ReLogic

ReLogic is a Denver, Colorado based full service residential real estate brokerage. ReLogic offers listing services for sellers and acquisition services for buyers at reduced costs. The company launched in Spring 2007. [ [http://www.bizjournals.com/prnewswire/press_releases/Colorado/2007/06/26/CLTU007 "ReLogic Announces First Denver Real Estate Customers to Buy Homes On-line"] , press relesae]

ReLogic enables consumers to control the home buying or selling process from the comfort of their home or office. Consumers have an Internet enabled approach ot the real estate process and have access to a team of agents. The website gives users access to comprehensive available home listings data, including pictures from the local Multiple Listing Service, information on schools, local demographics and recent neighborhood sales. Google maps is also utilized to show local amenities. [ [http://www.denverpost.com/search/ci_5888846 "Real estate firm returns Net savings" from denverpost.com] ]

Controversy

Just as the Department of Justice has been keeping a close eye on the Real Estate Industry and its practices, Real Estate agents have been keeping a close eye on companies like ReLogic. Traditional agents view ReLogic as a threat to the long standing practice of charging buyer and sellers around 6% of the purchase price to pay Realtor commissions even though home prices tend to double every 10-12 years. Some states have even tried to pass laws to ban companies like ReLogic, from rebating part of their commissions back to buyers. Traditional agents are worried that they will no longer be able operate their business the way they use to and will be forced to change their business models to be more efficient.

ReLogic claims their model leverages the efficiencies of the internet, together with salaried Realtors, to provide their clients with a high-tech, high-touch solution for buying and selling real estate. By charging reasonable fees instead of commanding large commissions, ReLogic customers save thousands of dollars over a traditional agent. A model similar to the way accountants charge for their professional services by charging fees as opposed to a percentage of income. ReLogic also claims to have a much higher customer satisfaction rating, largely in part due to their agents being salaried employees, instead of independent contractors. ReLogic agents aren't influenced by sale price of the home or the need to complete a sale to get paid.

The National Association of Realtors says that 87% of homes buyers start their search for a new home online. Companies like ReLogic allow internet users access to almost all of the information that a real estate agent has. And by doing so, have found that consumers actually like doing much of the work a real estate agent used to spend much of their time doing, thus drastically lowering the Realtor costs.

References

External links

* [http://www.relogic.com/ Official website]
* [http://blog.relogic.com/ ReLogic blog]
* [http://www.rockymountainnews.com/news/2008/jul/17/relogic-aims-to-save-its-clients-thousands/ "ReLogic aims to save its clients thousands"] , "Rocky Mountain News", July 7, 2008