The real estate industry in Boston is getting pretty crowded.
National real estate companies Keller Williams and Wm. Raveis & Sons moved into Boston, last year.
Online discount low-fee brokerage Redfin made its entry back in March of this year.
This week, Movoto came to town.
From their press release:
Movoto.com, a Website that helps consumers search for and buy homes online, plans to expand its service to include home listings in Massachusetts, the company said on Friday.
The Redwood City, Calif.-based company’s service expansion into the state will enable homebuyers in Boston, Worcester and Springfield, among other towns, to search for homes on Movoto.com.
Founded in 2005, the free Website, which has 20 employees, helps members scan thousands of home listings, gather data on neighborhoods, including crime statistics and matches agents with homebuyers.
Movoto’s expanded service covers 300 Massachusetts towns and cities including Boston, Newton, Lowell, Brookline and Plymouth.
Movoto does not have its own agents. It partners with agents in each local market, usually those agents who are in the top 3-5% in sales.
Basically, it works this way. A visitor to the Movoto site searches through listings and reads about different neighborhoods and researches crime and school district information (as well as race demographics (?)). Then, the visitor contacts Movoto, who asks the visitor a couple questions (do you have an agent, already, are you looking for information or for an agent, etc.) and then sets the visitor up with an agent in that visitor’s area of interest.
Movoto takes a 30% cut of any commission paid to the agent, at closing.
No “finder’s fee” or anything like that, and the agent can work for any agency.
Seems like as good an idea as any.
The buyer gets a trusted and experienced real estate agent. The agent gets access to leads he or she might not find, otherwise. Movoto gets paid.
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Updated: 1st Q 2018