An online real estate brokerage recently launched in the US Federated Realty says it will offer homeowners representation for a one-time flat service fee of $1,000, instead of the "traditional 3 per cent commission".
CEO & Chairman of Afshar Javan Capital Management, the principal investor Artin Afsharjavan says the $1,000 fee is paid only when the home is sold.
"We guarantee the listing of a home on more than 200 sites, and an agent dedicated to selling that home. It also comes with an opt-out clause - a homeowner that isn't quite satisfied with the arrangement has the option of cancelling at anytime," the 27-year-old entrepreneur says.
"Apart from online listings or aggregators of listings or content, the residential real estate business is still very nascent in its use of digital networks and technology," Afsharjavan adds.
"We're essentially looking to do to the business of selling real estate, to long-term players like RE/MAX, Long & Foster, and Keller Williams Realty, what Netflix did to Blockbuster."
The business boasts the services of George Lodge as principle Broker, a real estate veteran of thirty years having held roles at Christes Properties, KW Commercial and RE/MAX Commercial.
Federated Realty currently operates in Maryland and the Virginia markets, with plans to expand later in the year.
Afsharjavan says homeowners can even contact him directly via email if they are not satisfied with the Federated Realty service.
"We provide industry-leading online tools to offer ease, speed and insight to the home selling process and can publish a listing in a matter of minutes," he says.
"This isn't a figment of anyone's imagination anymore, because we're here.
"Welcome to Federated Realty. We're real, we're in business, and we're set to disrupt the $125 billion residential sales and brokerage market."
According to industry analyst Real Estate Business Intelligence the sales volume across the Washington, DC-metro area in May 2016 was just over $2.8 billion, up 11.4 per cent from May 2015.
The closed sales last month of 5,432 homes also made it the 18th consecutive month of year-over-year increases in closed sales in the region.