Did you know that there’s no “standard” for real estate sales commissions in the United States?
Based on the majority of recently sold properties in the Greater Boston area, a real estate agent typically charges 5-6% when they list a house for sale. (On a house selling for $500,000, that’s $25,000-$30,000.)
What most buyers don’t realize? The seller most likely added that 5-6% (or $25,000-$30,000) into the selling price to account for what needs to be paid to the real estate agent (or agents). Their profit, then, on a $500,000 home sale will be $470,000-$475,000, not the full $500,000.
Torii started because one of our co-founders had an extremely frustrating real estate experience, where he did pretty much all of the work and still had to pay thousands of dollars to the real estate agent. (If you want to read the long version of the story, you can read it here.)
We don’t believe that anyone should have a subpar home buying experience.
So we do three things:
- Provide a 5-star experience. Not sure how the whole process works? We’ll take you out for coffee and explain it, answering any questions you might have. Decide at 11pm that you want to make an offer on a property? Let’s do it.
- We built an app for you to search for properties and track your home purchase every step of the way. Available in iOS and Android, you can use the Torii app to search for properties (with a Tinder-style search, swipe left or right on each home); schedule a showing to see a property you like; make an offer; and track your home purchase, all in the app.
- Pay your closing costs. That 5-6% a typical real estate agent would charge? We take our part of that as your Buyer Agent and pay for your closing costs. That can include the title insurance, recording fee, notary and courier, as well as additional fees. Learn more about closing costs and exactly how much you could have to pay.
There are also some things we DON’T do, including:
- Making you sign an agreement that you will work with us and only us. This is standard practice with MA real estate agents, and for most the term is 6 months.
- Make you chase down the closing attorney, the lender, the insurance company, the home inspector… We gladly take care of all of that for you. You don’t have to call anyone other than your Torii real estate agent, who will coordinate everything else for you. We believe that your home purchase should be easy and fun!