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www.forbes.com_technology 2015 06060.txt.txt

#SQFT Launches To Disrupt The Real estate Industry With Mobile The real estate industry is a funny thing. In my experience buying, renting and selling a few dozen properties, much of the value that real estate agents bring is through obfuscation. While it cannot be denied that a real estate transaction is a big, complex and important deal and that both buyers and sellers need to do things properly, the last thing agents want is clear and open communication between the buyer and seller. That erodes their power in the relationship and starts people thinking about alternative ways of transacting. A new application launching today offers just that. SQFT is a free fully transactional mobile application that allows homeowners to list, search, negotiate and purchase homes using only their smartphone. In doing so, SQFT believes that its platform reduces agent commission costs by two-thirds. The application is available nationwide in the U s. on launch, with real estate partners in 17 states. Using SQFT, homeowners can create a listing on their smartphone which is posted then to multiple listing services including Trulia and Zillow. SQFT also allows users to schedule showings, make offers and complete the transaction using the SQFT platform. In use, the SQFT portal features a step-by-step listing process for sellers to include photos and features of their house as well as their asking price. Buyers can get prequalified through the app through SQFT partnership with Citywide Home loans, and integrated electronic signature functionality allows both parties to finalize the contract from wherever they like. By leveraging the self-service aspects of the application, homeowners are in a position to negotiate reduced commissions from real estate agents. SQFT believes that the traditional six percent commission can be reduced to as little as one percent. On a $500, 000 sale, that a saving of $25, 000 or more. SQFT is a good example of a company like Uber, that exists by stitching together discrete modular services to create an all-around solution that hadn existed before. SQFT is clearly trying to become the ber of real estate, but the potential benefit to users of disrupting the real estate industry are bigger than the opportunity of disrupting the taxi industry. Homes are generally the biggest financial investment that individuals will ever make, and saving even a few percentage points on a real estate agents fee is a big deal. It would be great to see the platform integrated with some forward-looking legal providers to further lubricate the transaction but as a first cut for a platform trying to solve a pretty big problem, SQFT looks really interesting r

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