Selling a house is a significant endeavor, and finding the right strategy to ensure a swift and profitable sale is paramount. In recent times, 72SOLD has emerged as a promising player in the real estate market, promising to sell your home within a mere 72 hours. With an aggressive marketing approach aimed at motivated buyers, 72SOLD has garnered attention, boasting an impressive average rating of nearly 5 stars from over 1,500 online reviews. However, a closer look reveals a more nuanced picture.
Table of Contents
The 72SOLD Reviews: A Tale of Realtor Partners and Customers
At first glance, 72SOLD appears to be an attractive option for those seeking a rapid sale with its stellar rating. But it’s essential to peel back the layers of those reviews. In a comprehensive analysis, it was discovered that approximately 52% of the reviews originate from the company’s realtor partners, not actual customers. Genuine customer reviews present a more mixed narrative.
Customer Concerns and Issues
Numerous 72SOLD customers have voiced concerns about their experiences, including poor performance, inadequate communication, and lackluster results. Some have even claimed that the services and results promised by 72SOLD fell short of their expectations. These concerns raise questions about the overall quality and effectiveness of the 72SOLD process.
The Need for Speed vs. Maximizing Profit
The primary objective of 72SOLD is to sell your house swiftly, but this focus on speed may not always result in obtaining the highest possible price for your property. According to certain customer reviews, 72SOLD agents sometimes price homes significantly below their fair market value to facilitate faster sales. This strategy may not be ideal for those looking to maximize their property’s selling price.
Realtor Commissions: Traditional vs. 72SOLD
When considering 72SOLD, it’s essential to take into account the associated costs. The company’s agents typically charge listing agent commission rates of 2.5% to 3%. This expense, combined with the buyer’s agent fee, can add up. It’s worth comparing these costs to those associated with traditional realtors.
The Bottom Line: Exploring Alternatives
Despite 72SOLD’s rapid sales pitch, it’s worth exploring alternatives to ensure you make an informed decision. If you’re in the market to sell your home quickly while reducing costs, agent matching services like Clever Real Estate could be a valuable alternative. Clever connects you with experienced local agents who specialize in fast and high-priced home sales, and they offer competitive 1.5% listing fees. This can potentially save you thousands on your home sale.
Is 72SOLD a Scam or Legit? The Verdict
While 72SOLD is undoubtedly a legitimate company, its claims of selling your house quickly and at a premium price may be somewhat exaggerated. Founded in 2018 by entrepreneur and realtor Greg Hague, the company’s remarkable growth, boasting a 2,065% increase from 2018 to 2021, suggests its effectiveness. Partnering with real estate brokerage Keller Williams, 72SOLD became available in 38 states, and it achieved significant popularity during the pandemic, thanks to its marketing strategies in the thriving housing market.
The 72SOLD Sales Process
72SOLD employs a unique strategy to expedite the home selling process. They minimize the amount of time for buyer showings and offer acceptance to create a competitive and engaging environment for potential buyers. Typically, they list homes on Thursdays or Fridays, allowing buyers to view the property within a 90-minute window on Saturdays, with all offers required to be submitted by Monday. This approach has been highly effective during seller’s markets.
Adaptation to Changing Market Conditions
As market dynamics have shifted, so has 72SOLD’s strategy. They’ve abandoned the restriction of 90-minute showing windows and the rigid goal of selling a home within 72 hours. These changes reflect a commitment to adapt to evolving market conditions and provide flexibility for both buyers and sellers.
Selling Your Home Faster: A Quick Glimpse
A brief look at the 72SOLD website reveals their new aim: selling your home in eight days or less, a departure from their previous 72-hour target. This shift corresponds to market changes and indicates a focus on a realistic, less hurried approach.
Do the Claims Hold Up?
72SOLD proudly claims that their clients sell their houses for a median sale price up to 12% higher than other properties sold on the MLS. However, this data was collected during the peak of the seller’s market from 2020 to 2022, and its relevance in the current market remains uncertain, as it could be subject to change.
Unmasking the Truth: A Look at Reviews
| Average rating (0 – 5) | Total reviews | |
|---|---|---|
| Weighted avg. | 4.85 | 2,094 |
| 4.9 | 1,895 | |
| BBB | 4.87 | 156 |
| Yelp | 2.5 | 43 |
72SOLD boasts a robust average overall customer rating, with a cumulative score of 4.85 out of 5.0, drawing from the Better Business Bureau, Google, and Yelp. Many customers have praised the company for its excellent communication and its ability to increase the visibility of their homes in the market.
