Sellers pay a third of the standard real estate agent commission to sell their home via Lystr. Photo: Lystr.
Jack* was no stranger to buying and selling property, so when it came time to sell his four-bedder in Monash to downsize, he figured he’d follow the same playbook as before.
But while gathering quotes from real estate agents, he found a game-changer that saved him thousands of dollars.
“I spoke to three different agents. One quoted me 2.1 per cent, another 2.2 and one a sliding scale. All of this was with the caveat that there may be additional ‘add-ons’,” he said.
“The more I looked into it, the more I thought, ‘We’re in the digital age, the information age, shouldn’t this process be more open and transparent?’.
“That’s what Lystr has done. They’ve cracked the selling process wide open.”
Lystr is a real estate platform that empowers vendors with the tools and support they need to sell their own homes, at a third of the standard real estate agent commission.
A home that sells for $800,000 with a 2.2 per cent agent commission, which would normally attract a $17,600 fee, costs as little as $5500 to sell with Lystr.
Sellers are guided through every step online — from meeting legal and building report requirements and researching market value, to launching their home with professional photography across major real estate websites and receiving expert negotiation support to maximise their sale price.
However, importantly, the sellers can cherry-pick the parts they want to take on themselves, such as running open homes, pocketing major savings along the way.
“I thought if this was as good as it sounded, that’s awesome. And it was, it was absolutely worth it,” Jack said.
“It’s not for everyone, but if you are savvy enough to use a smartphone and navigate online systems without getting too frustrated, it’s gold.
“The team was easy to talk to — everyone in the process, from the agents to the photographers. They were approachable and knew their stuff.
“The process ran exactly as they said it would — I couldn’t press ahead without completing each step, so I felt protected.”
For Jack and his wife, the one question mark was around whether they would take up the option to run their own open homes.
Once inspection dates and times are chosen, the Lystr system publishes them on major websites. For owners who opt to run their own, Lystr professionals attend the first open home with the seller to show them the ropes.
Jack and his wife opted for extra co-run open home sessions.
“I think in the end, Lystr came to three open homes with us. We followed their advice on making the house presentable, and on the day, we opened the door, put out the sign, talked to people, answered their questions, took their details and put them into the system,” Jack says.
“After that, we thought ‘We can do this’.
“We could tell viewers about neighbours, and point out work in the home that had been done by professionals. We found these insights, direct from the owners, were very welcome.”
Chris Scullin says seller-led open homes provide an opportunity for vendors to share the story of their home, and buyers to gain insights that only owners can provide. Photo: Supplied.
Lystr CEO and co-founder Chris Scullin said this was a common experience for Lystr clients.
“Sellers can opt to have Lystr run their open homes entirely, to run them in partnership with Lystr or by themselves,” he said.
“We have found most people start with a view that they could never run their own open homes, but after observing the first one, about 65 per cent opt to take over.
“It comes as a surprise to a lot of sellers, but they actually love having conversations with buyers, and the opportunity to share the story of their home and answer questions in a way agents never could.”
Chris said Lystr’s growth trajectory had far exceeded expectations.
With listings on the site up and the company’s value exploding, he said the greatest sign the disruptor was delivering something people wanted was the referrals.
“Existing customers are sending their family and friends to us, which in our view is the greatest measure of trust,” he said.
Jack shared the sentiment.
“I tell all my mates over coffee. They want to know. They’re curious, and they light up when I tell them how it works and how much I saved,” he said. “I’m wrapped with the whole process. It’s got my vote.”
For more information, visit Lystr.
* Name withheld on request.
