Faira is a discount real estate brokerage that claims it can save home sellers an average of $20,000 on realtor commission fees. While most traditional agents charge 2.5-3%, Faira advertises a 1% commission rate, as well as a “zero-commission” tier for DIY-inclined sellers.
Unfortunately, as the Faira reviews we’ll cover indicate, misleading pricing, hidden fees, and potential service quality tradeoffs may compromise your overall experience. Depending on your situation, other low commission companies may offer better savings with fewer risks.
For example, our friends at Clever Real Estate offer a 1% listing fee (or a flat $3,000 fee for homes under $350,000). Their free agent-matching process connects you with top full-service realtors in your area, ensuring you save big — but never compromise on agent quality or support.
What Is Faira Real Estate?
Faira is a discount real estate brokerage headquartered in the Seattle area. It launched in 2015 with an ambitious goal: create an online platform that simplifies home buying and selling, then pass savings onto consumers.
Born in Amazon’s backyard and co-founded by former eBay research scientist Kamal Jain, Faira believed it could use technology to disrupt the real estate industry — just as the internet did to brick-and-mortar commerce.
However, Faira quickly ran into a problem: selling a house is a lot more complicated than selling a pair of tennis shoes! As a result, Faira’s online platform is far less intuitive than eBay’s — and its pricing structure is way more confusing.
Despite raising $5.5 million between 2015 and 2018, Faira failed to deliver on the potential its investors thought it had. The company expanded into California and Arizona, but it never achieved sustainable growth. By 2020, it had closed up shop in those states.
According to its website, Faira currently has just four real estate agents, three homes for sale, and three properties under contract — all located in Washington state.
How Does Faira Work?
Like other discount real estate brokerages, Faira advertises low commission rates to attract customers, then finds ways to offset those discounted fees.
Every low commission company does this a little bit differently. Faira’s unique approach involves:
- Advertising a free listing package, then upselling sellers on premium options — including one that costs more than a conventional realtor
- Including fewer services and less support in its discounted plans
- Charging transaction fees that make its services more expensive than they appear
How much does Faira cost?
Selling with Faira could cost anywhere from 3-7% of your home’s sale price, depending on your listing package and how the buyer submits their offer. The overall price tag includes two main categories of expenses: realtor commissions and Faira’s transaction fee.
How much does Faira cost?
How does Faira compare to Beycome’s service for home buyers and sellers?
When buying or selling your home with Beycome, you can save a significant amount of money by bypassing the traditional method of marketing your properties. With several options available to owners, the challenge lies in understanding what each website can do for you. Pay attention to the rates and the packaged services to find the platform that is compatible with your requirements, and don’t pay for services that you don’t need.
For instance, Beycome’s base package is totally free.
However, enhanced services can be added by sellers to help meet your marketing goals ( starting at $99). When owners reduce their transaction costs, they have more leeway to offer discounts on selling price or the rental rate, so cost savings trickle down to buyers and renters.
Buying and selling a home can be a complicated transaction, but Beycome’s revolutionary platform has simplified the process so that you can complete the sequence from house-hunting to closing negotiations on beycome.com.
Contact our team of real estate pros to get started on your real estate adventure right away.
Faira is a former discount brokerage that shut down operations in the last years.
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