Online Buyer Agency Uniquely Charges $3995 Flat Fee for
Properties in Massachusetts
Comments on Near Side-by-Side Launch of Soon-to-Be
Chief Competitor, Redfin
BOSTON, April 26, 2007 (PRIME NEWSWIRE) -- Territory Real Estate, (TRE), which offers representation to Massachusetts homebuyers for a flat fee of $3995, is owned and operated by Marla Mullen and Terry Sanford, with headquarters in Boston. Any commission TRE receives above their $3995 flat fee is rebated back to their buyers resulting in an average rebate of over $9,000.
"Even though our online component is similar to Redfin's, we are fundamentally different," co-founder Terry Sanford explains. "Despite their pro-consumer pitch, Redfin pockets a percentage of their buyers' purchase prices so they actually earn more if they flub negotiations. TRE charges clients a flat-fee regardless of their purchase price. Redfin represents both buyers and sellers so they promote their own listings before any others'. TRE is an exclusive buyer agency so we don't have any hidden interests. Redfin is a reduced-service brokerage that charges for basic services like property tours. TRE is a full-service brokerage offering clients a full range of services including free accompanied tours. One other notable difference is that TRE provides service throughout Massachusetts, while Redfin is limited to the Boston area."
Consumers can log onto www.territoryre.com, create an account, and begin searching for properties. They can visit and purchase properties by requesting tours and submitting offers directly through the website. Homebuyers can also use TRE to purchase properties they have found on other sites.
While working as traditional agents, Mullen and Sanford were increasingly frustrated by the conflicts between agents and consumers. They noticed that agents spent most of their time trolling for new business rather than doing real estate work, and often withheld listing information to force client contact. The commission-based price structure had little relevance to the cost or quality of an agent's work.
"We wanted to avoid the double dealing and conflicts of interest that occur when a listing agent represents both parties in a transaction. We use the internet to streamline the process and make purchasing a property low cost and hassle-free," explains co-founder Marla Mullen.
The co-owners founded TRE while living in New York City. Due to REBNY's listing data restrictions, they relocated to Boston to launch the brokerage. Marla Mullen previously worked as a sports agent in New York City. Terry Sanford previously worked as a traditional real estate agent for Sanford Real Estate, a firm he helped found in Nantucket. He also worked as a marketing consultant/sales agent for a residential team at Douglas Elliman in New York City.
About Territory Real Estate
TRE is a fee-for-service online buyer agency located in Massachusetts, primarily doing deals in the Greater Boston Area. Our business model is very new in the world of real estate and is being very well received by our clients. We have just launched a new site that gives our clients more tools and information to help them do in real estate what is the equivalent to e-commerce in the consumer world. In short, we are hoping to change the way real estate is bought in this country by using the internet to streamline the process. For more information go to: www.territoryre.com
The Territory Real Estate logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3657