As the year comes to a close, HonestDoor this month unveiled a new service set to further shake up Canada’s real estate industry.
The Edmonton fintech’s platform already provides instant appraisals for real estate, whether on or off the market.
Now, HonestDoor offers a brokerage service, allowing Canadian homeowners to list property on the Multiple Listing Service for $500.
“Our brokerage service offers a compelling alternative to traditional real estate listings,” believes Daniel Belostotsky, a cofounder of HonestDoor.
“We manage the listing and placement on Realtor.ca, allowing homeowners to set the commission they wish to pay a buyer’s agent,” the chief executive officer explains.
HonestDoor’s brokerage service has already completed dozens of successful transactions, according to Belostotsky, who says savings can “add up to tens of thousands of dollars, depending on the value of the property.”
The service can been used for a range of properties, from condos and houses to recreational and commercial properties.
One advantage is that buying and selling parties can speak directly to each other without middlemen to negotiate.
Parties can then reach out to a real estate lawyer recommended by HonestDoor, or use their own lawyer, to ensure everything is legal and legitimate.
One in five HonestDoor listings sell without representation from either side, Belostotsky notes, a scenario that maximizes savings for homeowners in Canada.
The platform is not competing against real estate agents, per se, but rather offering an alternative for owners who want to steer their own selling process, the CEO asserts.
HonestDoor was founded in Edmonton in 2019.