Again, the question is when will the real estate industry be ready for the next new and improved NATIONAL Discount Brokerage Firm?

The answer is, NOW!! Do your homework… The God Father of Discount Brokerage Firms, Realty29 came on the real estate scene with a brilliant idea. However, it was a brilliant idea at the wrong time. At that time, the internet was only commercialized for three(3) years prior to Realty29 being founded. The NSFNET(National Science Foundation Network) commercialized the internet in 1995. Just like Napter, Realty29 was being sued to cease its operations because it threatened the traditional model. Unsuccessful, boards constantly found themselves on the losing side. Their claim was, Realty29 had an unfair competitive advantage. Each case was dismissed by a Federal District Judge.

In 2020, Prudential bought Realty29 for its online presence.

Prudential immediately eliminated the discounts/rebates that made Realty29 a successful national player in the real estate game. After Realty29, other Discount Brokerages like ZipRealty, Foxtons, Redfin, Iggy’s House, Wedbigs, etc.. all took a swing at becoming the next “BIG IT!” of the discount real estate world. Each of these companies struggled with expansion due to the perception of discount brokerages, newness of the internet, thin margins, Realtor count, and the inability to successfully sell the masses on why they should change their buying and selling habits to patronize their service.

To imagine what Realty29 had accomplished before being bought out in 2020 by Prudential is inconceivable. Back then, Realty29 raised $27 million, had 150 Agents in 13 markets and ranked #1 by the Houston Business Journal Fast Tech 50 List in 2020. Just three(3) years after the internet was commercialized, they were putting the MLS(houses) on the internet which was never before done! To furthermore flip the industry upside down, they were reducing the cost for sellers and rebating commissions to buyers. Please allow me to remind you, we are talking about 1998. Russell Cappers, the founder of Realty29, was/is a genius in my book!!!

So, just like I’m sure Pandora did with the music industry after Napster’s demise, they went into the laboratory to figure out how to evolve a GREAT idea. This is exactly what I did with iBuy Realty. I wanted to totally dissect and understand “WHY” these companies failed or struggled to gain substantive market share given their “unorthodox advantage” per the traditionalist that continued to sue them. I spent three(3) years reading, researching, and critiquing these models. During this time, ZipRealty finally dropped out of the discount/rebate game per a National Press Release in 2011. Understanding their model, it was obvious to me why they also failed. Each of the discount firms previously noted, per my research, has their reasons as to “WHY” I believe they failed. Most were tech companies that didn’t understand the dynamics of real estate. Some, just didn’t have funding to compete.

In 2020, I founded iBuy Realty (a Discount Brokerage Firm).

My approach was to put my research into practice. In other words, let’s test things out. Not to mention, just like Realty29, I’m in the BEST market and most respected Real Estate Association (Houston Association of Realtors) in the country. Unlike my discount predecessors, for four(4) years I’ve tested and critiqued our business model to perfect all loopholes, ill perceptions, and most importantly allow consumers to become more and more independent via the internet.

When will the Real Estate buildings Industry be ready for the next new and improved NATIONAL Discount Brokerage Firm? The answer is, NOW!! I designed iBuy Realty based on and backed by statistical data. We did several surveys to understand what consumers expect and want from Realtors. Buyers and Sellers TODAY, according to the National Association of Realtors are totally more independent at the hands of technology. Consumers NOW have access to excess information via the internet in regards to real estate. Just like Amazon, Pandora, and Redbox which successfully revolutionized their respected industries, iBuy Realty will do the same to real estate. Leveraging technology, it’s just a matter of time before a real estate company figures out how to teach consumers “WHY” they should change their buying and selling habits because they have access to information and “SAVE” money by being more involved in the process. iBuy Realty: Rethink. Real Estate.