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The Woodcroft Gazette
September 15, 2003
Taking The Bite Out of House Shopping
09/15/2005
Burned by steep realtor's fees after selling his Chapel Hill home, Glenn Wallace of Woodcroft wondered aloud. Given access to a realty database, could his dog have done the job?
"The house practically sold itself, so the realtor didn't have to do much work," Wallace said. "I didn't feel like I received a lot of service for the money I paid."
Suspecting others had shared his frustration, he launched a budget real-estate firm out of his home. Named My Dog Tess, it's geared towards those with a little housing savy. Now a year old, Wallace's firm has closed over $9 million in transactions.
"Woodcroft houses basically sell themselves," he said. "Why would you want to pay six percent to a realtor?"
Cutting out the middleman's huge cut is the concept. For a flat fee, My Dog Tess will place a seller's house on the Multiple Listing Service, or MLS, the principal database for realtors.
While most agencies keep all the cut handed over by sellers, Tess returns half of this fee cash-back to buyers. Consumers also reserve the right to buy or sell their houses privately while listed through Tess.
"I don't think these high commissions can hold up much longer," Wallace said, who added that the traditional methods reflect a time when consumers were less internet-driven.
Wallace has hired a total of four realtors, each of which works from their home. This saves the overhead cost of a central office.
"Most of the time, you meet your realtor on-site anyway," said Dawn Grasty, who became licensed specifically to work under Wallace.
Grasty agreed that modern resources, such as the Internet, have encouraged a new breed of home shopper to shy from traditional realtor's hefty fees. Likewise, people who have previously been through the housing market wringer are much more likely to use Tess.
"It's not for everybody," he said. "But for those who have bought or sold a house before, they're more likely to come to us."
My Dog Tess also serves customers in Wilmington and the Sandhills. Wallace works as a venture capitalist in Research Triangle. Their website is www.mydogtess.com.
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