SAN FRANCISCO--(BUSINESS WIRE)--Aalto, the online alternative to traditional agents, today announced the launch of its digital buying platform in Los Angeles. Designed to streamline the home-buying process and maximize buying power for buyers, Aalto digitizes the experience, reducing operational costs and offering buyers up to 1.5% of the traditional agent commission as a rebate. Los Angeles is Aalto’s second market following the San Francisco Bay Area, where the company recently introduced the first way to buy a home online. The company’s local operations will be led by Kate Geremia, who recently joined Aalto and formerly led West Coast operations at Bird. She will build an on-the-ground team focused on supporting Los Angeles homebuyers.
In today’s digital age, Aalto empowers buyers by eliminating unnecessary friction in the home-buying process. The friction reduction allows Aalto to drive down transaction fees and give most of the fee back to buyers to increase their budget. For many buyers, the 1.5% rebate can equate to tens of thousands of dollars they can use to their advantage in a competitive real estate market, such as making a higher offer or buying down points on their mortgage.
Amid significant headwinds – from increasing interest rates to stubbornly low inventory – in the broader housing market, Aalto has seen significant traction among California buyers looking for an edge. Since launching in the San Francisco Bay Area, the company has saved users nearly $3 million in transaction fees ($28,000 on average), with some saving over $75,000 by buying with Aalto. Over 800 buyers start the home buying process on Aalto each week with an offer completed every day and a home closed each week, on average.
“It's never been harder to become a homeowner, especially in Los Angeles. Aalto sees a massive opportunity to help countless buyers across the metropolitan area go through the process faster and put more savings back in their hands,” said Nick Narodny, CEO of Aalto. “By prioritizing their unique needs, we’re increasing their buying power so they can get ahead of the market conditions that are leaving too many buyers on the sidelines.”
By bringing the home buying experience online, Aalto empowers buyers to drive the entire process all the way through submitting an offer. For homes of interest, buyers can easily request agent-only information in the form of an Aalto Report, which includes information previously only accessible to a traditional agent, such as advanced valuation reports, estimated demand calculations and any available disclosures.
Underneath its state-of-the-art technology, Aalto offers a dedicated team of licensed agents with over $1 billion of transaction experience combined. They are on call to Aalto’s users, offering on-demand support, assessing offers, and facilitating the closing process. Aalto removes the high-stakes sales culture that traditionally stems from a commission-based fee structure. Aalto’s agents are not compensated on commission, ensuring a tightly integrated and responsive digital experience focused on providing quality support when needed.
For skilled buyers wanting to increase their chances of winning a home, Aalto provides an online alternative to traditional agents. Aalto gives buyers an advantage with 30% more homes than other sites, access to agent-level data about those homes, and an agent fee rebate that can increase budget and buying power. For more information, visit www.aalto.com.