exactly what he wanted and he called us in to visit a house with him, when he thought it was worth making an offer,” Lane said.
“We are truly the advocate of the buyer or the seller,” Lane said.
Find out more about the Preoh difference at Preoh.com or call 203-557-2250.