Traditionally, when a consumer is ready to either buy or sell a property, he or she hires an individual agent. A commission is paid to that agent and the buyer or seller typically works exclusively with that agent. Trelora is setting out to change the status quo in real estate by offering a full-service real estate company approach. When consumers hire Trelora, they hire the entire company rather than just one agent. The company is dedicated to providing everything clients need from the beginning of the transaction until the end.
Launched in Denver last year, Trelora was named by mixing up the letters that spell the word "realtor." Since the company's inception, it has set out to also mix things up a bit in the real estate industry. Along with providing a full-service approach, Trelora also takes aim at cutting commissions.
How Trelora Works
While commissions are traditionally earned based on a percentage of the final sales price, Trelora takes a different approach by selling any property at any price point for a flat fee of $4,700. Depending on the sales price of the property, this could easily save a seller tens of thousands of dollars in commission fees.
Unlike many of the name brand agencies scattered around the world that collect fees from agents representing their brands, Trelora is committed to not selling franchises. The Denver-based firm ensures that the right people are in the correct roles for their skill sets. All staff employed by Trelora are salaried employees who benefit from perks such as a 401K, company car, and bonuses. Minimum salaries begin at $38,000 for staff answering the phone and increase from that salary point.
Specialized Roles Drive Productivity
As a result, Trelora employees are able to focus on their own specialized roles and delivering the best service possible to customers rather than competing against other real estate professionals. Trelora also grants scheduled holidays and days off, ensuring that employees are able to actually relax and unwind, something that can be difficult to do when a real estate professional works essentially as an independent contractor. When staff is away, they are able to truly relax because they know they are covered back at the office.
The company has been quick to point out that it has not exactly received a warm welcome in the real estate industry in Denver. That should hardly come as a surprise, given the significant amount of commissions the company is offering to cut. While some agencies have even gone so far as to refuse to show Trelora's listings, the firm has been quite proactive in following up on such refusals, which agents are not allowed to do due to a fiduciary responsibility to their clients. Trelora has also launched defamation hearings against local agents who have claimed the firm is not full service.
With more consumers becoming increasingly price conscious, Trelora's unique approach to a commission free real estate-transaction could prove to be increasingly popular.