Looking to buy or sell your home? Then you might have heard of the online real estate agent FairSquare. Similarly, you may have heard of Purplebricks. In December of 2020, Desjardins, a Canadian, cooperative and financial giant purchased the rights to operate the Purplebricks in Canada until December of 2021. This period was considered transitional.
What Happened Next?
Simply put, FairSquare is now Purplebricks, just rebranded. It has now evolved into a full service brokerage. So let’s get into the particulars of how it works.
Who is FairSquare?
FairSquare is a For Sale by Owner (FSBO) service. This means you get to control the process of your property's sale. It removes the traditional real estate agent, allowing you to save your money. Currently, FairSquare operates in the Niagara Peninsula, Windsor, Ottawa, Edmonton, Calgary, Winnipeg and the Greater Toronto Area. According to Pascal Laflamme, president of the FairSquare Realty Group,the company will soon expand its business into the Sudbury area and over the next 2-3 years into other areas across Canada. One of the most attractive aspects of the rebrand is that FairSquare has partnered with RenoAssistance. RenoAssistance is a platform which connects homeowners with the best possible contractors to complete their home reno’s at fair prices.
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How Much will FairSquare Cost?
FairSquare advertises that you'll have everything you need to sell a property for less than $4,000. The $3,999 is payable to the company upon the successful sale of your home. The fees cover a handful of services.
Those services include:
- Exposure on REALTOR.CA and Fairsquare.ca
- Highly competitive pricing which results in you getting the largest return possible for your home
- Certified FairSquare REALTORS who have experience in your market
How Does FairSquare Work?
It begins once a seller books an appraisal of their property. The seller then submits their address and preferred date and time using an online form. They can then confirm the appointment with a FairSquare' local property expert. Your local expert will then design a price point, floor plan and selling strategy that is competitive and based on your market.
This local property expert is a FairSquare' real estate agent. Because of the lack of offices, you'll be dealing with your real estate agent online. If there's a need for any face-to-face interactions, the agent will visit your home. This is where you would receive a for sale sign and lockbox.
Once the property has been appraised, in and outdoor photos are taken for your listing, and upon your approval, the listing goes live.Properties for sale are viewable by potential buyers and shoppers alike. If they're interested, they can use the FairSquare portal to book an appointment for a viewing. The agents will manage all incoming calls regarding your property and even schedule showings based on your predetermined windows of availability.
When the seller accepts an offer, the negotiating and conveyancing begins.. FairSquare provides a support service to help the seller with any questions they may have. The company promises to handle all negotiations from buyers and agents all the way to sold status. FairSquare is responsible for taking note of the lawyer's details provided by a seller. This letter is to be provided within 24 hours. They'll also ensure that the mortgage arrangements are set.
The lawyer will be the one to obtain leases and legal documents and liaise with the buyer's lawyer. Agreeing on exchange and settlement dates is also the lawyer's responsibility. Problems that may arise from reports and mortgage positions will be the seller's responsibility.
It's a For Sale by Owner method. This means that you are responsible for staging, accepting and declining showing requests and answering all questions during the showings. So it would be wise to familiarize yourself with your homes features such as (and if applicable):
You are in total control of the selling process. You must be ready to receive, reject, and accept offers on your property. Some buyers may not even be pre-qualified to make a purchase. This is by far one of the most documented complaints of any For Sale by Owner process, (not exclusively to FairSquare) and one which is easily avoided using a traditional Real Estate Agent.
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Is A Traditional Real Estate Agent A Wiser Choice?
This is a fair question knowing the drawbacks of the For Sale by Owner method. Hiring a traditional real estate agent can be far more convenient. Selling on your own with the help of an online real estate agent will require you to get more involved. However, considering the amount of money you will save using FairSquare, we still aren’t finding a whole lot of information to deter our readers from using them.
FairSquare Customer Reviews
If you're hoping to sell your home, FairSquare can be a great platform. Many home sellers mentioned in their reviews that they felt satisfied with how FairSquare advertised their homes. A majority of the positive reviews also praised the ability to manage the sale online.
However, there're also negative reviews coming from buyers, claiming many complications with the online system. It is important to note that we are only finding negative reviews from Purplebricks, and not from FairSquare. We have carefully combed the web to ensure that this publication is up to date and reflects the response of real buyers and sellers, which so far, are glowing and most boasting 4+ stars.
Is FairSquare Right for You?
FairSquare has an enticing pitch. You take on the majority of the selling process for a fixed price. You will also save tens of thousands of dollars in hefty commission fees.
Knowledge is key when it comes to buying or selling your home. The method you choose could mean the difference between losing huge money to commissions, or saving huge money on your own. What cannot be compromised however, is your homeowners' insurance. More and more Canadians are turning to companies like Onlia to begin their journey towards home ownership, or even to switch from their current plans. They offer unbeatable rates and coverage, and additional discounts should you bundle their services - we love that. If you're a buyer and looking for the best mortgage rates on the market, visit our Mortgage page! We look forward to being part of this exciting new phase in your lives!