Fort Wayne realtor Michelle Mang describes her new business, NUWAYGO, as a cross between Match.com and Realtor.com.
In the current real estate market, buyers are not featured. NUWAYGO highlights home buyers so that homeowners can connect with them contract free.
“Traditionally you are either working with a realtor or a for sale by owner, this is like the middle lane for buying and selling a home.”
Her vision is a web-based enterprise that matches a home buyer with a home seller, reducing the amount of time buyers spend searching homes for sale online and discovering homeowners not yet on the market.
“This empowers the homeowner and the buyer to work together,” Mang adds.
This is how NUWAYGO works.
Home shoppers will create a profile on the NUWAYGO site, telling about their needs, their family, what kind of neighborhood they want and what features they’re looking for in their new home.
A homeowner who is considering selling can view buyer profiles to determine if their home would be a match. If so, the homeowner can then create a profile pointing out the home’s features, posting photos and telling potential buyers all the good stuff about their home.
The website then matches potential home buyers with potential home sellers and the conversation begins.
A seller and a buyer start their relationship with a masked email that moves them through the initial steps.
“Before anyone goes to look at a house, they can ask questions like ‘how old is the roof?’ or ‘tell me about the neighborhood.’ You don’t have to go through dozens of homes hoping to find the right one,” she says. “And the seller doesn’t have a parade of people coming into their home. The first step of the negotiation can be complete before they meet.”
Once the seller and buyer decide to meet, NUWAYGO will reveal their identities, and the potential buyer can view the home.
In addition, Mang says NUWAYGO can save money for both seller and buyer by reducing the six to seven percent realtor fee in a traditional real estate transaction.
So, why would a realtor come up with a way to eliminate the need for a realtor?
“The idea came to me more than a year ago when I saw that there were a lot of buyers and very low inventory of available homes.”
So, she took her idea to the Women’s Entrepreneurial Opportunity Center at the Northeast Innovation Center in Fort Wayne. There she was able to flesh out the details and fine tune the idea that had been percolating in her mind.
“I can’t say enough good things about WEOC and Leslee Hill, its director. Their Launch Women Business Builder Accelerator Program enables me to take my business idea from concept to launch.” says Mang, who works for Northeastern Group Realty. “And my broker, Kim Ward, has been completely supportive.”
The first phase launched in April 2020, with the website gathering profiles, matching potential buyers and sellers, and buyers and sellers communicating directly.
“There are benefits on both sides.”
In a traditional real estate transaction, sellers must commit to work with a realtor for a stated period of time, whether the relationship is helpful or not.
Since this relationship puts most of the control on the side of the seller, potential buyers may spend extended periods of time looking for a suitable home that fits their needs.
When a buyer does find a home that looks promising, there is the endless waiting to have questions answered while the realtors contact each other and the seller for answers.
“Buyers can have a home sold right out from under them while they wait for answers. NUWAYGO eliminates a lot of that silliness.”
Mang says buyers and sellers may still need to use the services of a realtor or real estate attorney to complete closing, but with fewer people involved in the transaction, both will save money.
“I feel the realtor’s role will be changing. How we shop is changing, homes will be no exception.”
She says she believes both buyers and sellers will appreciate eliminating the time and hassle involved in selling and buying a home.
“NUWAYGO will not be for everyone.” Mang adds. “This may work best for someone who is selling or buying their second or third home and is familiar with the process.
“Money is important, so we want to have some control over how we spend it. This can reduce a six to seven percent fee to under two percent.”
In its initial phase, NUWAYGO will not charge for the service. By the end of 2020, Mang expects to launch the second phase which will include forms and documents for a real estate transaction.
“We also hope to have realtors to refer people to for assistance.”
Mang sees the initial launch as a time of testing the system and gathering feedback from its users. “I feel like we’re going against the grain, so we want to get some people using NUWAYGO to see how it works.”
NUWAYGO is licensed in Indiana, and Mang plans to make it available regionally soon.
Owner(s): Michelle Mang
Phone: (260) 450-7822
Products & Services: A web-based method to sell or buy a home with sellers and buyers creating profiles that will be matched to create a more economical and efficient selling/buying process.