A tech startup is now available in Glendale and much of the state as it looks to shake up the real estate market.
Founded in 2015, real estate technology platform Faira was created with the idea of turning real estate into a transparent and efficient marketplace for both sellers and shoppers.
The platform makes a full range of services available to sellers online, including professionals like photographers, inspectors, agents and marketers. Houses can be searched for online.
“Faira came from my experience with an over-complicated home sale,” said Kamal Jain, founder and CEO of Faira. “I realized how antiquated the traditional real estate transaction is and I saw an opportunity to not only modernize it but to save consumers a ton of money.”
He added that the company hopes to make the process for both home sellers and buyers easier.
“The founders and I were able to build a company that gives users every advantage of using an agent (listing on every searchable site, guidance and support) but for a huge savings,” Jain said. “Plus, we make the whole process easier and more modern with our automated platforms.”
Faira completes due diligence upfront so interested buyers can evaluate the home and quickly make an offer, saving hours of paperwork. Then, Faira analyzes and ranks offers for sellers. Sellers can either approve or deny an offer with the push of a button. Faira offers support through closing, and offers tiers of service to support agents.
“The goal of Faira was to modernize the real estate process through cost savings – we can facilitate both sales and purchases without taking the same high commissions – as well as create a technological platform to expedite much of the transaction in a transparent way,” Jain said. “Third, 99 percent of our offers close and our offer rate is one fifth of the industry.”
Jain said their closure success rate is based on transparency with buyers.
“In fact, we are so confident of our platform that we ever offer a program in which we guarantee that if a buyer failed to close the home, we will buy the home at the same price the failed buyer had agreed to,” Jain said. “No, not at a discounted price, like most other competitors. We are the only company which is willing to buy a home at a price decided by others.”
The platform offers three separate ways to sell.
Faira Free is technology driven and gives users everything that is needed to sell a home. It is entirely free to the seller.
Faira One gives sellers easier online offers and adds a real estate agent to assist with the process. A 1 percent commission rate is taken.
“Our customers love the fact that they’re saving thousands when they sell, with either Faira Free or Faira One,” Jain said. “Buyers who use our program get a chunk of change after the house sells, up to 2 percent cash back.”
Faira Premium personalizes service and guarantees online cash offers. Premium takes a 3 percent commission rate, but guarantees the highest online cash offer; at-home listing consultation and property assessment; and presentation, staging and repair recommendation.
Premium also adds upgraded photo options (3D, HD, aerial and video); weekly feedback and review; optional overseeing of vendors accessing the property; and a one-year warranty.
The reaction to Faira has been more favorable than Jain thought, with over 800 customers, mostly sellers, using the platform.
“The reaction from customers has been overwhelmingly positive. We’re currently in the process of producing more customer testimonial videos because people love the platform, and we want to share those experiences with everyone to increase the comfort level for those who may feel like they’re early adopters. This is a tried and true platform. The system works and saves people money,” Jain said.
As Faira enters the Arizona market, the company is focusing on spreading the word of its availability for home sellers and buyers, to help the process and save both money.
“We want people to know that not only is Faira an option, it’s the most lucrative option. We want to scream it from the rooftops that not only does it save money, but there’s so much knowledge and experience within our team to lead people to successful transactions. Ninety-nine percent of offers close on our platform,” Jain said.
“One of the most telling things about Faira is how many real estate agents or former real estate agents use our platform. They understand how big traditional commissions are; they understand how Faira gives them everything they could want but for a fraction of the price. It’s easy to use, the service is awesome, and it’s turning the traditional real estate transaction upside down to the benefit of the buyers and sellers.”
Jain added that he and his colleagues are continually focused on improving and expanding the platform so more users and real estate professionals can benefit.
“Faira is growing a network of talented agents in Arizona, and we want that to keep expanding. We are looking to connect with talented local realtors who are eager to grow their business and their expertise, while helping their clients save money.
“Faira is growing a network of talented agents in Arizona, and we want that to keep expanding,” Jain said. “We are looking to connect with talented local realtors who are eager to grow their business and their expertise, while helping their clients save money.”
For more information, visit faira.com.