✏️ Editor’s Note: Realtor Associations, agents, and MLS’ have started implementing changes related to the NAR’s $418 million settlement. While home-sellers will likely save thousands in commission, compliance and litigation risks have significantly increased for sellers throughout the nation. Learn how NAR’s settlement affects home sellers.
Richr is a prominent real estate company in Florida. They list your home on the MLS to attract multiple buyers. You can list your home for free with Richr. However, you do pay 1% of your home's sale price at closing.
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Pros
- You can list your home for free.
- Your home gets maximum exposure.
- You can cancel anytime as you don't need to commit to them.
- You pay only during the sale.
Cons
- The 1% fee might translate into a hefty amount.
- They provide services only in Florida.
Richr is a Florida-based real estate company. They list your home on the MLS to attract multiple buyers. Furthermore, they collaborate with other websites like Zillow, Trulia, Redfin, etc. to provide maximum exposure to your home.
Richr helps you list on the MLS for free, but you have to pay 1% of your home’s sale price at closing. This might translate into thousands of dollars. So, even though you get the highest sale price for your home, your net proceeds could still be lower.
For example, if your home sells for $500,000 on the MLS, you’d have to pay $5,000 to Richr as a closing fee. This resembles the traditional agent commission.
We suggest you consider a flat fee MLS company if you wish to save more on your home sale. You can sell your home for a flat amount with an FFM company. This way you can be certain of what you will make from the sale.
» What’s My Home’s Value: You can know your home’s market value with Houzeo’s free Home Worth Estimator. It helps you estimate the amount you will get upon sale.
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✍️ Editor’s Take: Sell your home using an FFM company like Houzeo. They help get you on the MLS within 24 hours, maximizing exposure for your home. Furthermore, you can choose from Houzeo’s affordable packages starting from $399 and save thousands of dollars on agent commissions. Compare Richr vs. Houzeo.
Is Richr Legit?
Yes, Richr is a legitimate company. According to Crunchbase, Glenn Orgin and Serena Orgin founded Richr in 2021. Their brick-and-mortar address is 2627 NE 203rd St Suite 202, Miami, FL 33180, United States.
When we searched online, we found that Richr is not a BBB-accredited company. However, they do have many customer reviews on various credible sources like Google.
Richr Coverage
There are about 30 MLSs in Florida. Richr operates in the majority of counties in Florida. So, there’s a high chance that you’ll be able to sell your Florida home with Richr.
Richr offers services only in Florida. There’s a high possibility that you might not be able to avail of their service. Houzeo, on the other hand, can help you out with a smooth selling process with their wider coverage area.
How Does Richr Work?
It is straightforward to sell with Richr. You need to follow these 5 steps:
- Fill Out a Questionnaire: Provide basic property information through a short questionnaire. It usually has details about your home, including type and amenities.
- Wait for the Listing: Richr uses your information to create a listing for your home. After that, they send your listing to a participating broker.
- Enhance Your Listing: You can upload photos of your home to enhance the visibility of your listing. However, Richr does not provide scheduling assistance for property tours.
- Pay on Sale: After your home is sold, you are required to pay 1% of your home’s sale price to Richr.
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🌟Richr Money: Once you sell your home with Richr, you get a daily cash bonuses in your Richr Money savings account. You get around 4.83% on your savings that help you build a secure future.
Richr Reviews
Richr has a solid 5 out of 5-star rating on Google based on 134 customer reviews. Almost all of these Richr reviews are positive. However, we feel that the 1% fee at closing is a bit higher. A FSBO company should always strive to reduce costs.
Richr Reviews: Praises
✅ Eric Bloom appreciated the fast sale with Richr. They would refer Richr to anyone looking to save on commissions.
Serena and her team were fantastic to work with and saved us a significant amount of commissions! Communication was great throughout and Serena was always quick to respond to my questions and concerns, even on the weekends!! I would highly recommend RICHR and will be referring them to all of our friends and family!
Source: Google
✅ Eldon Raines had a pleasant experience at Richr. They were able to achieve a smooth sale with the company.
I was skeptical, but went with Richr based on the other positive reviews knowing I’d save thousands in commissions from a traditional listing service. The whole team was very helpful and put in a lot of more work than expected to get my home closed. Wendy and Serena are superheroes!
Source: Google
Complaints
❌ Karen Riva did not have a good experience with Richr. She feels her house was priced wrong and did not get enough showings.
