Selling a property may be an extremely stressful process. It might be exhausting to search for a realtor, decide to list, and prepare the house for photos. And it's a pricey affair too. One of the biggest expenses is Realtor commissions. You are responsible for paying your agent and the buyer's agent as the seller. The total cost will usually be between 5% and 6% of the entire sale price of your home.
Although this may appear to be a tiny sum, it can quickly add up during the property selling process.
This cumbersome process leaves you with a large hole in your pocket and is one of the main reasons for giving rise to companies that connect buyers and sellers to local agents directly who take care of it.
Ideal Agent is one such company that has teamed up with top agents across the country to offer services at a reduced commission rate.
Instead of the usual 6% commission, the company claims that their users only pay 2%.
Hard to believe isn’t it?
Before you feast your eyes on the prize, here’s all you need to know about Ideal Agent and whether it’s worth giving it a shot…
What’s Ideal Agent all about?
Ideal Agent is a unique, national platform that matches you with a local real estate agent to assist you with buying or selling a home for free!
Ideal Agent promises to collaborate exclusively with agents who are in the top 1% of sales producers in their local markets, which is the company's primary selling feature.
To help home sellers save money, Ideal Agent pre-negotiates discounted commission rates with its agents. Instead of the standard 2.5-3 percent listing cost, when you find your agent through Ideal Agent, your listing fee will be 2 percent of the sale price.
Most agent matching systems will match you with many agents so you can interview and evaluate possibilities. Ideal Agent, on the other hand, only matches you with one agent, which you can accept or reject.
Ideal Agent, like its competitors, is a risk-free, no-obligation service. You can always walk away if the agent isn't a good fit.
How does Ideal Agent do things differently?
Ideal Agent connects with real estate agents around the United States to assist homeowners to sell their homes for a lower commission rate. However, there are a few stipulations.
For starters, a homeowner can use idealagent.com to choose a real estate agent or broker in their desired location for free cost. The business concept of Ideal Agent comprises agents accepting a lower commission when their services are purchased through the internet.
Whereas the selling agent, who handles the listings, generally receives a 2.5 percent commission charge or more, Ideal Agent has agreed to take a 2 percent commission fee instead.
Although there isn't a significant price difference, if the purchasers don't have their own agent, the broker purchased through Ideal Agent will finish both the buyer and seller portions for a 2% fee. Normally, this charge would be split between two agents and cost between 5 and 6 percent.
Is this a scam?
Without a doubt, Ideal Agent is not a scam company. Ideal Agent is a Florida-licensed real estate brokerage. Agent matching services, such as Ideal Agent, must be licensed in order to collect fees from the agents with whom they collaborate.
Ideal Agent was formed in 2016 by CEO Steve Johnston (the person from the TV advertisements). Johnston has already founded other real estate businesses of a similar nature. Private investors are currently funding Ideal Agent.
Ideal Agent has a far smaller nationwide network than its competitors, with only 450 agents (Other top competitors have much more to offer than that). Ideal Agent, on the other hand, claims to have built a more exclusive network, claiming to reject 90% of agents who apply, according to a company spokesperson we spoke with.
Admission to Ideal Agent's network is "by invitation only," albeit the company does provide a link to apply on its website. According to a corporate official, Ideal Agent only invites the top 1% of realtors in each territory, based on their regional sales volume. As far as we can tell, Ideal Agent follows its strict agent performance criteria, which is unusual in the agent matching arena.
What’s it like buying with Ideal Agent?
Ideal Agent is solely focused on the needs of the seller. They don't even have a form for contacting a buyer's agent on their website.
They will offer to call you to obtain your details if you utilize their chat option. They may then be able to connect you with a local buyer's agent. There is, however, no financial incentive for you to utilize an Ideal Agent Realtor to purchase your house.
You won't pay commissions because the seller is responsible for them, and you won't get a refund or buyer's rebate after closing either. Buyers can get those financial benefits from some of the other companies that provide Realtor-matching services.
What’s it like selling with Ideal Agent?
It's simple to locate a listing agent. You can fill out a quick online form with information about your home on the Ideal Agent website (address, type of residence, expected sale price, and your timeframe for selling).
You'll also be required to provide your personal contact information (phone number and email address). It is used by Ideal Agent to verify the accuracy of your information. They also match you with a qualified agent in your area based on your house selling goals and needs.
Your contact information is also sent to the Realtor with whom Ideal Agent has paired you, who will contact you via email, phone, or text. You are not compelled to work with the agent, and the agent matching service is free.
