Shay, an app that helps homebuyers avoid traditional sales models, was born amid changes in the way real estate commissions are advertised and sourced as a result of a settlement proposed by the National Association of Realtors.
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Shay, “the first homebuyer self-representation platform,” was born out of changes in the way real estate commissions are advertised and sourced as a result of a settlement proposed by the National Association of Realtors, according to an Aug. 17 press release.
The company says it aims to allow homebuyers to purchase a home without the insight of a traditional broker.
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“Homebuyers can finally have better understanding and control over the fees they pay their real estate agents,” said Shay founder and CEO Peter Jeffrey. “For many homebuyers who find traditional representation too costly, Shay Guidance They go through the process of representing themselves and we are excited to support the next generation of homebuyers and save them tens of thousands of dollars.
This software experience provides a detailed guide to the sales process, providing tips and resources on how to find a match, negotiate effectively, find a mortgage and step through escrow. Through task lists, guides, articles and artificial intelligence solutions, “Shay empowers homebuyers to complete critical real estate tasks, including generating offers, conducting local due diligence, negotiating and reviewing agreements,” the release states.
Jeffrey said paying a fixed percentage when buying a home was a “bad idea”.
“We allow homebuyers to save money by doing it themselves. It’s similar to TurboTax giving taxpayers an alternative to accountants, or Expedia giving travelers an alternative to travel agents. Shay gives homebuyers a new solution , which can save money on an already very expensive purchase,” Jeffrey said.
Shay is available now for a flat fee of $500, with additional services requiring additional funding.
Many companies are rolling out tools and advertising how to overcome changes related to commission settlements for consumers and agents. Some are sharing which sellers offer commissions, others are offering a more comprehensive approach to helping agents and consumers alike.
For now, experts agree it’s best to follow the guidelines in the tentatively approved settlement, which include not advertising buyer’s broker commissions in NAR-affiliated listing ads and ensuring the execution of a buyer’s broker agreement that clearly spells out the payment structure.
Lead settlement attorney Michael Ketchmark told Inman in an interview on August 17 that everything is still ongoing and people are paying attention to the industry.
“[… F]From our perspective, everything has started and we are waiting for it to take effect. We believe it will take some time for the free market to adjust to this before we see commissions begin to decline. But we fully expect this to happen.
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