According to the Southfield, Mich.-based brokerage, it offers higher sales, shorter listings and no seller commission. Its proprietary technology platform is used as one part of a business model designed to drive multiple buyers.
Carey, CEO, describes the new brokerage as a ‘hybrid of the best of real estate auctions and the best practices of real estate brokers.’
"Real estate auctions are great because everyone knows what day a property is going to sell," says Jasgur, president of the brokerage. "They level the playing field and create a sense of urgency in the marketplace."
SellerNation notes that it focuses solely on sellers; it does not take buyers as clients and does not charge sellers a commission.
Instead, the company adds a 5% buyer premium to an accepted bid – which the company says is a common element of auctions and a trend among traditional home sales. It reports that the The National Association of Realtors' 2013 Profile of Home Buyers and Sellers revealed that 13% of home buyers compensated the Realtors in whole or in part.
SellerNation says the focus and timeline of its sales process provides better efficiencies, allowing the brokerage to offer 34-day listing agreements and contribute 5% of its revenues to local nonprofit organizations.
In addition to traditional sales, SellerNation says its services are ideal in cases like divorce, estate sales and probate situations, where it can be difficult to keep multiple parties on opposing sides on the same page.
SellerNation is a re-branding of Woodward Asset Capital's purchase of Homesource Realtors in February.