But, as the analysis unfolds, it’s clear that more than half of 72SOLD’s Google reviews, accounting for 52%, come from realtors who have utilized its program rather than from actual clients who have successfully sold properties. This discrepancy calls into question the accuracy of 72SOLD’s high overall rating in reflecting the real experiences of its customers.
It’s worth noting that Google allows anyone with a Google account to leave a review, and the company does not vet individual reviews. This differs from platforms like Zillow, which only permits verified customers to leave agent or broker reviews, and it actively moderates them.
The Role of Agents in Elevating Ratings
There are strong indications that 72SOLD might be encouraging its agents to leave 5-star ratings on Google after they enroll in the program, possibly to boost public opinion about the company’s success. However, Lisa Dixon, a realtor based in Phoenix, Arizona, suggests that not all brokerages follow this practice, making it a matter of individual choice within the industry.
It’s noteworthy that the Federal Trade Commission (FTC) is presently considering new regulations to address fraudulent or deceptive review practices, encompassing fake reviews and reviews posted by insiders or employees.
For a more reliable assessment of a real estate agent or brokerage, it’s advisable to read genuine customer reviews, seek referrals from past clients, and assess the agent’s sales history, which can often be found on platforms like Zillow.
Understanding 72SOLD’s Commission and Fees
When evaluating 72SOLD as an option for selling your home, it’s imperative to consider the associated costs. The company’s realtor fees typically amount to 5-6% of the home’s sale price, mirroring the traditional home sale fees. This means you’ll be shouldering the listing agent fees of 2.5-3%, in addition to covering the buyer’s agent, which comes to another 2.5-3%. While you can receive a home valuation and offers from buyers at no extra cost, these fees can accumulate, potentially affecting your overall profit.
Clever Real Estate: A Cost-Effective Alternative
For those who prioritize keeping fees to a minimum, Clever Real Estate offers an attractive alternative. They connect you with top agents from major brokerages like Coldwell Banker and Keller Williams while pre-negotiating a lower 1.5% listing fee. This approach allows you to interview multiple agents until you find the right fit or to walk away at any time if you’re not satisfied with the service.
Finding the Ideal Candidates for 72SOLD
72SOLD is primarily designed to cater to sellers who seek a quick home sale without sacrificing profit. However, recent changes within the company may lead to slower sales and potentially less money in your pocket. If you’re in a hurry to secure cash or aim to save on closing costs, you might want to consider alternative methods.
The Pros and Cons of 72SOLD
As with any real estate service, there are advantages and disadvantages to using 72SOLD:
Pros
| Fast Offers in 72 Hours | If you’re eager to sell your home quickly, 72SOLD’s approach can result in offers within just three days. |
| High Offers (12% Above Average) | Their historical data suggests that their clients sell their homes at a median sale price up to 12% higher than comparable properties listed on the MLS. |
| Hassle-Free Process for Homes in Good Condition | If your home is well-maintained and located in a desirable neighborhood, 72SOLD’s approach can streamline the selling process. |
Cons
| Lengthy Closing Times | If you opt for 72SOLD, be prepared for a potentially protracted closing period of 60 days or more, depending on market conditions. |
| High Commission Fees (5-6%) | Their realtor fees align with the industry standard, which can be a significant expense for some sellers. |
| No Guarantee for Distressed Homes | If your home requires major repairs or has cosmetic issues, 72SOLD might not be the most suitable choice for you. |
| Homeowners Aiming for Top Dollar | If your primary goal is to sell your property at or above fair market value, 72SOLD might be the right choice. For example, in Phoenix, their homes have reportedly closed for an average of 8.4% above the general market price. |
Evaluating Property Condition: Key to a Quick Sale
The effectiveness of 72SOLD largely hinges on the condition of your property. Well-maintained homes situated in sought-after neighborhoods have a better chance of being sold within the accelerated timeframes offered by 72SOLD. In contrast, homes that require significant repairs or have outdated features might not generate as much interest and might not secure a quick sale.
If you’re facing uncertainty about the suitability of your property for 72SOLD, consider consulting Clever Real Estate or a local agent. They can provide objective, professional advice, and help you make an informed decision based on your specific property’s condition.
