In 1989, Michael Cirrito left the nations largest real estate investment company to start his own investment and management company, Investors Trust Realty Group. While leaving his prior company as the top agent, Michael applied a very simple business model which allowed his customers to sell their property with him for “free” if they purchased their “next” property concurrently with him. Thus, this saved the property owner THOUSANDS in real estate commission which enabled them to have more money for their next purchase. Michael also introduced a short term listing agreement which allowed his clients to cancel the process if they were not satisfied with his services or if they had a change in their plans.
During the next decade, Michael grew the company to be one of the largest investment real estate companies in Southern California operating a portfolio in excess of $250,000,000. In 2000, Michael opened Zap Home Realty with the same premise to allow customers to sell their home for FREE utilizing the companies full service efforts provided they concurrently purchased their next home with Zap Home Realty. The company’s research found that 78% of their customers sold their home and purchased their next home concurrently. This was a great way to help their clients save money in a very costly selling process.
Our research further indicated the following trends in real estate:
- Sellers and Buyers were turning to the internet for their real estate information
- The internet was a much more efficient medium to provide information in a “real time” format
- The consumer could search for homes at any time which was convenient for their schedule
- Consumers were growing tired of the traditional real estate model which required Sellers to pay a 6% commission when they sold their home and that they sign a 6 month Listing Agreement
- Often Sellers would sell their home with one Agent / Company and purchase their next home with another Agent / Company because of the lack of service or cost structure which was associated with the sale and purchase process
- The MLS was no longer a protected entity for Brokers and Agents only and home sale information was readily available on numerous websites
Today, Zap Home Realty has sold and represented over 1,000 home Sellers and Buyers, saving them in excess of $20,000,000 in commissions and rebates.
The company was the first to offer the following:
- Short term Listing Agreement, only 30 days
- A Listing Cancellation Clause
- A Buyer Commission Rebate
- A list for free program when you purchase your next home with us concurrently
- A low pressure focused selling environment
- No transaction or up front fees
- Senior Citizen discount
- A full service marketing effort for considerably less
