72SOLD Reviews: Is Their Fast-Selling Process Worth It?

72SOLD is a real estate company that promises to sell your home quickly for top dollar using an innovative marketing strategy. They claim to be able to sell your home in just 8 days, often for 10% more than other homes in your area. But is this promise too good to be true? Let’s take a closer look at 72SOLD’s unique selling process and what customers are saying about their experience.

72SOLD’s Unique Selling Process

Marketing Authorization Agreement

72SOLD starts by having you sign an exclusive Marketing Authorization Agreement. This gives them the exclusive right to market your home for a limited time. During this period, no other agents can show or sell your home.

Limited Buyer Showing Window

Next, 72SOLD schedules a 90-minute showing window for buyers. This is typically held on a Saturday, with the goal of creating a sense of urgency and competition among potential buyers. Buyers are encouraged to submit their best offer by the following Sunday.

Offer Submission and Review

Offers are due by Sunday, and on Monday, 72SOLD will review the offers with you. They’ll help you choose the best offer, taking into account not just the price but also the buyer’s ability to close quickly and any contingencies in their offer.

Negotiation and Contract Signing

If needed, 72SOLD will negotiate with the buyer on your behalf to get the best possible terms. Once an agreement is reached, you’ll sign the contract, and the buyer will put down earnest money. 72SOLD claims this process can be completed in as little as 8 days from start to finish.

Customer Reviews and Ratings

72SOLD has a strong average customer rating of 4.9 out of 5 stars from Google, the Better Business Bureau, and Yelp combined. Many reviewers praised the company for selling their homes quickly and for higher prices than expected.

Positive Reviews

Customers frequently mentioned that 72SOLD lived up to its promise of a fast sale. One reviewer said, “We had immediate offers the very next day that met the price that we were looking for!” Another said, “We received multiple offers, leaving us in a comfortable position to negotiate.”

Many reviewers were also pleasantly surprised by the final sale price. One customer said, “We got $57,000 over the asking price… they are beyond good. Their system works!” Another said, “We accepted an offer of $55K over asking.”

Negative Reviews

However, not all reviews were positive. Some customers complained about communication issues with their agent. One reviewer said, “The value of this process is not just getting you the highest value monetarily. Value add was also in knowing what was happening every step of the way!”

A few customers also expressed dissatisfaction with the listing price set by 72SOLD. One reviewer said, “Some 72 sold.com reviews, assert that they did not get to decide the listing price of their home.”

Comparison to Traditional Real Estate

Advantages of 72SOLD

The main advantages of using 72SOLD are the potential for a faster sale and a higher sale price. By creating a sense of urgency and competition among buyers, 72SOLD aims to drive up the final sale price. Their marketing strategy is designed to locate a qualified buyer within 72 hours and secure a contract within 8 days.

Disadvantages of 72SOLD

However, there are some potential downsides to using 72SOLD. First, their commissions may be higher than traditional real estate agents. 72SOLD agents are full-service, licensed real estate agents, and commissions are negotiated with each agent.

Additionally, by limiting the buyer pool to those who can view the home within a 90-minute window, 72SOLD may miss out on some potential buyers who could have paid even more for the home. A buyer who might have paid more at a later time would not have been identified during that short period.

Alternatives to 72SOLD

If you’re looking for a fast sale, there are a few alternatives to 72SOLD to consider:

iBuyers

iBuyers like Opendoor and Offerpad can provide a cash offer for your home within 24-48 hours and close in as little as 3 weeks. However, their offers are typically lower than market value, with service fees around 5%.

Cash Buyers

Companies like We Buy Ugly Houses and HomeVestors buy homes for cash and can close quickly, often in 2-3 weeks. However, they also offer lower prices, typically around 70% of the home’s value.

How does 72SOLD compare to traditional real estate agents

72SOLD offers a unique approach to selling homes compared to traditional real estate agents, and understanding these differences can help sellers make informed decisions. Here’s a detailed comparison based on various aspects of the two methods.

Sales Process

72SOLD’s Approach

• Speed: 72SOLD promises to sell homes in just 8 days, leveraging a compressed sales model that creates urgency among buyers. The process includes a limited showing window, typically just 90 minutes, which is designed to encourage competitive offers quickly[1][2].
• Marketing Strategy: Homes are marketed aggressively within this short timeframe, and the company claims that this method can lead to higher sale prices. For instance, a study indicated that homes sold through 72SOLD fetched an average of 9.2% more than those sold via traditional methods[1].

