The Birth Of ON-DEMAND Home Selling Began Over 20 Years Ago!
Out Of Frustration Born A Virtually Fantastic Idea!
In February, 1998 ( Over 20 years ago ) we came up with the idea of selling real estate online. We acquired the domain REonline.com and later sold it. It was a great idea even then; Unfortunately -- the internet was s-l-o-w and failed to impress consumers.
The idea evolved to become Forsalebyweb.com in 2005 despite yet slow speed the complicated internet created market tension between full service and discount service companies, mandating the United States Department of Justice and Federal Trade Commission to step in to protect consumers.
In 2008, the housing bubble forced many real estate companies, ideas, and innovations to pause.
Between 2008-2018, the Founder of Forsalebyweb.com took time off to rediscover his birth country Cambodia and returned to continue his real estate brokerage in Minnesota. Unfortunately, with large real estate companies spending billions to brand the “old way” of doing things, it was not possible for a great idea to earn spotlight.
On March 11, 2020, the CoronaVirus and Covid-19 pandemic changed everything!
Schools, businesses, organizations, and the entire world were forced to accept and welcome virtual meetings, distance learning, and eProgramming.
We are proud to bring back a new, faster, and better Forsalebyweb.com. We are headquartered in the International Plaza in Bloomington, MN with satellite offices to service our clients.
HousingWire, who has been dubbed the most influential source of news and information for the U.S. mortgage and housing markets, stated, "Finding a home using a smartphone isn’t exactly a new experience. Real estate websites like Zillow have been offering mobile apps and experiences for years."
"But a newly launched website offers users something that Zillow and others like it can’t: cold, hard cash."
The following timeline details how we've evolved from a simple system to generate real estate offers in early 2000s into The Smartphone Real Estate Company® today.
December, 2003: The Founder and Managing Broker of Forsalebyweb.com, Kosol Sek, was frustrated by the slow and high cost of selling real estate. He invented a system of generating offers using the Acronym PROCESS: Pricing, response, offers, conversion, escalation, safety, systemize. Title: Listed home vs. selling PROCESS : which one is right for you? Filed and Registered at United States Copyright Office under TXu001187679 / 2004-07-14.
Unfortunately, in the early days of the internet, the process ( and everything else ) was S-L-O-W and required significant time and training to execute and was available only to highly skilled real estate brokers and investors in the United States, Australia, New Zealand, and Canada.
2004: Continued frustration by the traditional home selling process and confusing commission models, the PROCESS began to integrate technology to work for consumers.
March, 2005: The United States Government filed a lawsuit against the State of Kentucky Real Estate Commission for restricting competition and causing consumers to pay higher prices for certain real estate services. The lawsuit sent shockwaves across the real estate industry.
"Restricting brokers from competing through rebates and inducements is a per se violation of the antitrust laws that, as confirmed by the brokers themselves, inflicts higher prices on Kentucky consumers," said R. Hewitt Pate, Assistant Attorney General in charge of the Department's Antitrust Division.
"The federal antitrust laws protect consumers against restrictions on competition, even when they are adopted by state-created entities like the Kentucky Real Estate Commission."
Less than four months later a settlement between the Federal Government and the State of Kentucky was reached.
"Today's settlement resolves the anticompetitive concerns raised by the Kentucky Real Estate Commission's broker regulations," said Thomas O. Barnett, Acting Assistant Attorney General in charge of the Department's Antitrust Division. "Kentucky consumers will now be able to avail themselves of the benefits of increased competition through broker-offered rebates, discounts and other inducements."
Following that settlement, Montana, New Jersey, South Dakota and West Virginia legalized rebates to consumers. Today most states permit commission rebates and cashback to consumers.
1999-2004: Web-based and rebate real estate models such as 1Percent Realty, Blueedge.com, ZipRealty and Redfin flooded the market.
December 2004-2005: Zillow and Trulia founded.
September, 2005: U.S. Department ofJustice/FTC opened case against the real estate industry over lack of competition.
2005-2007: Discount brokerages shut down during market decline.
March, 2007: The PROCESS evolved to become a proprietary home selling process
Forsalebyweb.com: How to buy or sell your home in 1 minute registered at the United States Copyright Office under registration# TX0006546631 / 2007-03-07.
June, 2007: The first IPHONE launched.
September, 2007: The PROCESS evolved to become Forsalebyweb.com: The automatic way to get offers registered at the U.S. Copyright Office under registration TXu001593595 / 2007-09-19.
November, 2008: The United States DOJ and FTC reached a settlement with the real estate industry over lack of competition in the industry.
June, 2010: Samsung Galaxy S launched.
2010-2012: Short sales, foreclosures, and real estate market crashes across the United States.
2014: Zillow acquired Trulia.
2015-2018: The rise of Ibuyer services for consumers who are frustrated with endless home showings to strangers.
June, 2018: The Federal Trade Commission, an arm of the United States Department of Justice, hosted a "What’s New in Residential Real Estate Brokerage Competition – An FTC-DOJ Workshop" to discuss concerns from varying players in the industry about the Competitive impact of nontraditional real estate fee and service models.
Of interest to consumers should be the U.S. DOJ/FTC's support for the Emergence and growth of non-traditional fee and service models.
2019: Forsalebyweb.com re-launched as The Smartphone Real Estate Company® that lets you Turn Your Smartphone into A Real Estate Agent!®
2020: The world changed forever with the CoronaVirus and Covid-19 Pandemic. Virtual Home Selling has become a reality. You'll Never Have To Meet Another Real Estate Agent Again. Unless You Want To.® It's in Your Phone®.
Thursday, November 19, 2020: US DOJ and FTC continues anti-trust suit against the real estate industry to increase competition to the benefit of american Homeowners and Homebuyers and Allow for Innovation in Brokerage Markets. In summary this lawsuit and proposed settlement is the inspiration behind Forsalebyweb.com.
Forsalebyweb.com Head Office: International Plaza, 7900 International Drive Suite 300, Bloomington,