A $418 million legal settlement in March upended the residential real estate market. It's the brainchild of Lewis Buckley and Allan Wood who met during a private home sale process that — you guessed it — involved no real estate agents. In the US, commissions on home transitions have hovered between 5% and 6% of the sale price for decades. In the UK, real estate agents charge a 1% to 3% of the property sale price, and then sellers usually have to hire someone else to handle the legal stuff. Even with the lowest 1% commission rate of a traditional estate agent, a homeowner would save £4,605 if they paid Hiizzy's £395 flat fee.

---

Persons: —, Lewis Buckley, Allan Wood, Albert Fox Cahn Organizations: Service Locations: Hiizzy