Over a period of time, the real estate industry has transformed immensely. One such popular real estate company is 72 Sold. Customers are also familiar with its services because it is being promoted by prominent figures. The founder of Shark Tank, and TV doctor Sanjay Gupta are a few of them. It has increased the attention of the real estate industry across the nation. However, the spotlight has additionally been on several ethical practices.
A real estate company 72 Sold has become the center of these ethical debates as a lawsuit has been filed against the company. The 72 sold lawsuits have created controversy. As buyers and vendors explore the intricacies of property exchanges, this legal dispute has raised questions about businesses’ strategic policies within the sector.
In this article, we will learn everything about the 72 sold lawsuit. It includes its meaning and its potential impact on future real estate transactions.
What is 72 Sold?
72 is a real estate industry that promises to make home selling quick and easy. The fact that sets it apart from other programs of house selling is it guarantees home’s sale within eight days after listing. Earlier the company used to sell homes in the market in just 72 hours, thus the company’s name was as “72 Sold”. The company now takes eight days to sell homes priced under $1.5million. The time window is much longer for higher-end homes.
The purpose of this brief period of time is to create a sense of urgency and demand among potential buyers which can lead to several higher offers. The website of the company claims that 72Sold clients sell their homes for a 7.8% higher price as compared to other homes that sell through local “Multiple Listing Services”.
However, the company does not provide its services for free, it charges between five to six percent of the home sell price as fees. It is similar to the real estate agent commission fees to a traditional transaction.
The Origin of 72 Sold:
72 Sold is a real estate company with a national network of affiliated agents. Greg Hague established it in 2018. The company’s headquarters is located in Scottsdale, Arizona. Its main objective was to foster a home-selling strategy to reshape the traditional methodology of selling real estate properties. The company’s real estate program claims to sell the property of homeowners in the eight days of listing. The entire branding campaign centers around these claims. It attracts the attention of several homeowners who want to avoid the lengthy process of traditional real estate transactions and focus on selling their properties quickly.
Explaining the 72 Sold Lawsuit Allegations:
The main claim of the 72 Sold Lawsuit Allegations is that the company uses a misleading and deceptive marketing strategy of selling homes in 72 hours. These claims are not as true as it was initially promoted to be and the company’s marketing did not precisely convey the intricacy of the sales procedure. The customer claims that the company does not fulfill its promises of quick sales and higher-priced home selling. The company’s website still makes these promises of selling homes at 7.8 to 12% higher prices as compared to the other houses in your market.
Additionally, the customers have alleged that the company’s charges are not lower it are similar to the traditional real estate agents’ commission rates. It charges 5% to 6% of the home sale price.
The business practices and advertisements of the company have become less popular among homeowners after filing the 72 Sold Lawsuits against the company. However, the company has strongly denied all the allegations in the face of numerous accusations. 72 Sold has stood by its claims of transparent advertising practices and appropriate commission rates.
The Impact of 72 Sold Lawsuits on Customers and Investors:
The 72 Sold Lawsuits have a great impact on both customers and investors. Customers who trusted the company’s claim can feel deceived because they got misinformation about the home-selling procedure. The consequences of this lawsuit are the subject of concern for investors. Several investors trusted 72 Sold for increasing profits and speedy transactions. Now their experiences with real estate services cloud by uncertainty.
Investors are also observing the negative publicity surrounding this lawsuit.
It can badly affect the stock prices and market credibility of similar businesses. The negative publicity of 72 Sold Real Estate Company can damage the reputation of its investors as a result they will avoid doing future projects with the company. Overall, trust is one of the most important currencies in Real Estate business. 72 Sold companies or any other company can lose customers’ faith if they prioritize profits more than customers’ trust.
Response from 72 Sold and their Legal Team:
1. Defending the Allegation:
72 Sold has been very supportive in giving their response against the 72 Sold Lawsuits allegation. Additionally, the legal team of the company issued an assertion statement that they are ready to fight the legal battles against the allegation.
2. Denial of Allegations:
The company has denied all the allegations made by the lawsuit against the organization. The company claims that its market strategy of selling home and business programs is transparent and complies with all the legal laws of the Real Estate Company.
3. Response to claims:
The company has emphasized its dedication to transparency. The company has stated that misconceptions regarding their business practices are the source of these claims.
4. Showcasing Feedback from Clients:
Against the defensive 72 Sold Lawsuit allegations, the company has clearly stated that client satisfaction is its top priority. The company welcomes feedback from customers and investors and works hard to resolve their issues.
5. Dismissal of Lawsuit:
The Real Estate Company has declared the lawsuit to be “without merit”. It commits to fiercely defending its position.The discussion of the 72 Sold Lawsuits continues behind closed doors so that they can find a peaceful solution. Customers and investors will keep monitoring the lawsuits and their outcomes as it develops.
The Possible Outcomes of the 72 Sold Lawsuits:
There can be several outcomes of the72 Sold Lawsuits as it progresses. If the court determines that the company is in deceptive practices, the court will fine charges on the company. Additionally, the company can be forced to change its practices and advertising strategy. As a result of 72 Sold Lawsuits, the way of providing Real Estate services to customers can become more transparent.
On the other hand, the company can justify its practices by showcasing that all customers had accurate information and the postpones in sales were because of external factors. It can be economic situation, market conditions, or several other external factors. If the company has been able to defend its practices and programs successfully, it can run its company without changing its operating ways.
However, such accusations have long-term consequences on the organization’s reputation. Even if the case drops or settles, the customer’s opinion about the company will impact by legal scrutiny. Homeowners will show less interest in using 72 Sold company services, and as a result, they can face difficulties in acquiring new customers.
The Future of 72 Sold:
The future of 72 Sold Real Estate Company remains uncertain because of ongoing 72 Sold Lawsuits against the company. As the lawsuit progresses it can change the company’s operation and business plans. If the judgment of the court is in the company’s favor the company can operate without any changes and attract new customers. However, they need to evolve their practices and strategies to regain the trust of the customers. Investors may closely monitor its developments to see the confidence and transparency of the company during their difficult times.
Additionally, the trust of the customers plays an important role. The promise of ethical practice can help rebuild the trust of clients who feel disappointed by current events.
The adaptability will be crucial for 72 Sold in the future. They need to discover different ways to operate while addressing the concerns raised by the lawsuits against them.
Conclusion:
72 Sold Lawsuit is a significant allegation against the 72 Sold Company. The extensive repercussions of the lawsuits can majorly affect the business practices, advertisement strategies, its customers and investors, and the Real estate industry. This article provides detailed information on the 72 Sold Lawsuits. It incorporates the allegations, the company’s response to the allegation, and its impact on the customers, investors, and other Real Estate Companies. The relevance and the effect of the lawsuit will keep changing in response to ongoing events.