Traditional Real Estate Agents

• Longer Sales Timeline: Traditional agents list homes on the Multiple Listing Service (MLS) and allow for a more extended showing period. Homes can remain on the market for weeks or even months, depending on market conditions[2][5].
• Flexible Marketing: Traditional agents often employ various marketing strategies over time, including open houses and multiple showings, which can attract a broader pool of potential buyers.

Pricing and Commissions

72SOLD

• Higher Sale Prices: According to studies, homes sold through 72SOLD often achieve higher sale prices than those sold traditionally. For example, a $400,000 home could sell for about $36,800 more using their method[1].
• Commission Structure: Sellers typically pay a commission of around 5-6%, similar to traditional agents. However, some sellers report that the commissions may be higher due to the unique service model of 72SOLD[2][4].

Traditional Agents

• Standard Commissions: Commissions for traditional agents usually range from 5% to 6% as well, split between the seller’s agent and the buyer’s agent. However, discount brokers may offer lower rates (around 1.5% to 3%) while still providing full service[2][4].

Customer Experience

72SOLD

• Mixed Reviews: While many customers appreciate the fast sales and higher prices, others report issues with communication and service quality. Some sellers have expressed frustration with perceived pressure from agents and a lack of responsiveness[2][4].
• Unique Selling Experience: The process is designed to be streamlined, with agents negotiating on behalf of sellers and focusing on creating urgency among buyers[3][5].

Traditional Agents

• Established Relationships: Traditional agents often build long-term relationships with clients and provide personalized service throughout the selling process. They may offer more comprehensive support during negotiations and closing[2][4].
• Potential for Better Communication: Many sellers find that traditional agents provide better communication throughout the selling process due to their established practices and longer engagement periods.

Market Adaptability

72SOLD

• Market Dependence: The success of the 72SOLD model heavily relies on current market conditions. In a hot market with high buyer demand, their strategy tends to work well; however, in slower markets, the results may vary significantly[4][5].
• Limited Buyer Exposure: By restricting showings to a short window, there’s potential for missing out on buyers who might be willing to pay more but cannot attend during that limited time[2][3].

Traditional Agents

• Broader Reach: Traditional agents can adapt their strategies based on market conditions over time. They can keep listings active longer and adjust pricing strategies as needed to attract buyers[3][4].
• Flexibility in Marketing: With more time on the market, traditional agents can implement various marketing tactics to reach different buyer demographics effectively.

while 72SOLD provides an innovative approach aimed at speed and potentially higher sale prices, it may not be suitable for every seller or market condition. Traditional real estate agents offer a more established process with potentially better communication and flexibility but may take longer to close sales. Sellers should consider their specific needs—such as urgency versus price maximization—when choosing between these two options.

How does the speed of sale with 72SOLD impact the overall selling process

The speed of sale with 72SOLD can have a significant impact on the overall selling process, both positively and negatively. Let’s explore the key ways it affects the experience:

Pros of a Fast Sale

Reduced Hassle

By compressing the selling timeline into just 8 days, 72SOLD eliminates the need for multiple showings and open houses over an extended period. This can be a major advantage for sellers who want to minimize disruption to their daily lives[1][3].

Quicker Access to Funds

A fast sale means sellers can access the proceeds from their home more quickly. This can be beneficial for those who need to relocate urgently or have financial obligations that require immediate attention[1][3].

Competitive Offers

72SOLD’s strategy of creating a sense of urgency among buyers through a limited showing window can lead to competitive offers and potentially higher sale prices[1][2]. The study cited found that homes sold through 72SOLD had a 9.2% higher median sale price compared to traditional sales[2].

Cons of a Fast Sale

Limited Buyer Pool

By restricting showings to a single weekend, 72SOLD may miss out on potential buyers who could have paid even more for the home but were unable to view it during that narrow window[1][3]. This could result in leaving money on the table.

Closing Timeline Still Standard

While 72SOLD aims to find a buyer quickly, the actual closing process still takes the typical 42-60 days for financed purchases[1]. This means sellers may not be able to access their funds as fast as they would with an iBuyer or cash buyer, who can close in as little as 7-10 days[1].

Potential for Stress

The compressed timeline and pressure to have the home in perfect condition for the limited showings can add stress to the selling process for some homeowners[1][3]. The overwhelming response from multiple offers in a short period may also be challenging to manage.

How does 72SOLD’s strategy affect the negotiation process

72SOLD employs a unique strategy that significantly impacts the negotiation process when selling a home. Here are the key elements of how their approach influences negotiations:

1. Pricing Strategy

Full Market Value as Starting Price

72SOLD typically prices homes at full market value but presents this price as the starting point for negotiations. This method contrasts with traditional real estate practices, where sellers often list their homes at a slightly lower price to attract buyers. By framing the asking price as a starting point, 72SOLD encourages buyers to submit offers that exceed this baseline, potentially leading to higher final sale prices[1][4].

