How Much Does 72SOLD Charge in Commissions? A Close Look

72SOLD is an innovative real estate company that connects home sellers directly with buyers to sell their home without paying the traditional real estate agent commissions. 72SOLD charges sellers an average commission fee between 5-6% to sell their home. This can result in thousands of dollars in savings compared to the traditional real estate agent commission of 5-6% for the sellers’ agent and 2.5-3% for the buyers’ agent.

Key Takeaways

  • Only charges an average 5-6% total commission fee
  • Includes a 2.5%-3% listing agent fee
  • Home sellers keep up to 5.5% more of their sale proceeds
  • No extra charges for showings or open houses
  • Commission is only paid if they connect seller to buyer

What is 72SOLD?

72SOLD is a discount real estate brokerage that aims to save home sellers money by reducing high real estate commissions. It was founded in 2018 in Plantation, Florida and has now expanded nationwide.

Instead of charging the traditional 5-6% commission for sellers’ agents and 2.5-3% for buyers’ agents, 72SOLD simplifies the fees by charging sellers an average of 5-6% total. This results in thousands of dollars in savings for the seller.

Also read: What are the Commission Rates of a Real Estate Agents

How 72SOLD Works

The 72SOLD process works like this:

  • Seller signs up with 72SOLD and pays the 5-6% listing fee upfront.
  • 72SOLD markets the home and screens for qualified buyers.
  • Interested buyers contact 72SOLD directly.
  • 72SOLD sets up and attends showings.
  • When an offer comes in, 72SOLD assists seller in negotiating.

72SOLD files paperwork, represents seller in-closing, and brings the deal to completion.

So essentially, 72SOLD provides the end-to-end services of a traditional real estate agent but without the doubled commissions. This saves sellers thousands while still getting full service.

Is 72Sold Legit?

Yes, 72SOLD is a licensed, legitimate company. They are a licensed real estate brokerage that works nationwide.

They function similarly to discount brokers by charging lower commissions but provide traditional agent services like marketing, showings, offer negotiation, and closing.

Also read: The Best Companies That Buy Houses for Cash

72Sold’s Nationwide Coverage

72Sold operates in 38 states across the United States, making it nearly nationwide. They also offer some services in Canada. However, it’s important to note that their availability may vary depending on your specific location.

72Sold Commissions and Fees

72SOLD simplified commissions by charging an average fee of 5-6% for sellers. This single-rate system is meant to disrupt the traditional doubled commissions of 5-6% for listing agent and 2.5-3% for buyers’ agent.

On top of the 5-6% sellers commission, 72SOLD also charges a 2.5-3% listing agent fee. So in total, fees average between 8-9% for the seller. While this is lower than traditional costs, sellers should factor this full rate when calculating savings.

Should You Sell With 72Sold?

For the right sellers, 72SOLD can be an excellent option to save money and sell quickly. Home sellers across most states can now use 72SOLD.

Their flat fee commission model is transparent and predictable. And sellers still get full end-to-end services from listing to closing.

Sellers can potentially save 2.5-6.5% more net proceeds with 72SOLD. For the average home, this could mean over $15,000 in savings.

How to Sell With 72Sold

Selling through 72SOLD follows a simple process:

  1. Contact 72SOLD: Reach out by phone, email, or filling out the site form. A agent will contact you shortly.
  2. Provide property details: Give details like address, beds, baths, sq ft. Scout will assess the valuation.
  3. Sign agreement: Scout will provide an agreement outlining services, fees, terms if you want to proceed.
  4. Pay one-time listing fee: This averages 5-6% of home value. It pays for the seller’s commission plus services.
  5. Market & sell your home: 72SOLD handles marketing, showings, offers, negotiations, and closing.

The direct-to-buyer model cuts typical 45-90+ day timelines dramatically. 72SOLD’s data shows average sale speeds under 30 days.

So in as little as a few weeks, you can have a sold sign out front with 72SOLD.

Also read: The 10 Best Real Estate Companies to Work For

How Long Does It Take to Sell With 72SOLD?

72SOLD sells homes on average in under 30 days. This is significantly faster than the industry standard of 45 days for typical agents. And drastically faster than discount/MLS-only sites averaging 90+ days.

By marketing directly to buyers and leveraging their acquisition team, 72SOLD delivers offers in weeks. Once an offer is accepted, they work quickly to negotiate terms, complete inspections, and set closing dates.

For sellers needing to move quickly, 72SOLD delivers with this accelerated process.

How Sellers Save Money with 72SOLD & How Much Sellers Save

The primary way 72SOLD saves home sellers money is by reducing total commissions. Rather than paying the listing agent (5-6%) and the buyer’s agent (2.5-3%), sellers pay 72SOLD an average of just 5-6% in commissions.

