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.
Due to the pandemic, most builders and buyers have primarily shifted to the virtual world in the real estate market for everything from virtual tours to digital contract signings.
In a housing market that is not doing well, you can have your house listed on the market for months without any interest from buyers. This is where a company like Properly comes in to change the game entirely.
In my Properly review, I will discuss the real estate company that serves as a one-stop-shop for buying and selling homes for Canadians. Hopefully, my review will give you all the information you need to determine whether Properly is worth your while.
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
- Ability to sell for cash
- Available in the Greater Toronto Area (GTA) Only
- Pricing tool doesn’t work for apartments
- 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 up the process for sellers.
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 uses advanced computer algorithms that predict the value of your home – it’s Instant Estimate tool is Canada’s most accurate free home value calculator. The algorithm factors in several aspects, including the actual selling price of homes, the real estate market trends, and unique features in your home that help it stand out.
Should you accept the Sale Assurance agreement, Properly offers a third-party home inspection to calculate the cost of repairs, if necessary. Properly undertakes the cost of the home inspection to make the process entirely free for you.
After the inspection is complete, you can choose when you want to move out before you list your home on the market. This gives you the freedom to move out without overlapping mortgage payments or living through showings
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 ProperPrice Report
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.
Instant Estimate is an automated valuation model that uses information through more than 75 data sources to accurately compute and provide you with an estimated value of your home.
The tool works automatically without requiring much effort from you. Properly claims it is Canada’s most accurate free home valuation tool.
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, 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 the 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
- You can track your home’s value for free through Instant Estimate, even if you don’t plan to sell.
- 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 ProperPrice 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.