Thriving in Hot Markets
In a robust seller’s market, 72SOLD’s strategy is likely to work in your favor. However, external factors such as high interest rates can potentially negate the benefits of a rapid sale. While 72SOLD eliminates the need for scheduling showings, hosting open houses, and negotiating with buyers, you may still have to contend with waiting for the closing process to conclude. To ensure that your strategy aligns with the prevailing conditions in your local market, it’s advisable to connect with an experienced real estate professional.
Exploring Alternatives to 72SOLD
If the 72SOLD approach doesn’t align with your home selling goals, there are alternatives to consider, depending on your specific needs:
Low-Commission Realtors
72SOLD is an option for those seeking top-dollar sales but at the cost of higher fees. If you’re inclined to save on realtor fees while still benefiting from a full-service experience, low-commission realtors can be an attractive alternative. These firms are designed to provide cost savings for sellers without compromising on service quality or property selling prices. With access to a licensed agent and a concierge team, you can enjoy full support without incurring the expenses associated with traditional sales.
iBuyers
iBuyers are an ideal choice if your main objective is to sell your home quickly. While 72SOLD aims for weekend offers, iBuyers can accelerate the process even further, allowing for fast closings. However, it’s important to note that the sale price may not match what you’d achieve through a traditional sale with 72SOLD, and iBuyers do charge fees.
Cash Home Buyers
Cash sales are particularly beneficial for homes in poor condition or when a swift closing is essential. Most cash home buying companies will purchase properties in any state or situation. The convenience and speed are substantial advantages, but the trade-off is that the offer may only be 50-75% of your home’s after-repair value.
To determine which option aligns best with your specific needs and preferences, consider seeking assistance from Clever Real Estate. They can connect you with local real estate agents who will evaluate offers from cash home buyers, iBuyers, and 72SOLD, providing you with personalized guidance and a free home valuation.
Methodology Behind 72SOLD Reviews
It’s essential to understand how the reviews on 72SOLD are analyzed. The company has developed a tool employing Artificial Intelligence to evaluate reviews. This tool has identified that out of 1,896 customer reviews, a significant 52% came from company employees or realtor partners, with only 38% originating from actual customers. It’s worth noting that this tool maintains a high degree of accuracy, approximately 95%.
Conclusion
Selling your home with 72SOLD is a venture that promises rapid results, but it comes with associated costs and trade-offs. The effectiveness of this approach greatly depends on your property’s condition, the state of the real estate market, and your specific priorities.
Given the mixed nature of customer reviews, careful consideration is required before opting for 72SOLD. As with any significant financial decision, you should weigh the potential benefits against the drawbacks and explore alternative strategies to ensure you achieve your home selling goals.
The real estate landscape is diverse, and there’s no one-size-fits-all solution. Your choice should align with your individual circumstances and expectations. As such, seeking guidance from professional real estate agents and considering alternative platforms like Clever Real Estate can be instrumental in your journey to a successful home sale.
In the ever-evolving real estate market, informed decisions are the key to securing the best outcomes. Whether you decide to work with 72SOLD or explore other options, it’s essential to remain adaptable and responsive to changing market dynamics. Ultimately, the goal is to maximize your returns while minimizing hassle and expenses in the process.
FAQs
Is 72SOLD a trustworthy real estate company?
72SOLD is a legitimate company that aims to sell houses quickly, but it’s essential to consider various factors before choosing their services.
What are some common concerns raised by actual customers about 72SOLD?
Actual customers have expressed concerns about poor communication, lackluster results, and unmet promises in some cases.
How does 72SOLD’s approach to selling houses differ from traditional methods?
72SOLD focuses on selling houses quickly by creating a competitive environment among potential buyers with limited showing times and offer acceptance windows.
Has 72SOLD adapted its strategy to market shifts?
Yes, 72SOLD has adjusted its approach as market conditions change, such as extending showing times and moving away from the strict 72-hour sales goal.
What are some alternatives to 72SOLD for selling a house?
Sellers looking for alternatives to 72SOLD can explore options like low-commission realtors, iBuyers, and cash home buyers, depending on their specific needs and preferences.
This article marks the end of our exploration into the realm of 72SOLD, offering insight into its promises, challenges, and alternatives. To embark on your real estate journey, make sure to consider your specific needs and seek professional advice to achieve your desired results.
Note: Dear Readers, your insights matter! As you explore our treasure trove, we invite you to share your thoughts. Your feedback fuels our commitment to providing valuable content. Take a moment to contribute your experiences, suggestions, or questions below. Together, let’s build a community of knowledge and innovation. Thank you for being a vital part of our journey!