“Open Listings is a startup fresh out of the current Y Combinator batch that’s easing the home buying process by letting people move forward without real estate agents.
Because two-thirds of the overall residential market involves repeat buyers, some people may not want to rely on agents because they’re already familiar with what to do. So instead, Open Listings will refund the 3 percent agent commission, which can amount to tens of thousands of dollars here in California, and charge a flat fee instead. It’s basically a self-service platform with on-demand human experts.
Their belief is that the Internet is diminishing the role of the real estate agent by making it a lot easier to find homes, but commissions are getting out of control as they rise with the overall (insane) cost of real estate. (I’m mostly referring to California, which is Open Listings’ first market and makes up about 15 percent of national home sales.)”