On SOLOpro, real estate agents set what a la carte services they want to offer, when they’re available and how much they charge for each task.
When consumers visit the site, they enter a home address and then are presented with a list of agents, the services each provides, how much they charge and when they’re available.
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The firm has 250 agents now on its platform in North Carolina and is looking to partner with brokerages and brands.
Even though agents deliver and charge for their services in piecemeal fashion through SOLOpro, their brokerage commission splits can remain intact, founder Tommy Sowers told the judges in June at Realogy’s third annual real estate pitch competition, “FWD,” where his firm was named a finalist.
SOLOPro’s business model, as explained on its website.
Solo handles all payments and charges agents a 10 percent processing fee for their work. Solo pays its partner agents’ brokerages on a monthly basis, and brokerages then pay the agents based on their split.
Because SOLOpro is not a brokerage, it has the ability to scale quickly, according to Sowers.
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Sowers pitched his firm’s swift growth potential to venture capital firms as he hunted for funding earlier this year. In June, the firm announced a $1 million funding round.
See a comparison chart explaining what each hybrid brokerage model does — and does not — include.
What should you do about hybrid brokerages? Here are 10 suggestions.
Remember Your Home Direct, the hybrid broker that crashed and burned?
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