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It’s the largest purchase of your life, and, after you buy it, you will likely be living in it for years. How do you feel about making that decision through your smartphone? Would you feel comfortable selling your home to a stranger with the push of a button? Boulder-based SQFTx Inc. is betting that, in the very near future, you’ll be doing just that.
The SQFT app, which launched last week, is kind of like Airbnb. But, instead of renting your property for a long weekend, SQFT helps you permanently buy or sell a property. It's like Airbnb meets your realtor and the game is for keeps.
For sellers, the app allows you to create your own professional housing listing using just your smartphone. You take photos, list the number of bathrooms, and make your home look as appealing as possible. Then, when it's up, SQFT will cross-post your listing to over 450 different real estate sites like Trulia and Zillow. As interest in your house starts to trickle (or hopefully flood) in, you use the app to schedule showings. You even use the app to negotiate offers and sign the final contract.
For buyers the service is equally comprehensive. You can search through the site for properties to buy, request a showing, negotiate a price and enter a contract. Need a mortgage? The app can help you arrange one through Citywide Home Loans. You can close on your new home using an electronic signature. Nothing like taking the magic out of a big life event.
Ok, so as far as price goes, SQFT says they're way cheaper than a traditional realtor. They say their commissions go below 2 percent, while the traditional rate is closer to 6%. That would mean that if you were selling a $500,000 home you'd save around $20,000 in commissions.
As great as these low commissions sound, you can certainly see where a realtor would argue that their services could add considerably to the asking price.
What do you think? Would you ever buy or sell a house on your phone?
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