Thinking of selling your home? Typically, selling a home is a drawn-out process that requires hiring a realtor, listing your home on the real estate market, marketing your listing, and staging the home for open house showings to convince potential buyers.
The process also involves taking care of significant repairs and sprucing up the property, hiring a lawyer to handle the sea of paperwork, and much more.
In this Properly review, I will discuss this real estate company that serves as a one-stop shop for buying and selling homes for Canadians.
Real Estate Fintech
Properly offers people with a backup offer on their home, should it not sell on the market in a 90 day period.
- Sell your home with more convenience
- Searching for homes to buy is easier
- Completely free home value report
- Accurate home valuation
- Skip the showings
- Sale assurance
- Unlock your home equity
- No double mortgages
- Available in the Greater Toronto Area (GTA) and the Vancouver area
- Same fees as a realtor
What is Properly?
Properly is a tech startup company founded by Anshul Ruparell, Sheldon McCormick, and Craig Dunk in 2018. The company’s basic idea was to introduce the convenience of modern technology to the real estate sector to facilitate buying and selling activities in Canada.
The Toronto-based company offers a technology-driven method for Canadians to buy and sell homes and circumvent several painstaking aspects of traditional real estate transactions. Rather than offering itself as a marketplace to bring buyers and sellers together, Properly purchases the real estate after providing you with an accurate estimate of your house.
The company raised over $166M in funding and debt financing to fuel the growth of the business and enable it to expand across Canada, as it currently only operates in the GTA.
Features and Benefits of Properly
In this section of my Properly review, I will discuss the company, all its features, and the benefits you stand to gain from using the platform to buy and sell homes.
1. Ease in Selling a Home
The first benefit of using Properly has to be the opportunity it offers potential sellers to guarantee the sale of their home for a fair valuation. Rather than merely a marketplace that connects buyers and sellers, Properly is a brokerage that de-stresses the process.
Properly uses technology to accurately estimate the value of your home in an instant, based on various factors. Once it has an estimated value, the company presents a Sale Assurance contract, which is an agreement from Properly that lists the highest possible value of your home with a promise to buy your house at that value if it doesn’t sell on the market within a set amount of time.
This agreement replaces the need for a traditional sale, allowing banks to unlock the equity in your current home so you have the financing you need to buy your next one.
Properly goes beyond listing your home for you., Properly takes care of all staging costs for your home prior to listing it on the open real estate market to ensure it sells for top dollar.
If your home sells for more than what Properly promised to buy it for in the Sale Assurance contract, you get all of the profit. If your home sells you still get the amount Properly promised you in the Sale Assurance agreement.
You can track the price of your home’s listing on Properly’s platform to confirm its actual price without worrying about transparency issues.
3. Ease in Buying a Home
Properly realtors also help you buy your next home. The benefit of working with Properly is that you buy your new home first, move into it and then sell your old home so there’s no stress of lining up closing dates.
Once you’ve already moved into your new home, Properly will stage your old home and, list it on the market for interested buyers.
Properly realtors also help you buy your next home. The benefit of working with Properly is that you buy your new home first, move into it and then sell your old home so there’s no stress of lining up closing dates. Once you’ve already moved into your new home, Properly will stage your old home and list it on the market for interested buyers.
4. Properly Instant Estimate
Properly does not limit itself to providing the home value to people who want to sell their homes. Even if you do not plan to sell your house or buy a house, you can use its free tool to track the value of your home over time.
Cost of Using Properly
The cost of working with Properly is the same as working with a traditional brokerage. In the GTA, that’s 5%.
The 5% also comes with additional convenience. When you buy or sell through traditional real estate avenues, you have to add the hassle of living through open houses, paying the cost of staging, and worrying about lining up your closing dates.
Properly offers you the opportunity to circumvent those costs, and save significant time, and the stress that comes along with it. It also guarantees your ability to sell your home. Properly works with total transparency when it comes to costs, and it can provide you with excellent value for your money.
Other Benefits of Using Properly
Using Properly to realize your real estate goals gives you several opportunities to benefit, including:
- Assurance that you’ll sell your home for a minimum amount.
- No waiting for months to sell your home.
- Ability to buy, move, then sell
- Convenience in managing the time to close the deal to avoid overlapping mortgages. It allows you to choose the closing date.
- Provides you with a proven, accurate home valuation.
- You receive all the proceeds of your home sale, less commission and Land Transfer fees, in addition to the added value you get by working with Properly.
- Properly provides you with a third-party home inspection free of cost.
- Properly will stage your home for you, free of cost
- You get access to a $20,000 interest-free loan through Properly Polish to make any upgrades to your home before you list it
- Properly has top-rated real estate agents that are backed by an in-house team of data and pricing experts.
Alternatives to Properly
If you go through the traditional channels to buy or sell real estate, there are many expenses and procedures you have to go through to make the transaction. The process can take anywhere from a few weeks to several months from the point of making the initial decision to close the deal.
Even if you do not plan to sell your home, but you need to know the estimated value of your home, you have to go through a lengthy process to find out. Typically, you can get the most accurate estimate through traditional channels like home appraisal services.
The exact cost of finding out the value of your home can value drastically. If you are getting your home appraised in Ontario, you can expect to pay between $350 to $700 for the services of a professional real estate appraiser to do the job.
Currently, there are no alternatives to Properly that offer similar services in Canada.
When doing this review of Properly, I was hoping to find a lower-cost solution than having to go through a realtor; however, I was a bit disappointed to find out this wasn’t the case.
I believe that true disruption of the real estate industry will happen when there is a solution to the high-fee realtor problem because I know that people hate to pay those fees.
A service that can help you sell your home quickly in return for cash payment can be seen as a breath of relief today.
Between its Instant Estimate tool and its overall service, if you’re looking to make a quick home sale in the GTA with minimal hassle, I recommend that you give Properly a try.
For related reading, check out my list of the best real estate investments in Canada.