Unfortunately it went downhill for us. We listed with Richer for 3 weeks. Not enough showings, house was priced wrong, ( too high). Patrick was the problem. Not a good experience. Jennifer who handles much of the work was awesome. 5 stars for her. We ended up going with another company.
Source: Google
Pros and Cons
Here are the pros and cons of selling with Richr:
👍 Pros
- Simplified Process: Richr has a user-friendly platform for setting up an account and managing the listing process.
- Access to MLS: Richr ensures your home is listed on the Multiple Listing Service (MLS), reaching a wide audience of potential buyers and their agents.
- After-Sale Payment: You only pay Richr for their listing services after your home is sold, reducing upfront costs.
- No Obligation Offer: You don’t have to continue with the sale if you’re not comfortable with the offered price. In short, there is no obligation to accept the offer.
👎 Cons
- Limited Services: The company primarily focuses on MLS listing services and may not offer professional photography, home staging, or dedicated scheduling assistance for property tours.
- Pricing Structure: Richr charges a significant fee of 1% of the home’s sale price at closing, which is higher compared to other flat-fee MLS service providers.
- Limited Coverage: They can list majorly in Florida. As a result, sellers outside of Florida might not be able to avail of their services.
Richr Competitors
» Jump to: Richr vs. Houzeo | Richr vs. Sundae | Richr vs. We Buy Houses
Richr has various potential competitors. We have selected them based on three metrics such as savings, speed, and coverage.
1. Savings: Richr vs. Houzeo
Richr is a commission-based company that lists your property on the MLS. They charge 1% of your property’s sale price at the time of closing. This might cost you thousands of dollars and could potentially lower your net proceeds.
Houzeo, on the other hand, is a flat-fee MLS company. You get to save thousands of dollars with Houzeo as their packages are quite affordable. So, if you wish to save more, you can consider selling through Houzeo.
| Richr | Houzeo | |
|---|---|---|
| Sale Price | Up to 100% of FMV | Up to 100% of FMV |
| Customer Rating | 5 stars (134 reviews) | 4.9 stars (7,000+ reviews) |
| Fees | 1% of sale price at closing | $399 onwards |
| Scope for Negotiation | ✅ | ✅ |
| Coverage | Florida | 50 States + DC |
2. Speed: Richr vs. Sundae
Richr lists your property on the MLS. On average, it takes around 61 days to sell on the MLS. You can expect the same selling timeframe with Richr as well.
Sundae is a cash-buyer marketplace. Like most cash buyer marketplaces, they provide you with quick cash offers. If you’re on a time crunch, Sundae could suit you better.
3. Coverage: Richr vs. We Buy Houses
Richr has limited coverage. They list your property only on Florida MLS. You might not be able to avail of their services if you’re outside their service areas.
We Buy Houses is a famous cash buyer that purchases properties as-is. They have nationwide coverage. So, they would be present in all of the US.
Flat Fee Listing Services Near Me
Richr Reviews: Should You Opt for Them?
Yes, you may opt for Richr if you’re looking to get a good sale price. They list your home on the MLS and get your home the highest possible price. However, consider the potential drawbacks, such as the higher cost and its potential impact on the sale price.
When comparing Richr’s 1% fee to other flat fee MLS companies or traditional sales with a Realtor, it becomes evident that the 1% fee is not a favorable deal in terms of cost savings.
For sellers looking for the best price and big savings, it’s worth exploring other options. An FFM company like Houzeo can list your property on the MLS for a reasonable fee, saving you thousands of dollars.
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Frequently Asked Questions
Is Richr legit?
Yes, Richr is a legitimate company founded by Glenn Orgin and Serena Orgin. They have multiple reviews on various credible websites like Google to showcase their legitimacy. Furthermore, they have presence on social media platforms like Linkedin, Facebook, and Twitter.
How much do I have to pay with Richr?
There are no upfront fees with Richr. However, you have to pay 1% of your home's sale price at the time of closing. Although this percentage seem to be on the lower side, it translates into a hefty amount.
If you're looking to save more on your home sale, consider Houzeo. You pay a flat-fee starting from $399 to sell your home on the MLS. As a result, your net proceeds could be more with Houzeo.
What are some potential Richr competitors?
Houzeo, Sundae, and We Buy Houses are some potential Richr competitors. Houzeo competes with Richr on savings. Whereas, Sundae and We Buy Houses compete with Richr based on speed and coverage respectively.
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