Silicon Bayou News recently featured an article on Property Sprocket, a new and upcoming Baton Rouge real estate technology startup company. The company’s stated purpose is to “disrupt the real estate market” by levering technology to provide seller’s a platform to help list their property for less.
How does Property Sprocket intend to disrupt the market? Property Sprocket seeks to leverage the combination of customer service, technology and fixed listing prices to sellers to save them money on listings. According to their website, Property Sprocket has a model to list the property for a 2.5% commission rate plus a $495.00 fixed charge. Essentially, Property Sprocket appears to be offering a discount from the traditional 6-7% commission rate charged by agents in the Baton Rouge area.
Comparing Property Sprocket to competitors like ForSaleByOwner.com and Redfin, it appears that Property Sprocket is trying to capitalize on the combination of these two services. By offering a listing fixed rate of $495.00, it is cheaper than the ForSaleByOwner.com. However, Property Sprocket is charging a 2.5% commission, which is 1% higher than that of Redfin (1.5%), but they offer the services of a local real estate agent.
It appears that Property Sprocket is ready to service the Baton Rouge and surrounding markets and have developed a working model to support their efforts. If you are interested in viewing Property Sprocket’s website, click here.