This means on a $500,000 home, 72SOLD would charge around $30,000 in commissions. Compared to traditional commissions of $37,500, the seller could save around $7,500.

72SOLD data shows sellers earn an average of 2.5-6.5% more net proceeds. For this $500K house example, that could mean $12,500 to $32,500 extra net proceeds in the seller’s pocket.

Will You Really Save Money with 72SOLD?

In most cases, yes – sellers will save significant money with the 72SOLD model. Yet it depends on a few factors:

  • Your home value – For higher value properties, flat-fee savings are greater in absolute dollars. But for all values, sellers can save 2.5-6.5% in net proceeds.
  • Your market – In slower markets with longer average days on market, 72SOLD’s accelerated sales timeline boosts savings.
  • Traditional agent’s commissions – Occasionally traditional agent commissions may be below the standard 5-6% for listing and 2.5-3% for buyers. So compare costs.

Still, with the double commissions most traditional brokers charge today, 72SOLD delivers significant savings averaging between $12K-$32K.

Tips for Maximizing Savings With 72 Sold

Follow these tips to maximize savings when selling with 72SOLD:

  • Accurately set list price – Research comps to price appropriately and sell quickly. The faster it sells, the more you save.
  • Prepare the property – Make any repairs and stage your home to attract more buyers. Leverage 72SOLD’s faster timeline.
  • Time it right – Selling during peak seasons when buyer demand is high speeds up the process.
  • Be flexible – To sell fast, be open on terms like possession date, included appliances, fixtures.
  • Use 72SOLD concierge services – Their interior design and handyman services can make your home more attractive to buyers.

Following the above tips will help sellers sell faster and reach top value. Faster sales translate to more dollars saved when selling with 72SOLD.

What Services Do Sellers Get?

Despite the lower commissions, 72SOLD still provides full service equivalent to traditional real estate agents. Sellers can expect services including:

  • Property valuation
  • Professional photography & video
  • Listing on MLS
  • Customized marketing materials
  • Property website with lead capture
  • Showing coordination
  • Buyer vetting and screening
  • Offer negotiation
  • Paperwork completion & filing
  • Facilitating inspections & appraisal
  • Acting as legal representative
  • Coordinating closing & possession

So sellers still get the A-Z support of a real estate agent. 72SOLD just cuts out the doubled commissions charges to save sellers thousands.

What Buyers Pay With 72SOLD

A massive benefit of the 72SOLD model is that buyers pay zero commissions. Since 72SOLD represents the seller, buyers work with the company directly. This saves them paying the typical 2.5-3% commission.

For buyers, this incentive offers savings too. On a $500K home, they would save $12,500 to $15,000 that would otherwise be paid to their agent.

Working directly with sellers allows 72SOLD to pass on savings to both parties in the transaction. Certain buyer incentives may also apply with 72SOLD to boost demand.

How It Compares to Discount Brokers

72SOLD operates similarly to discount brokers in charging reduced commissions to save sellers money. However, key differences set their services and savings apart:

  • Commissions – Some discount brokers charge total commissions around 8-14%. 72SOLD simplifies fees to average 5-6% for sellers.
  • Services – Most discount brokers offer limited services without support. 72SOLD provides full end-to-end agent services from listing to closing.
  • Timelines – Discount brokers often take 90+ days to sell with MLS-only models. 72SOLD closes sales on average in under 30 days.
  • Local expertise – Discount brokers usually don’t have specialized local insight. 72SOLD focuses locally with dedicated Service Partners in each region.

With enhanced services, faster sales, and greater savings potential, 72SOLD outperforms discount options. Their direct buyer model and flat-fee structure uniquely benefit both buyers and sellers.

Benefits of 72 Sold Commission Structure

The 72SOLD commission structure offers these unique benefits:

  • Greater savings – Sellers enjoy 2.5-6.5% higher net proceeds thanks to lower total commissions.
  • Rewards for buyers – Buyers pay no commissions, saving 2.5-3% purchasing through 72SOLD.
  • Local expertise – Instead of just MLS entry, sellers get dedicated support from 72SOLD’s local Service Partner.
  • End-to-end support – From listing to closing, sellers receive complete agent services despite the discount.
  • Speed – Direct buyer model accelerates sales, powered by 72SOLD’s acquisition marketing machine.

Ultimately, 72SOLD’s flat-fee commission structure gives sellers the best chance to maximize sale price while saving the most in commissions.

Potential Drawbacks or Considerations

While 72SOLD offers significant benefits, a few things for sellers to consider include:

  • Limited seller representation – As mainly a buyers brokerage, 72SOLD represents the interests of both parties in a balanced approach.
  • Additional services at added cost – Certain services like staging, repairs, or photography carry added fees. Account for these costs when calculating savings.
  • No countrywide presence yet – As an emerging model, 72SOLD may not operate locally in every rural or smaller market currently. Expansion plans continue to ramp up nationwide coverage.
  • Buyers may need financing – For sellers needing cash offers or flexible closing dates, 72SOLD may source fewer cash buyers than an investment property platform.

