Timing is a big factor in real estate, as selling at the right moment can make all the difference between securing a high offer or settling for less. With fluctuating market conditions where property values, buyer demands, and interest rates change, 72Sold has crafted an innovative approach that solves that problem for homeowners and investors alike, allowing them to sell their properties on time and make the most of favorable market conditions.
In this article, we’ll cover all you need to know about 72SOLD, including the core features that set 72SOLD apart, the pros and cons, and if their approach is the right fit for you.
What Is 72SOLD?
Founded in 2018 by attorney and real estate broker Greg Hague, 72SOLD is a real estate company that offers a unique home-selling system designed to sell properties quickly. Unlike companies like Cash Buyers and iBuyers that make cash offers, 72SOLD sells homes by having its affiliated agents list the properties, manage showings, and use a unique marketing approach and scheduled showings to attract multiple offers and drive up the sale price.
The Scottsdale-based company has since rapidly grown, forming a significant partnership with Keller Williams. This collaboration has extended the reach of 72SOLD beyond Arizona and into 38 markets across the United States.
How Does 72SOLD Work?
In 2018, when the average number of days that homes spend on the market peaked at 83 days, 72SOLD emerged with a mission to revolutionize the real estate selling process, starting out with the promise of selling off homes within 72 hours (which inspired the name 72SOLD) but has since extended the time frame to eight days.
Their approach mirrors the traditional model—listing properties on the MLS and marketing them to prospective buyers—but with a significant difference: the timeline. Instead of waiting months for a sale, 72SOLD compresses the entire process into just eight days, saving homeowners substantial time. Given that the median time a house is on the market was 50 days in July 2024, 72SOLD’s method offers a remarkable time-saving advantage, cutting the typical selling period by over a month.
Here’s the step-by-step process:
1. Submit details of the property: Start by entering your address and a few key details about your property on the 72SOLD homepage. This initial information helps the company begin evaluating your home’s potential market value.
2. Receive property valuation: Based on the details you provided, 72SOLD uses its resources to generate a suggested sales price for your home. This price is a preliminary figure, subject to confirmation after a property visit.
3. Property Visit: A 72SOLD agent will visit your property, to conduct a brief walk-through. This visit is crucial for finalizing the asking price, which may be adjusted based on the agent’s assessment.
4. Marketing: After agreeing on the sale price, the agent creates a marketing plan similar to what a traditional real estate agent would develop. This includes listing your home on the Multiple Listing Service (MLS) and leveraging 72SOLD’s unique marketing strategies to generate buyer interest quickly.
5. Property Showings: Instead of an open-ended listing process, 72SOLD schedules limited showings or open houses over eight days. This approach is designed to create urgency among buyers, encouraging multiple offers within a short timeframe.
6. Fielding Offers and Closing: Once the showings are complete, the agent helps you review and negotiate offers. You have the flexibility to choose the most favorable offer and set a closing date that works best for you.
72SOLD can handle the sale of homes across a wide price range starting from $100,000. It’s worth noting though, that expensive homes may have an extended period of closing. Instead of the usual eight-day marketing and showing period, the company says the time to fully effect a sale becomes 29 days, if the home ends up selling for more than $1.5 million.
Fees and Commission
72SOLD operates as a full-service real estate brokerage, offering a fast-track home-selling process that comes with a commission fee for their services. The company charges a standard real estate commission of 5% to 6% of the closing price, which is comparable to traditional real estate agents. This commission is typically split between the buyer’s agent and the listing agent, with each receiving 2.5% to 3%.
While 72SOLD promises to sell homes quickly—within an eight-day window—the commission fees mean that sellers may pay slightly more compared to using a flat-fee REALTOR. However, 72SOLD claims that their approach can result in higher sale prices with an independent study released in 2024 showing that 10252 home sellers who used the 72SOLD program had a median sales price 7.8% higher than other homes sold in their local MLS.
Is 72SOLD Legit?
Yes, 72SOLD is a legitimate and reputable company. Founded in 2018 by Greg Hague, an experienced entrepreneur and realtor with a strong track record in the real estate industry, 72SOLD has rapidly established itself as a leader in the market. The company is headquartered in Scottsdale, Arizona, and its innovative marketing program has expanded to 38 states through a partnership with the real estate brokerage Keller Williams — the largest real estate franchise in the United States by sales volume as of 2022.
Earning a spot on the 2022 Inc. 5000 list for its impressive 3-year revenue growth of 2,065%, 72SOLD has also garnered recognition through partnerships with prominent sports teams like the Arizona Cardinals, Arizona Diamondbacks, and the Phoenix Suns. Additionally, the company’s collaboration with BoxBrownie for CGI-enhanced marketing highlights its commitment to innovation.
Further solidifying its credibility, 72SOLD is accredited by the Better Business Bureau (BBB) and holds an A+ rating, the highest possible. This rating reflects the company’s dedication to excellent customer service, as the BBB considers factors such as how businesses handle and resolve customer complaints. It’s worth noting that the BBB rating does not include customer reviews.
72SOLD Customer Reviews
Customer reviews are essential in evaluating any business, and 72SOLD is no exception. On the surface, 72SOLD appears to be well-received, boasting 4.8 out of a 5-star rating on Google (with over 2,000 reviews), and 5 out of a 5-star rating on Better Business Bureau, with over 100 reviews.
Yelp, however, is where things get interesting with an average of 2.6 out of 5 from over 50 reviews.
