PONTE VEDRA BEACH, Fla – The latest entrant with the promise to revolutionize the real estate industry is a new company called YELLOW. The scrappy startup was created by Russ Russell, who taught himself how to code just to make their website, FSBYellow.com.
The real estate industry has been a popular target for revolutionary-themed companies such as YELLOW, since the industry has seen little change in decades and the cost to consumers is significant. However, few of these disruptors have made a dent in the traditional methods.
YELLOW takes a different approach than the other contenders. They do everything online and use licensed agents to virtually assist buyers and sellers, only charging a low, flat fee.
“We’re with the buyers and sellers every step of the way,” says Russ Russell, YELLOW’s founder. “From the very beginning, we do things like virtually give sellers suggestions on staging their home. We create a price estimate and we help get their home listed and we’re with them all the way through the close. We even provide sellers with a digital key lockbox, which is really neat because we can schedule showings online and do it safely.”
Russell emphasizes the safety part. “Every buyer must submit a preapproval and ID, so we know who was in someone’s home and when.”
YELLOW takes transparency to another level. Every home already has an independent inspection completed and posted on the website. They also show a price estimate. “It’s all about helping buyers. I really like the price estimate,” continues Russell. “It’s like when you’re buying a new car – everyone hates the negotiation part. If we take the market analysis we did to price the home – and its done by a certified public appraiser – and put it out for everyone to see, the transparency would take away the drama of the negotiation.”
Russell realizes countless other companies have tried to revolutionize this space. “The new ‘I-Buyers’ are a neat idea and are fine if you need to sell right away, but they are super-expensive. Way more expensive than a regular agent, like 10-15% of your sale price. I don’t think many people realize this. But that’s why we’re different. We use technology to bring down the price and make it easier to buy or sell. We have so many resources to help buyers and sellers and there’s so many ways to connect with us, I think it’s the easiest way to do real estate.”
It is an interesting concept. You can find the company at www.FSBYellow.com. They’re only available in Florida at this time and still new without many listings, but YELLOW is an interesting concept to keep an eye on.