72SOLD reviews reddit

72SOLD, a real estate company founded by Greg Hague, has garnered attention for its unique home-selling strategy, which promises to sell homes quickly, often within a few days. This method involves listing properties on the Multiple Listing Service (MLS), but only allowing home tours during a short, concentrated period—typically a single weekend. Offers are then collected with a deadline set for Monday at 5 pm, aiming to create a competitive bidding environment to drive up the sale price.

How 72SOLD Works

The 72SOLD model is designed to create urgency and competition among potential buyers. Here’s a breakdown of the process:

Initial Consultation and Listing: The process begins with an initial consultation where an agent evaluates the property and discusses the selling strategy with the homeowner. Once an agreement is reached, the home is listed on the MLS.
Marketing Blitz: A heavy marketing campaign is launched to attract potential buyers. This includes professional photography, virtual tours, and extensive online advertising to ensure maximum exposure.
Showings: Instead of the traditional ongoing showings, 72SOLD condenses all showings into a single weekend. This creates a sense of scarcity and urgency among buyers.
Offer Deadline: Interested buyers are required to submit their offers by a specified deadline, usually the Monday following the showing weekend. This strategy aims to generate multiple offers, often leading to a bidding war.
Negotiation and Sale: The offers are reviewed, and the best one is selected. The goal is to sell the home quickly, often above the asking price due to the competitive environment created.

Reviews and Complaints

The reviews of 72SOLD are mixed, with praise and criticism noted on platforms like Reddit.

Positive Feedback

Speed and Efficiency: Many users appreciate the speed at which 72SOLD operates. Sellers looking for a quick sale find this method beneficial, especially in a competitive market.
Competitive Pricing: The strategy of creating a bidding war often results in selling prices that exceed the initial listing price, which is a significant advantage for sellers.
Marketing Efforts: The comprehensive marketing campaign is another point of praise. Professional photography and an extensive online presence help attract a large pool of potential buyers.

Negative Feedback

High Pressure: Some users feel the process is high-pressure for buyers and sellers. The condensed showing period and quick offer deadlines can be stressful.
Service Fees: While the service fee structure is similar to traditional real estate agents (typically around a 5-6% split between buyers’ and seller’s agents), some sellers feel the fees are not justified by the service provided.
Skepticism about Reviews: There are concerns about the authenticity of some positive reviews. Some Reddit users speculate that many glowing reviews could be from agents themselves, casting doubt on their reliability.
Mixed Results: Not all experiences have been positive. Some sellers did not receive the high number of offers they were expecting, and in some cases, homes did not sell as quickly as advertised.

Insights from Reddit

Discussions on Reddit provide a range of perspectives. Some users have had positive experiences, highlighting the efficiency and competitive pricing achieved through the 72SOLD method. However, others have expressed dissatisfaction, mentioning the high-pressure environment and questioning the authenticity of the reviews. A recurring theme is that while 72SOLD’s method can work well in a hot market, it might not be as effective in slower markets.

One user noted that in highly sought-after areas, the concept of listing and selling quickly isn’t particularly innovative, as many agents in competitive markets already employ similar strategies. Another user pointed out the potential issues with appraisals, especially when multiple high offers are received, but not all buyers are willing to waive the appraisal contingency (Reddit) (Reddit).

Conclusion

72SOLD offers an innovative approach to home selling, focusing on speed and competitive pricing. While the model has garnered positive feedback for its efficiency and marketing efforts, it has also faced criticism for its high-pressure tactics and questions about review authenticity. As with any real estate service, potential sellers should thoroughly research and consider both the benefits and drawbacks before committing to the 72SOLD method. For those in hot markets, the strategy might yield excellent results, but it’s important to manage expectations and be aware of the potential downsides.