On closer inspection, claims were made by dissatisfied customers that the positive reviews were from realtors and not actual customers, with another customer claiming they were ‘harassed’ and offered money to take down a negative review.
Other issues that have been raised include:
- False Advertising: Some customers expressed disappointment that 72SOLD failed to deliver on its promise of closing within eight days.
- Predatory Tactics: Reports suggest that some sellers were pressured into accepting lower offers, potentially leaving significant money on the table, with some describing the listing agreements as predatory.
- Limited Showing Window: Some clients have complained about restricted showing times, which can limit the pool of potential buyers and result in fewer offers.
- Unresponsive Agents: There are concerns about agents becoming less accessible and communicative after securing the listing, leading to dissatisfaction and a lack of continuity in service.
These points indicate that while 72SOLD has had success in facilitating many transactions, prospective sellers should approach the service with a clear understanding of these potential challenges.
Pros and Cons of Selling With 72SOLD
Pros
- Speedy Sale: 72SOLD is designed to sell homes quickly, often within 72 hours, which is ideal for homeowners who need to sell due to urgent circumstances like job transfers or financial difficulties.
- Streamlined Process: The platform offers a hassle-free selling experience by taking care of most of the work, reducing the time and effort typically required from homeowners. This includes complimentary home staging, which can accelerate the sale without additional effort from the seller.
- Competitive Offers: The intense marketing and limited showing times create urgency among buyers, often leading to multiple offers in a short time frame. This competitive environment can drive up the final sale price.
- Agent Expertise: 72SOLD employs skilled negotiators who can leverage their experience to secure the best possible deal for the seller.
- Flexible Move-Out Options: Sellers can request a 60-day extension before they need to move out, with the possibility of extending their stay up to six months, offering flexibility that is not typically available in standard real estate transactions.
Cons
- Limited Control: The accelerated process can leave sellers with less control over important aspects of the sale, such as pricing and showing schedules. Decisions may need to be made quickly, which might not sit well with all sellers.
- Potential for Missed Opportunities: The rapid timeline may limit the exposure of the property, potentially missing out on higher offers from a broader market. Sellers might feel pressured to accept the first offers without fully exploring other possibilities.
- Higher Commission: 72SOLD charges a standard real estate commission of 5-6%, which is comparable to traditional agents. This could be seen as a drawback for sellers looking for cost savings in the selling process.
Alternatives to 72SOLD
FastExpert
Unlike 72SOLD, which primarily focuses on a quick sale using its unique sales process, FastExpert connects sellers with top local real estate agents. This service allows sellers to choose from a variety of agents, each with different specialties, ensuring that the seller finds the best fit for their specific needs. The transparency of agent reviews and performance records helps sellers make informed decisions, potentially leading to higher sale prices, though the process might take longer than 72SOLD.
Clever Offers
Clever Offers is a platform that connects sellers with cash buyers, offering a quick and convenient alternative to 72SOLD. Unlike 72SOLD, which aims to maximize the sale price through a unique process, Clever Offers focuses on providing competitive cash offers from multiple buyers. This service is ideal for sellers who need to sell quickly and are willing to compare offers to find the best deal, though the final sale price may be slightly lower than traditional market value.
iBuyers
iBuyers like Opendoor and Offerpad offer a fast and convenient alternative to 72SOLD by making instant offers on homes. This service is ideal for sellers who prioritize speed and hassle-free transactions over maximizing the sale price. The key difference here is that while 72SOLD aims to get a higher sale price through its unique process, iBuyers focus on providing a quick cash offer, often below market value but with the benefit of an immediate sale.
Traditional Sale
Partnering with a local real estate agent offers a tailored approach to selling your home. Unlike 72SOLD’s standardized method, a traditional agent will have deep knowledge of the local market, which can be invaluable in positioning your home effectively. Although this method might take more time, it often results in the highest possible sale price. Alternatively, a For Sale By Owner (FSBO) approach allows sellers to avoid paying a listing agent’s commission, but it requires significant effort and expertise to manage the sale process independently.
Is 72SOLD Right for You?
72SOLD could be a viable option if your home is in good condition and located in a competitive market. The company’s model is designed to facilitate quick sales, which is ideal for sellers who need to move fast due to work relocation, financial pressure, or other urgent circumstances.
However, if your property is in a slower market, or if you want to maximize exposure to potential buyers, 72SOLD might not be the best fit. Additionally, recent shifts in the real estate market could affect the speed and price of your sale, making it essential to consider whether 72SOLD’s model aligns with your expectations and needs.
FAQs
Am I Obligated To Sell if I Use 72SOLD?
No, there is no obligation to sell with 72SOLD. If a buyer makes an offer that meets your terms, such as a preferred closing date, you still have the right to decline. Additionally, you can typically exit an exclusive listing agreement with 72SOLD if you decide not to proceed with selling your home.
Do I Have To Move Out Immediately After Selling With 72SOLD?
Not necessarily. You can request a closing date up to 60 days after accepting an offer. If you need to stay longer, 72SOLD can market your home to lease-back investors, allowing you to remain in the property and pay rent for up to six months after the sale.
What Is the 72SOLD for Agents?
The 72SOLD National Program is a training platform for real estate agents to learn and implement the 72SOLD selling model. To get started, visit 72national, sign up, and access the Member Portal for training videos and Listing Presentation materials. Once trained, agents can use Marketing Videos to run their own social media ads, attracting sellers directly. The program also offers an option to add a National Ad Fund seat for enhanced marketing.