As with any brokerage, sellers should consider aspects like local market reach, target buyers, and additional costs when evaluating 72SOLD.

Is 72SOLD Right For You?

In general, 72SOLD works best for these seller types:

  • Motivated to sell quickly – Leverage 72SOLD’s average under 30-day sales velocity.
  • Seeking significant savings – Save thousands in commissions while still getting full agent services.
  • Flexible on terms – Meet buyers’ needs on possession date, included appliances etc. to sell faster.
  • Comfortable not having a seller’s agent – 72SOLD balances both parties, though mainly backing the seller.

For savvy sellers who want speed and savings without sacrificing service, 72SOLD delivers compelling benefits. Homeowners selling in most states can now capitalize on the 72SOLD advantage.

Compare Others With 72SOLD

How does 72SOLD compare to other top options in the space? Here is a brief overview:

  • Traditional Agents – Offer personalized service and market expertise. But doubled commissions eat up seller equity.
  • Discount Brokers – Provide flat fees for basic listing services only. But they take longer to sell with limited support.
  • iBuyers (Zillow, OpenDoor etc) – Deliver convenience of cash offers but often pay below market value. Significant fees also impact pricing.
  • FSBO For Sale By Owner – Gives total control but requires handling all marketing and buyer interactions. Can take much longer to sell FSBO.

Among alternatives, 72SOLD stands out for service, savings, and speed – matching agents on support while approaching iBuyers on convenience. Home sellers across most of the country can now leverage 72SOLD’s advantages when selling.

Does 72 Sold Buy Your House?

No, 72SOLD does not directly buy or make offers on your house. As mainly a buyers brokerage, they represent seller’s interests to market to qualified buyers, facilitate offers, negotiate terms, and close sales.

But 72SOLD does advance part of the expected marketing and listing fees at the start of the agreement. So sellers get some cash influx upfront before closing for convenience.

For those needing or wanting guaranteed cash offers, iBuyers like Offerpad, Opendoor, or Zillow may be better options to consider. 72SOLD focuses on maximizing seller price and accelerating sales timelines rather than instant offers.

Can I Use 72Sold Outside of the US?

Unfortunately, 72Sold is currently only available for use in the United States. The company states that they are working on expanding internationally, but do not have a specific timeline for when the service will be available outside of the US.

Some key things to know about the current geographic availability of 72Sold:

  • It can only be used to sell properties located in the United States.
  • The buyers brokered through 72Sold must be US-based. They do not work with international buyers at this time.
  • All of the processes from listing your home to closing the sale are intended for the US real estate market. Things may work differently in other countries.

So in summary – 72Sold is a US-focused real estate marketplace for sellers at this point. While they hope to expand globally in the future, as of now using the platform is limited to selling properties in the United States. If you have a home outside the US to sell, you may want to research other listing or auction sites that are popular in your local area.

Conclusion

In today’s shifting landscape, 72SOLD delivers a welcome alternative for savvy home sellers. With commission rates averaging between 5-6% plus 2.5-3% listing fees, sellers can save thousands compared to traditional doubled commissions.

Plus, they provide full service and sales 3X faster than standard agents. This innovative flat-fee structure rewards both buyers and sellers alike for a streamlined, modernized approach to real estate transactions.

Frequently Asked Questions (FAQ)

What is the total commission sellers pay with 72SOLD?

On average, sellers pay a 5-6% seller’s commission plus a 2.5-3% listing fee. So total commissions average between 8-9% with 72SOLD.

Does my home need to qualify or meet certain criteria to sell with 72SOLD?

No, 72SOLD works with standard residential property types and homes. As long as your home is eligible to list on MLS, you can likely qualify to sell with 72SOLD.

Will I receive the same amount by selling with 72SOLD versus an agent?

You can typically earn 2.5-6.5% more net proceeds after commissions by selling with 72SOLD thanks to the reduced rates. And you still get full service.

Do I have to pay anything upfront or out of pocket to list with 72SOLD?

Yes, 72SOLD collects an upfront payment averaging 5-6% of your home’s value when signing the initial agreement. This covers their commissions and fees.

What states can I use 72SOLD for selling my house?

72SOLD operates in nearly nationwide. Sellers across almost all 50 states now have access to 72SOLD for maximizing savings when selling. Availability continues expanding.

Does 72SOLD buy houses?

No. As mainly a buyer’s brokerage, they represent the seller’s interests by marketing to qualified buyers and guiding negotiations rather than purchasing homes directly.

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