Torii’s only motivation is to make the buying process as easy as possible.
Cambridge, MA (PRWEB) September 14, 2017
Founded by experienced entrepreneur and software engineer James Rogers, new real estate tech venture Torii announces its launch in Massachusetts, aiming to reimagine the way that people buy property.
Torii is a website (http://www.torii.properties) that allows investors to identify highly valuable properties and to automate offer placement, while having the assistance of a licensed real estate agent whenever they need one. Torii refunds 100% of the traditional buyer’s agent commission (usually 2-3%) to the buyer when they close on a property, and instead charges a flat fee of $2,500, regardless of purchase price.
In conjunction with sophisticated market analysis tools offered for free by Torii, buyers find properties using open houses, real estate sites, and the aid of Torii agents. If buyers need to setup a showing, they can contact Torii for help scheduling one. When buyers are ready to place an offer on a property, they simply fill out a form on Torii’s website, and their offer is automatically generated and sent to the appropriate seller or agent. A Torii agent assists the buyer to ensure everything goes smoothly from offer acceptance through closing.
According to the tools available on Torii, the median home price in the greater Boston area in September 2017 is $599,000, and the average buyer’s commission is 2.27%. That means that a buyer’s agent costs an average of $13,600. Using Torii, that $13,600 goes back into the buyer’s pocket at closing. In Boston, where the median price is currently $969,000, the typical refund with Torii is $22,170. Industry data from IBISWorld shows that real estate agents cost buyers and sellers $126.9 billion in the US in 2016. Torii is launching to start giving back most of that amount that they are currently paying on every purchase.
As founder Rogers explains, “Torii was born out of my frustration with using traditional real estate agents. I wanted to make the process better for buyers in a big way, and Torii does just that. Most real estate agents that I’ve used pressured me into deals that I didn’t think were best for me because they wanted to sell or buy fast, whereas what I really cared about was getting the best deal, regardless of how long it took. Some of them have also been dishonest for the same reason, which can end up costing a lot of money. By charging a flat fee instead of a percentage, Torii’s only motivation is to make the buying process as easy as possible. The sale price of a house doesn’t change the quality of service, and you’ll get no pressure to pay anything other than what works for you.”
Torii was founded in 2017 by James Rogers, an experienced entrepreneur, software engineer, property investor, and licensed real estate agent. He has an extensive background in the Boston-area tech scene, having worked previously at companies such as Jana, Happier, and Endurance International, and co-founding outdoor gear rental startup GearCommons.