Quill Realty, Seattle's first and only non-MLS real estate firm, recorded an annual growth of 253 percent in 2015, handling almost $10 million of volume. The momentum is expected to continue this year.
In a press release, Quill said that the company handled $9.725 million of volume last year, up from $2.75 million it handled in 2014. This marks a 253 percent growth for 2015, its second full year since the hybrid real estate brokerage firm was established in 2013.
The momentum, which is expected to continue in 2016 and provide another solid growth for the company, can be attributed largely to the non-traditional business setup of Quill Realty. The real estate firm employs a modern business structure, allowing it to charge its clients less than the traditional firms do. The employees are salaried and without the pressure of closing a deal to get commission, Quill said they are more efficient. The company and its client also enter into a fee agreement, where seller-paid commission problems (e.g., increased transaction costs and decreased quality of client representation) are avoided.
Because Quill withdrew from the Northwest Multiple Listing Service in July last year, the real estate brokerage can list and sell a property without having the seller pay commission to the buyer's agent. It became the first and only non-MLS brokerage firm in Greater Seattle to date.
The real estate startup, founded by Craig Blackmon, charges sellers a 2 percent fee or 2.5 percent including legal services. That's a minimum of $5,000 or $6,250, respectively, because majority of homes in Seattle are worth $250,000 at least.
Meanwhile, Quill charges buyers a 1 percent fee, maximum of $8,000, or 1.5 percent if the client decided to hire a Quill-affiliated attorney from the start. It is capped at $12,000 for a home on the MLS. The buyer pays Quill an upfront $500 and then the remaining balance when the real estate deal has been closed. Traditional real estate agents typically earn 3 percent commission.
In other news, Quill says 2016 looks promising and predicts that the Seattle housing market will see appreciation in value.
