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Sell Your NYC Apartment For 1% – Yoreevo

Sell Your NYC Apartment For 1% – Yoreevo

Over the last five or six years I worked
at a large hedge fund in New York and I focused on the housing sector and as
part of my research I found out that commission rates in New York are
actually in line if not higher than the national average despite dramatically
higher property prices. After doing a whole bunch of research and learning
more about the system, I couldn’t figure it out. There still was no justification
and brokers were still making $50,000 to $60,000 per side per
transaction and I saw an opportunity to disrupt an industry that has operated in
the same way for decades so my friends and I started Yoreevo to
bring the cost of brokerage services much more in line with the value that
they provide. Yoreevo’s services are exactly the same as any other brokers. We’re a New York State licensed broker we’re a member of the Real Estate Board of
New York which means your listing will get the same exact distribution as any
other broker. After it’s distributed on the Real Estate Board in New York
Listing Service, we provide all the same services that you would expect from any
other broker. We’ll host open houses, we’ll do a market valuation, we do
promotional materials, we’ll assist you with negotiation. Everything you expect
from another broker we do as well. Where we differ is on the cost. We view the 3%
that typical sell-side brokers charge as egregious and we charge 1% so you are
getting the same exact services for roughly one third of the price. The
reason Yoreevo is able to operate profitably at substantially lower
commission rates is primarily because we’re more efficient. If you look at the
total Manhattan market, there are about 12,000 annual transactions and
30,000 agents so with an agent on each side that still means that the average
agent is doing less than one transaction per year. With thousands of agents
running around the city competing for your business and really no way to
differentiate, the hardest part of their job is getting the listing. The easiest
part is actually executing the listing so with our differentiated commission
structure and exactly the same service we’re able to generate more business and
keep our agents busy and have them focused on the transactions instead of finding
the transactions. The biggest problem with the New York City real estate
market simply put is greed. Brokers continue to charge 2.5% to
3% per side per transaction which means they’re actually making 50%
more dollars per transaction than they were ten years ago.
We introduced Yoreevo with its lower commission structure to bringing those
dollars per transaction down to much more realistic levels. So why did you
pick Yoreevo? Simply put it’s exactly the same service for significantly lower
commissions. If you’re debating whether you should go with Yoreevo or another
broker to list your apartment and the other broker says that they’re going to
get you a higher price, well first off they better get you a higher price
because they’re charging 2% higher commissions. But when they say
they can get the higher price we simply ask these potential clients to inquire
why. Don’t let them tell you that they know the neighborhood well or they did a
deal in the building a year ago ask them how doing that deal a year ago is going
to get you a higher price on your unit today. When you get the answers to these
questions we think you’re going to be very underwhelmed. They don’t have access
to any special tools, they don’t do any special analyses but they are charging
2% more. Again, exact same service for significantly lower
commissions we think choosing Yoreevo is a no-brainer.

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