Psychological Impact on Buyers

This pricing tactic can create a psychological effect among buyers, making them perceive the home as more valuable and worth competing for. When buyers know they are starting negotiations from a strong price point, they may feel more inclined to make aggressive offers, thereby enhancing the seller’s position during negotiations[1].

2. Creating Urgency and Competition

Limited Showing Windows

The 72SOLD method includes a limited showing window—often just 90 minutes—designed to create urgency among potential buyers. This approach not only simplifies the selling process for sellers by reducing the number of showings but also fosters competition among buyers who may fear missing out on the opportunity to purchase the property[3][4].

Elevated Competition

By informing potential buyers about other interested parties, 72SOLD amplifies competition, which can drive up offers. When buyers know they are competing against others, they may be more willing to increase their bids during negotiations to secure the property[1][4].

3. Streamlined Negotiation Process

Quick Offer Review

72SOLD aims to present sellers with offers within 8 days of listing their home. This expedited timeline allows sellers to quickly assess and respond to offers without prolonged waiting periods that can occur in traditional sales processes. The fast-paced environment can lead to quicker decisions and potentially more favorable outcomes for sellers.

Agent Support in Negotiations

Sellers benefit from having trained agents who negotiate on their behalf. These agents are equipped with strategies tailored to maximize sale prices and navigate buyer offers effectively. The support can help sellers feel more confident in their negotiating position, knowing they have professional guidance throughout the process.

4. Potential Challenges

Pressure on Sellers

While speed and competition can be advantageous, they may also create pressure for sellers to make quick decisions. The urgency imposed by limited showings and rapid offer timelines might lead some sellers to feel rushed or uncertain about their choices during negotiations.

Risk of Missing Out on Higher Offers

The compressed timeline and limited exposure could mean that some potential buyers who might have offered higher prices are excluded from the process due to scheduling conflicts or other commitments. This limitation could restrict negotiation leverage if fewer offers are received than anticipated.

72SOLD’s strategy significantly shapes the negotiation process by establishing a strong pricing framework, fostering urgency and competition among buyers, and providing streamlined support through trained agents. While this approach can lead to higher sale prices and faster transactions, it also introduces challenges related to decision-making pressure and potential limitations on buyer engagement. Sellers should weigh these factors carefully when considering whether 72SOLD’s method aligns with their selling goals.

72SOLD offers a unique approach to selling your home quickly for top dollar. Their aggressive marketing strategy and limited showing window can create a sense of urgency and competition among buyers. However, there’s no guarantee they’ll be able to sell your home within 8 days or for 10% more than other homes in your area.

If you’re looking for a fast sale and are willing to accept a lower price, an iBuyer or cash buyer may be a better option. But if you want to list with an agent and are open to a longer timeline, 72SOLD could be worth considering, especially in a hot market with high buyer demand.

What role does competition play in 72SOLD’s negotiation process

Competition plays a crucial role in 72SOLD’s negotiation process, significantly influencing the outcomes for sellers. Here’s how competition is integrated into their strategy and its effects on negotiations:

1. Creating a Competitive Environment

Limited Showing Window

72SOLD’s approach involves a restricted showing window, typically lasting just 90 minutes. This tactic is designed to create urgency among potential buyers, as they know they have a limited time to view the property. The perception of scarcity can lead to heightened interest and competition among buyers, which is essential for driving up offers.

Bidding Wars

By informing buyers about other interested parties, 72SOLD fosters an environment where multiple buyers feel compelled to submit their best offers quickly. This competitive atmosphere can lead to bidding wars, where buyers increase their offers in an attempt to outbid one another. Such dynamics often result in higher sale prices for sellers compared to traditional sales processes, where competition may not be as pronounced.

2. Strategic Pricing

Full Market Value Pricing

72SOLD prices homes at full market value, presenting this price as the starting point for negotiations rather than a traditional asking price. This strategy encourages buyers to offer more than the listed price, as they perceive it as a benchmark rather than a negotiable figure. The competitive environment further amplifies this effect, motivating buyers to submit higher bids.

Psychological Leverage

The combination of competitive urgency and strategic pricing gives sellers psychological leverage during negotiations. When buyers are aware that others are also interested in the property, they may be more inclined to increase their offers to secure the deal, thereby enhancing the seller’s negotiating position.