The Realtor who contacts you will be a top performer. It's worth noting, though, that you'll only be connected with one agent. This is OK if you interview the agent and find them to be an excellent match for your personality and circumstances.
Many other companies, on the other hand, will pair you with numerous agents so you can interview them and choose the one you think is the greatest fit for you. Ideal Agent will not allow you to make your own decision. You'll have to go out on your own and find more agents to interview.
What about the reviews and complaints online?
Most of the Ideal Agent reviews are positive. The majority of them praise the company’s professionalism and the speed with which they were able to sell the home. The agents' response was also praised by reviewers.
The company is recognized by the Better Business Bureau (BBB), with an A+ rating. The current rating is a good 5-star rating. Using Ideal Agent has both advantages and disadvantages. For starters, you can identify top-notch agents in a fraction of the time it normally takes.
However, due to the reduced commission, there are a few occasions when agents may not feel driven to work as hard as they normally would. Due to the cheap charge, some agents may position your home lower on the priority list, however this is uncommon.
The majority of the bad ideal estate agent reviews focus on specific Realtors. The agents were not "local specialists," according to some reviewers, and many of them were new to the industry. What's more alarming is how Ideal Agent appears to react to criticism. Several reviews said that Ideal Agent sends a "blowing" number of emails with no new information, and that when they want to be removed from email distribution lists, Ideal Agent terminates their relationship with their Realtor.
Are there substitutes to Ideal Agent?
Still not convinced with Ideal Agent? Don’t worry, we’ve got your back and have shortlisted these companies which could work better for you and can save you some moolah.
UpNest is a well-known agent matchmaking service and allows you to select the finest agent for your needs. They put you in touch with the top 3-5 agents in your area and they'll also provide you competing bids with their best prices. You can interview as many as you like and pick the one that is the best fit for you.
Houzeo, America's most popular and one of the best real estate websites, charges a small fee for the For Sale by Owner option.
There are numerous packages available, starting at $199, depending on your needs. You will have greater control over your listing if you choose For Sale By Owner as a home selling option, since you will not be reliant on your agent to update or alter even the tiniest of details, and it is also favorable for first-time home buyers and sellers.
They list your home on numerous other major MLSs across the country, with an intent-based viewership of millions of users per month, in addition to covering important states & MLS in the United States. The more people who see your listing, the more likely your property gets sold quickly. One of the best things about Houzeo is that they respect your privacy and do not spam you unnecessarily. They also don't give your information to any of the area listing agents, so you won't get unsolicited calls regarding your property.
Help U Sell
Help U Sell is one of the country's oldest discount brokerages. Because each office is independently owned, the fees vary and aren't mentioned on their website. However, they guarantee that it will be less than the typical real estate commission.
However, like most discount real estate brokers, Help U Sell will require you to do a significant amount of work on your own. They advise you to host your own open houses and market your home to locate a buyer.
If you're willing to put in the extra effort, a cheap broker may be able to save you even more money than Ideal Agent.
Clever Real Estate
Clever, like Ideal Agent, has built-in discounts and matches you with a top notch agent who is knowledgeable and pre-vetted. Ideal Agent, on the other hand, has a network of only 450 agents, whereas Clever has 7,000.
You'll have a much better chance of being matched with a local agent if you have a larger network. Outside of big cities, Ideal Agent has a hard time finding local agents.
Clever's built-in savings are also significantly superior to Ideal Agent's. Clever negotiates a listing fee of just 1% with its agents (for homes over $350,000), compared to Ideal Agent's 2%.
In other words, Clever might save you twice as much as Ideal Agent while maintaining the same level of agent quality.
Clever also gives a 0.5 percent cash rebate to qualified purchasers, something Ideal Agent does not.
You can check out Clever real estate reviews for more information.
Should you give Ideal Agent a shot?
When it comes to selling your home, you want the best of the best. Not only do you want to sell your home fast, but you also want to obtain the greatest money for it. It can take a lot of effort and research to find the right agent for your case.
Ideal Agent may not always get it right when matching you with an agent, but they do have a database of top brokers and realtors who can point you in the right direction.
Furthermore, Ideal Agent is a free service that comes with no obligation to use the recommended agent.
Ideal Agent is an alternative to consider when selling a home because of the no-cost, no-obligation foundation and the good reviews across several platforms. If you haven't worked with an agent before or are new to the area, their services can be beneficial.
You should still conduct your own thorough research on the agent they recommend. In some of the unpleasant reviews, it was reported that Ideal Agent realtors submitted contracts with wrong amounts on them. Because this is most certainly one of the most important transactions you'll ever make, you'll want to work with someone who treats it as such.