providing a valuable service for free is an established path to growth on the internet. Whether we succeed in the long run will depend on how well we provide our service, which will then enable us to develop ancillary revenue streams.
Washington, DC (PRWEB) February 14, 2009
A new website called FindBuyers.com is attracting a good deal of buzz and attention in the Washington DC metro area and beyond. Although there are a number of home listing services on the web, this site distinguishes itself in several significant ways.
Using Technology for a Better Fit
FindBuyer.com's software takes buyer preferences to a high degree of detail and then prowls through its extensive database of homes for sale to finely match property features to the buyer's wish list. Company founder and president Eldad Moraru compares the service to online dating sites where active single-seekers can describe themselves in great detail.
"Here home buyers can define as much criteria as they wish," says Moraru, "right down to the payment terms they are ready to live by. If I'm a buyer ready with cash-down and no contingencies (needing to sell their own house first), why not put that out there and let home sellers come to me. Most listing sites simply want to know the location and number of bedrooms and baths the buyer wants. That's a pretty broad way of searching that can waste a lot of time and money spent chasing down the wrong match. Like a bad date!"
Buyers are notified of matching sellers automatically through their FindBuyers.com account or by email, with the percentage of relevancy to their criteria shown. (Matches below a percentage of about 60% are ignored.) Moraru points out that buyers can remain completely anonymous throughout the process, up to the point that they decide to reveal themselves for further conversation or negotiations with the seller. The ability for buyers and sellers to communicate directly and privately through the system is also a key component.
Sellers benefit by being able to present their properties to a larger pool of active buyers and being able to provide much more information about their homes than is typically available through listing services and classified ads. With the ability to browse through potential buyers (although they are anonymous), they may also initiate dialogues with prospective buyers who look like a good fit for their property and/or terms.
Direct Sellers and Agents Welcome
Unlike MLS (listings) which can only be accessed through licensed realtors, and "for-sale-by-owner" (FSBO) listings which promote the "end-run" around agents, FindBuyers.com is neutral on the issue of whether home sales are represented by agents or directly by the sellers and/or buyers.
Moraru, who is a highly successful real estate agent himself, says that agents are more than welcome to use FindBuyers.com, and in fact can do a better job for their clients using the site.
According to him, "our pool of data goes beyond MLS and FSBO - anyone can register their property. I happen to believe that a qualified real estate agent is beneficial to both buyers and sellers, but we are focused on providing the best matching available - how they negotiate their deal is up to them." He claims that many agents in the Washington area have already enthusiastically embraced his matching concept because of the edge it gives them in locating and communicating directly with buyers efficiently and from a wider pool.
The Right Price - Free
While buyers generally don't pay to search homes for sale anywhere, at FindBuyers.com sellers can advertise their property in great detail, photos and all, with no placement or transaction fees of any kind.
So comes the inevitable question - is this just a temporary marketing ploy or can FindBuyers.com somehow thrive by giving away what others charge for, either through advertising fees or sales percentage? According to Moraru, it is not a gimmick - he feels that "free" is one of FindBuyers.com's best features.
He says there is simply no better way to get people to try his technology and approach to real estate. And, he adds, "providing a valuable service for free is an established path to growth on the internet. Whether we succeed in the long run will depend on how well we provide our service, which will then enable us to develop ancillary revenue streams."
While he will not go into great detail about these other "revenue streams" now, Moraru claims to already be taking in paid subscriptions for exclusive agent referral rights in selected locations. He stresses that referrals will only be made in the case where a buyer or seller specifically requests it, and that personal information will never be shared or distributed for any other reason.
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