Selling a home can be a challenging task even in today’s hot housing market.
Moving forward to achieve your goal requires you to hire a real estate agent, list your home on the market, stage your home for multiple open house showings, make repairs, hire an attorney, and more.
And, with all that done, if the economy stagnates and/or the housing market cools, your house could be on the market for months.
Properly is a real estate technology company that helps you buy a home before you sell your current residence and also provides a free instant appraisal so you know how much your property is worth.
This Properly review covers how the company works, how to use their “Sale Assurance” program to assess the fairness in your unsold home, and how to buy a new home and sell your old one without a hitch.
Who is correctly?
Properly is a Canadian tech startup founded by the trio of Anshul Ruparell, Sheldon McCormick and Craig Dunk in 2018.
The company is based in Toronto and offers an innovative, technology-driven way for Canadians to sell and buy homes without the hassles that come with traditional real estate transactions.
Properly has raised millions of dollars in Series A funding and is backed by leading investors including Golden Ventures, Prudence Holdings, AlleyCorp, Max Ventures and 1984.vc.
As of this writing, Properly offers its services in the Greater Toronto, Ottawa, and Calgary areas, with plans to expand to other provinces and cities in the coming months.
How does it work correctly?
Properly is a one stop shop for your home buying and selling needs.
buy a house
If you’re planning to buy a new home, Properly can help you access equity in your current home and secure bridge financing so you can buy and move into your next home before listing your current residence on the market.
This eliminates the need to align buy and sell dates and the stress that comes with it.
They offer a sale guarantee of up to $2 million that you can show to your bank to qualify for a bridging loan. You will then be properly placed with an experienced local real estate agent who will help you find and close on your new home.
selling your house
After you move into your new home, you can set a listing price for your old home and Properly will do whatever it takes to sell it quickly, including cleaning, staging, repair, listing, and marketing.
Properly customers can access an interest-free down payment (Properly Polish) of up to $20,000 to make improvements and repairs to maximize the sale price of their home.
The company also provides a budget of up to $6,000 for staging and marketing.
In general, you can expect the house to sell within 90 days; however, if it is not, Properly will purchase it as part of its guarantee to customers.
In this case, you will receive the value of the Sales Guarantee price less a standard real estate commission of 5%.
Adequate earnings guarantee
If Properly buys your home and sells it for a higher price, you’ll get 100% of the profit less any applicable land transfer tax.
You can also decide to cancel the Sale Guarantee agreement at any time to proceed to sell the house on your own.
Free Home Value Report: Get an Instant Estimate
Even if you’re not ready to sell your home or buy a new one yet, you can use Properly’s free home estimation tool to track your home’s value over time.
The Instant Estimate feature uses an automated valuation model to calculate the price of your home using more than 75 data sources.
For example, it takes into account the general location, the quality of nearby schools, the size of the neighborhood, available transportation options, comparable sales, crime rates, proximity to highways, and business locations to arrive at a exact value.
The tool works automatically, is 99% accurate, and has been tested on more than 125,000 homes sold.
How much does it cost correctly?
In the Greater Toronto, ON area, a standard 5% fee applies when Properly sells your home. In Greater Vancouver, BC, they charge a 7% commission on the first $100,000 and 3% on the rest.
Half of this fee goes to the real estate agent representing the buyer and Properly keeps the other half.
When you buy your home through Properly, the seller pays a 5% commission. Your real estate brokerage takes 2.5% of this and the remaining 2.5% is paid to Properly.
While the 5% commission is a standard fee in the real estate industry, Properly provides many more benefits since you get a Guarantee of Sale which gives you peace of mind.
benefits of correctly
Here are some of the benefits you get when you use Properly for your real estate needs:
- Buy a home easily without first listing your current residence
- It is easier to manage your closing and avoid paying overlapping mortgages
- The company arranges, lists, markets and sells your home on your behalf.
- Properly buys your house at the sale guarantee value if it does not sell in 90 days
- Easily track your home’s value even if you don’t plan to sell now
- Access the best real estate agents if you choose to buy or sell a home with Properly
- If your home sells for over appraised value, you get 100% of the advantage minus land transfer tax
Is it right for you?
Well the way Canadians sell their homes is changing. If you’re selling a home in Toronto or Ottawa and prefer to do it fast, Properly is worth a look.
Even if selling your home isn’t something that’s currently on your radar, you can track your home’s value for free with no hassle.
