Properly Review

Properly Review

Written by Priyanka Correia
Fact-checked by Caitlin Wood
Last Updated March 25, 2021

Properly is a Toronto based real estate technology company that was founded in 2018. Through the power and innovation of technology, Properly has created a business model that is changing the way we buy and sell homes. It offers Canadians the ability to obtain the house of their dreams in a way that is efficient and stress-free. They use machine learning technology to eliminate the common stressors involved with buying and selling a home. Through its services, Properly helps reduce the burden of moving, negotiating your home’s sale, showing and staging your home, and more. 

Currently, Properly offers its services in Calgary, Ottawa, and Toronto. As such, if you’re looking to buy or sell a house in any one of these cities, you are eligible to take advantage of Properly’s services. 

ProperPrice Report

The ProperPrice Report is a free tool that homeowners can use to assess the value of their homes. Properly appraisees your house value through a complex and intricate model called the Automated Valuation Model. It estimates your home value through a combination of your house attributes, market trends, and thousands of other data points that affect the quality and value of your home. This includes the schools near you, crime rates, access to transportation, pharmacies, hospitals, grocery stores, highways, businesses, and more. The ProperPrice Report is able to provide homeowners with up-to-date home valuations in a matter of minutes.

Importance of Knowing The Value of Your Home

Similar to not wanting to pay for an overpriced house, you don’t want to sell a home for lower than what it actually is worth. Using the ProperPrice Report will allow you to get a third party appraisal which will help determine exactly how much to sell your house for. Understanding your home’s value is also important when it comes to comparing home sale prices, home insurance, property taxes, and more. 

Buy Before You Sell

Purchasing a new home before selling your old one can be a daunting process. But through Properly’s new service: Buy Before You Sell, you’ll have the confidence you need to make offers and search for a new home without restrictions. Properly doesn’t just guarantee the sale of your home, it takes the burden of selling a home off your shoulders and guides you on your journey to a new home. 

How Does it Work? 

Properly’s Buy Before You Sell service can be broken down into 5 parts:

  • Backup Offer – Properly will provide you with a backup purchase contract, which is an agreement that says if they cannot sell your home within 90 days, they will directly buy it from you for a guaranteed price. 
  • Find Your Home – With the help of Properly’s experts, you’ll be guided on how and when to make offers as well as how to negotiate when bidding. Once your offer is accepted you can move into your new home worry-free.  
  • We Do the Work – Once you’ve moved into your new home, Properly will take care of selling your old home. They will conduct open houses and manage the showings while your home is on the market. 
  • Guaranteed Sale – While your home is on the market, Properly will do it’s best to sell your home. However, if it does not sell within 90 days, Properly will buy your home at the backup price agreed upon in your backup purchase contract.
  • Financially Stress-Free – During the months you’re in your new home, Properly will cover your mortgage payments on your old home, so you don’t have to worry about paying two mortgages. 

How Much Does it Cost?

Properly charges 5% of the current home value which is the same as what a traditional realtor charges for selling or buying a house.

Benefits of Choosing Properly  

  • Guarantee – Properly guarantees the sale of your house by offering a backup offer. If your home does not sell within 90 days while on the market, Properly will buy it at the backup offer price. 
  • Split Profits – Properly doesn’t just guarantee the sale of your home, they also strive to sell your property for more than what it’s worth. When Properly sells your home for more than the guaranteed offer, they will split the difference with you. 
  • No Double Mortgages – One of the most enticing and stress-relieving features of Properly is its mortgage coverage. With Properly, you don’t have to worry about selling your property before buying a new one, as Properly will cover your old mortgage payments while it’s still on the market.  
  • Stress-Free – Selling a house is hard work and can often put a lot of stress on homeowners. With Properly, all open houses, cleanings, and showings are managed by them. 
  • Confidence to Act – Not knowing how much money your current home will sell for or how long it will take to sell can hinder your ability to make quick and competitive offers on great homes. But with the Properly’s guarantee, you’ll be free to act on an offer without fear of having to pay for two mortgages. When you buy a new home with Properly, your old mortgage payments will be covered by them until your old home is sold. Moreover, with Properly’s backup offer, you’ll know the minimum amount you’ll get for your house which will help you budget and buy a house that is within your financial means. 

Should You Buy Before You Sell? 

When you live in an area with a competitive housing market, being able to act quickly is key to obtaining a good deal. Buying before you sell will also lessen the pressure of buying and moving out before the closing date. Moreover, considering today’s environment, the stress of having people in your house and making sure they adhere to the new sanitization requirements during home showings can be extremely tiring and time-consuming. 

Thankfully, Properly takes care of all aspects of selling your home and guarantees its sale with their backup offer. Therefore, when you choose to work with Properly, you can take advantage of the option to buy before you sell and choose a timeline that works best for you.

Priyanka is a personal finance expert at Loans Canada. She is passionate about money management and educating Canadian consumers about how to take control of their financial lives. She has taken financial control of her life by using Mint to budget and track her expenses while growing her wealth by investing through Wealthsimple. She also believes in having an emergency fund, so she keeps a good sum of money in an easily accessible high-interest savings account. She also uses the American Express Cobalt Card to earn points on all her purchases, further fueling her savings goal. She also uses Loans Canada’s lender directory whenever she wants to compare rates from different lenders.

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