For anyone that has bought or sold a residence they are familiar with the traditional 6% commission which typically gets split between the buyer's agent and the seller's agent. The team at Door wants to change that. Door charges a flat $5,000 fee regardless of the property value which means a $630,000 home (which is their average transaction value) would normally generate $37,000+ of fees but with Door the buyer and seller are both saving a ton of money. Door has also reinvented the way that agents get paid...instead of working on straight commissions, their agents receive a competitive salary plus bonuses. Also keep in mind the average real estate agent only does 3-4 transactions per year but the average Door agent is doing 3-4 per month which means your Door agent has much more experience. Door did their first transaction in early 2016 and just 18 months later are approaching $100 million of total transaction volume. Door is based in Dallas, TX and has raised $3.1 million from investors.
In this interview I spoke with Alex Doubet, founder of Door about his motivation behind creating this new business model for the real estate industry, how they've been able to generate so much volume in such a short amount of time, what is their marketing strategy, what types of agents do they like to hire, what are their expansion plans beyond Dallas (DFW), what have been the biggest challenges, what lessons have they learned, how hard was it raising capital for Door, why are Door agents better than most agents, why is the luxury market falling in love with Door, how big can his company get, how quickly can they expand, and much more.
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