3. Efficient Offer Review Process

Quick Turnaround on Offers

72SOLD aims to present sellers with multiple offers within a short timeframe—typically by the end of the weekend following the showing. This rapid turnaround allows sellers to compare offers side-by-side and make informed decisions quickly. The speed of this process keeps buyers on their toes and encourages them to present their best offers upfront.

Negotiation Support

Sellers benefit from having trained agents who facilitate negotiations based on the competitive offers received. These agents can help sellers evaluate each offer’s merits, guiding them toward the best possible outcome while leveraging the competitive nature of the situation.

4. Potential Challenges

Pressure on Sellers

While competition can drive up prices, it can also create pressure for sellers to make quick decisions. The urgency of needing to respond promptly to multiple offers may lead some sellers to feel rushed or anxious about their choices.

Risk of Limited Buyer Pool

The strategy of limiting showings could mean that some potential buyers—who might have offered higher prices—are excluded from the process due to scheduling conflicts or other commitments. This limitation could restrict negotiation leverage if fewer offers are received than anticipated.

competition is integral to 72SOLD’s negotiation process, driving higher sale prices and creating a dynamic environment that benefits sellers. By fostering urgency through limited showings and strategic pricing, 72SOLD enhances the likelihood of receiving multiple strong offers within a short timeframe. However, sellers should be mindful of the pressures associated with this fast-paced process and consider whether it aligns with their selling goals and comfort levels.

How does 72SOLD ensure that only serious buyers participate in the competitive process

72SOLD employs several strategies to ensure that only serious buyers participate in the competitive selling process. These strategies are designed to create a focused environment that encourages genuine interest and commitment from potential buyers. Here’s how 72SOLD achieves this:

1. Limited Showing Window

90-Minute Viewing Period

One of the hallmarks of 72SOLD’s approach is the restriction of showings to a brief 90-minute window, typically on a Saturday. This limited timeframe creates urgency among buyers, compelling them to act quickly if they are genuinely interested in the property. The short showing period discourages casual lookers and ensures that only motivated buyers attend.

Encouraging Serious Engagement

By limiting the time available for viewing, 72SOLD effectively filters out less serious buyers who may not be willing to make the effort to view the home within that narrow window. This strategy helps prioritize those who are more likely to submit competitive offers.

2. Competitive Bidding Environment

Creating Urgency

The 72SOLD process is designed to foster a competitive atmosphere where buyers feel pressure to submit their best offers quickly. By informing potential buyers about other interested parties, 72SOLD enhances the sense of competition, which tends to attract more serious buyers who want to secure the property before others do.

Bidding Wars

This competitive environment can lead to bidding wars, where serious buyers are motivated to increase their offers in order to outbid others. The structure encourages buyers to present their best possible terms upfront, ensuring that sellers receive strong offers from committed individuals.

3. Strategic Pricing

Full Market Value as Starting Price

72SOLD lists homes at full market value, presenting this price as a starting point for negotiations rather than an asking price. This tactic signals to buyers that they need to come in with serious offers if they want to be competitive. It sets a tone that encourages higher bids from those who are genuinely interested in purchasing the home.

Psychological Impact on Buyers

By framing the price this way, 72SOLD attracts serious buyers who recognize the value of the home and are willing to negotiate based on that perceived worth. This approach helps filter out those who might not be fully committed or who are simply looking for bargain deals.

4. Focused Marketing Strategy

Targeted Outreach

72SOLD utilizes technology and data-driven marketing strategies to identify and reach out to potential buyers who are most likely to be interested in the property. This targeted approach increases the likelihood of attracting serious buyers rather than casual browsers.

Avoiding Market Stigma

By ensuring that homes do not linger on the market for extended periods, 72SOLD helps avoid the stigma associated with properties that remain unsold for too long. Such stigma can deter serious buyers who may wonder if there is something wrong with a property that has been on the market for an extended time.

5. Commitment Verification

Offer Submission Process

After the limited showing period, interested buyers must submit their offers by a specified deadline (usually by Sunday). This structured approach not only creates urgency but also allows sellers to evaluate which buyers are genuinely committed based on their willingness to act quickly.

Agent Support in Negotiations

Sellers benefit from having trained agents who assist in evaluating offers and negotiating terms. These agents can help identify serious buyers based on their offers’ strength and conditions, further filtering out those who may not be fully committed.

72SOLD’s strategies effectively ensure that only serious buyers participate in its competitive selling process through limited showing windows, strategic pricing, and focused marketing efforts. By creating an environment of urgency and competition, 72SOLD attracts motivated buyers while filtering out those less likely to engage seriously in the purchasing process. This approach can lead to quicker sales and potentially higher sale prices for sellers looking for a streamlined transaction experience.

