BODE BETS ON NEW MODEL
‘Smarter way’ to buy, sell homes
Residential real estate has become a prime target for disrupters.
There’s Purplebricks with its fixed-fee model, there was Comfree in Alberta, which Purplebricks has since acquired, and there are others like Edmonton-based Honestdoor or U.s.based Zillow, which are types of real-estate databases.
Now, there’s Bode — pronounced as in the term a humble “abode” but without the “a” — that is positioning itself as the disrupter that cracked the code on what it calls an antiquated real-estate model.
Bode’s CEO said it is all about bringing together the right technology, resources and listings, securely and on your schedule, to buy or sell a home.
“It’s the smarter way to buy and sell a home,” said Robert Price, CEO of Calgary-based Bode, whose site can handle listings from Calgary, Edmonton and other parts of Alberta. People across Alberta can sell with Bode, while right now only people in Calgary and Edmonton can buy with Bode.
“We believe there is a substantial part of the market that will be excited about this,” Price said. “We understand that there will be people who don’t have that confidence in the technology or haven’t bought or sold a home before — this is about demystifying the experience. The industry has made it more complicated than it actually is.”
What makes Bode different, even though it is a licensed real-estate brokerage, said Price, is that it is the first peer to peer real-estate platform — the buyer and seller deal directly without a middle person. There’s also a one per cent fee payable only once the property sells; there are no real-estate agent commissions.
When you list a property, Bode, populates it online on its own site and others such as Realtor.ca, Zillow, Facebook Marketplace and Kijiji. The site also has built-in chat functionalities allowing buyers and sellers to interact; buyers also go through a verification process.
Another differentiator, added Price, is that you can make and accept an offer online. You will still, however, need your own lawyer.
Meanwhile, forget about the printed listing sheet that realtors give out. Bode doesn’t do that, it’s all digital. And passed by an interesting for sale sign but not had a pen and paper on hand to take down the real estate agent’s name and number? No worries. Bode is rolling out for sale signs that use QR codes. Use its app and your smartphone and you’ll be set.
“There is a lot of supply in the Alberta market right now and people are motivated to keep as much of their home value as possible,” Price said.
“So, the timing is ideal because the cost savings are dramatic, and the result is that homes sell faster, buyers pay less and sellers make more.”
Bode also plans to roll out a digital marketplace featuring peer-reviewed home and professional services called the Bodiverse to support customers with expert advice and services.