Selling a home can be a challenging task even in today’s red-hot real estate market.
Following through to achieve your goal requires that you hire a realtor, list your home on the market, stage your home for multiple open house showings, carry out repairs, hire a lawyer, and more.
And, with all of that done, if the economy goes flat and/or the real estate market cools, your house could be on the market for months.
Properly is a real estate technology company that helps you buy a house prior to selling your current residence and it also provides a free and instant home valuation so you know what your property is worth.
This Properly review covers how the company works, how to use its “Sale Assurance” program to assess equity in your unsold home, and how to buy a new home and sell your old one without hassle.
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Who is Properly?
Properly is a tech startup in Canada 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 hassle that comes 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 Area, Ottawa, and Calgary, and has plans to expand to other provinces and cities in the coming months.
How Does Properly Work?
Properly is a one-stop shop for your home purchase and home selling needs.
Buying a home
If you are planning on buying a new home, Properly can help you access the equity in your current home and secure bridge financing so you can buy and move into your next home before you list your current abode on the market.
This removes the need to line up purchase and sale dates and the stress that comes with it.
They offer a Sale Assurance of up to $2 million that you can show your bank in order to qualify for a bridge loan. Properly then sets you up with an experienced local real estate realtor who will assist you with finding and closing on your new home.
Selling your house
After moving into your new home, you can set a listing price for your old house, and Properly will do what it takes to sell it fast, including cleaning, staging, repairing, listing, and marketing it.
Properly customers can access an interest-free advance (Properly Polish) of up to $20,000 to put towards upgrades and repairs to maximize the selling price of their home.
The company also provides up to a $6,000 budget for staging and marketing.
In general, you can expect the house to sell within 90 days, however, if it doesn’t, Properly will purchase it as part of their guarantee to customers.
In this case, you will receive the Sale Assurance price value minus a 5% standard real estate commission.
Properly Profit Guarantee
If Properly buys your home and sells it for higher, you will get back 100% of the profit minus any applicable land transfer tax.
You can also decide to cancel the Sale Assurance contract at any time in order to proceed with selling the house on your own.
Free Home Value Report: Get an Instant Estimate
Even if you are not yet ready to sell your house or buy a new one, you can use Properly’s free home estimate tool to track the value of your home over time.
The Instant Estimate feature uses an automated valuation model to compute the price of your home using 75+ data sources.
For example, it takes into consideration the general location, quality of nearby schools, size of neighbourhood, available transit options, comparable sales, crime rates, proximity to highways and business locations to arrive at an accurate value,
The tool works automatically, has a 99% accuracy, and has been tested on more than 125,000 sold homes.
How Much Does Properly Cost?
In the Greater Toronto Area, ON, a standard 5% fee applies when Properly sells your home. In Greater Vancouver, BC, they take a 7% commission on the first $100k, and 3% on the remainder.
Half of this fee goes to the real estate agent representing the buyer and Properly keeps half.
When you buy your home via Properly, the seller pays a 5% commission. Their real estate brokerage takes 2.5% of this and the remaining 2.5% is paid to Properly.
While the 5% commission is a standard rate in the real estate industry, Properly provides a lot more in benefits given that you get a Sale Assurance that puts your mind at rest.
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Benefits of Properly
Here are some of the benefits you get when you use Properly for your real estate needs:
- Buy a home easily without needing to first list your current residence
- It is easier to manage your close and avoid paying overlapping mortgages
- The company stages, lists, markets and sells your home on your behalf
- Properly buys your home at the Sale Assurance value if it doesn’t sell in 90 days
- Easily track your home’s value even if you are not planning on selling now
- Access to top-rated real estate agents if you choose to buy or sell a house with Properly
- If your house sells above the estimated value, you get 100% of the upside less land transfer tax
Is Properly Right For You?
Properly is changing how Canadians sell their homes. If you are selling a home in Toronto or Ottawa and prefer to do it fast, Properly is worth checking out.
Even if selling your home is not something currently on your radar, you can track the value of your home for free and without hassle.
Hi Enoch, does properly work for selling/buying condo’s and apartments as well?
@Blake: From their FAQs, the house must be either detached, semi-detached, or a townhome without condo fees. It must be built after 1960.