How does 72SOLD’s marketing strategy attract serious buyers

72SOLD’s marketing strategy is designed to attract serious buyers by creating a competitive and urgent environment that encourages quick decision-making. Here are the key elements of how this strategy works:

1. Limited Showing Period

90-Minute Open House

72SOLD restricts showings to a condensed 90-minute window, typically held on a weekend. This limited timeframe generates urgency among potential buyers, compelling them to act quickly if they are interested in the property. The perception that time is running out helps filter out casual browsers and focuses attention on serious buyers.

Fostering Competition

By having multiple buyers view the home simultaneously, 72SOLD creates an atmosphere where buyers feel they are competing against one another. This competition can lead to higher offers, as motivated buyers are more likely to submit aggressive bids to secure the property.

2. Strategic Pricing

Full Market Value Pricing

Homes listed with 72SOLD are priced at full market value, which serves as a starting point for negotiations rather than an asking price. This approach signals to buyers that they should come in with serious offers, as the pricing strategy is designed to elevate offers rather than encourage lowball bids.

Psychological Leverage

This pricing tactic, combined with the competitive environment, encourages buyers to perceive the home as a desirable investment. When buyers see that others are interested and that the price reflects true market value, they may be more inclined to make higher offers.

3. Aggressive Marketing Techniques

Targeted Advertising

72SOLD utilizes technology-driven marketing strategies to identify and reach serious buyers quickly. By leveraging data analytics and targeted advertising, they ensure that their listings attract individuals who are genuinely looking to purchase homes in the area.

Creating Hype Before Showings

The marketing campaign builds anticipation before the showing weekend, generating buzz around the property. This pre-showing hype attracts serious buyers who want to be part of the competitive bidding process.

4. Clear Offer Submission Process

Deadline for Offers

After the limited showing period, 72SOLD sets a firm deadline for offer submissions, usually by Monday evening following the weekend showings. This structured timeline compels buyers to act quickly and decisively, ensuring that only those who are serious about purchasing participate in the bidding process.

Efficient Evaluation of Offers

Once offers are submitted, sellers can quickly evaluate them with the help of their 72SOLD agent. The ability to review multiple offers in a short timeframe allows sellers to identify serious buyers based on their willingness to present competitive terms.

5. Avoiding Market Stigma

Fast Sales Reduce Perception Issues

By selling homes quickly, 72SOLD helps avoid the stigma associated with properties that linger on the market for extended periods. Buyers often perceive homes that have been unsold for too long as overpriced or undesirable. The rapid selling process mitigates this risk and maintains buyer interest.

Increased Privacy

72SOLD’s approach allows sellers to avoid traditional “For Sale” signs and prolonged open houses, which can deter casual interest while maintaining privacy during the selling process. This exclusivity can attract more serious inquiries from potential buyers.

72SOLD’s marketing strategy effectively attracts serious buyers through a combination of limited showing periods, strategic pricing, aggressive marketing techniques, and clear offer processes. By creating an environment of urgency and competition while avoiding common pitfalls associated with prolonged listings, 72SOLD positions itself as an appealing option for motivated home sellers looking for quick and profitable sales.

FAQs

How does 72SOLD’s commission structure compare to traditional real estate?

72SOLD agents are full-service, licensed real estate agents, and commissions are negotiated with each agent. Their commissions may be higher than traditional real estate agents.

Can 72SOLD guarantee a sale price?

No, 72SOLD cannot guarantee a specific sale price for your home. Their goal is to create a competitive bidding environment to drive up the final sale price, but there are no guarantees.

How does 72SOLD’s marketing strategy work?

72SOLD’s marketing strategy is designed to create a sense of urgency and competition among buyers. They schedule a limited 90-minute showing window, typically on a Saturday, and encourage buyers to submit their best offer by the following Sunday.

What happens if 72SOLD doesn’t find a buyer within 8 days?

If 72SOLD doesn’t find a buyer within their target timeline, they’ll discuss other potential approaches with the seller. The seller may choose to extend the marketing period or consider other options.

Is 72SOLD available nationwide?

72SOLD is currently available in select markets across the United States. You can check their website or contact them directly to see if they serve your area.

Citations:
[1] https://72sold.com/72SOLD-customer-reviews
[2] https://www.houzeo.com/blog/72sold-reviews/
[3] https://listwithclever.com/reviews/72sold/
[4] https://www.realestatewitch.com/72sold-reviews/
[5] https://www.bankrate.com/real-estate/72-sold-review/