The new Podium program is designed to provide agents with an easy way to sell their most difficult properties to investors.
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A new program from New Western invites agents to work with them to help them transition their most difficult listings to its network of investors.
The Podium program, an acronym that stands for Pocket Listing, Obsolete, Troubled, Inherited, Ugly, Move Now, is being launched by New Western in early 2024 to provide agents with An easy way to sell their most difficult properties to investors. On the platform of New West.
Kurt Carlton, president and co-founder of New Western, told Inman he thinks the program will be hugely attractive to agents for two reasons: It will help them sell hard-to-sell properties almost immediately, and they will receive 2% for each referral. transaction fee.
“Most real estate agents are not going to look for $100,000 properties and advertise them, and are left with properties that are infested with fleas,” Carlton said. “Those are not the things they want on their website. content. They’re not the biggest moneymakers.”
Since its launch in 2008, New West has built a business model of acquiring distressed homes and selling them to local investors for rehabilitation. Its platform currently has more than 200,000 investors in the national market. Their goal is to help real estate agents reach the investor base through Podium.
“They have to have this tool on their tool belt, especially as we expect more of these distressed value-add opportunities to start to emerge,” Carlton said.
Carlton said he hopes the program helps correct some misconceptions he believes the real estate community has about investing in real estate, such as that investors must purchase properties below market value and that the MLS is the most efficient market for investing in real estate.
“We buy thousands of properties directly from the MLS and resell many more on our marketplace,” he said. “So for these types of properties, there’s only diagnostic evidence that the MLS is not the best place for them.”
Carlton said the scheme had been met with some skepticism from agents since its launch in early January, who said they were already working with investors and didn’t need any additional planning to help them do that. Carlton’s response was that New West’s platform opened them up to a whole new network of investors they might not have access to.
“Why not add us to the mix? We have 200,000 real estate investors on our platform, so if you’re thinking about maximizing value, this is a great resource,” he said.
New Western is partnering with eXp, Keller Williams Realty, Realtor.com and Mark Spain Real Estate on the program, which is active in the Denver, Washington, D.C., and San Antonio markets with approximately 1,000 listing brokers currently signed up.
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